The Kentucky Derby seems like a timeless horse racing tradition. This weekend, a large crowd dressed to the nines will be drawn to Churchill Downs in Louisville, Ky., and many others will be watching and betting on races from casinos and racetracks around the country. And this year, the race will be wagered on with a more modern innovation: cryptocurrencies.
According to US Racing, the use of Bitcoin and other such currencies is increasing among bettors on horse racing.
“Right now, while punters are limited to a handful of private international gaming companies that will accept deposits with cryptocurrency, players with crypto wallets can use Bitcoin, Bitcoin Cash or Litecoin to make a deposit and bet on the Kentucky Derby,” said Tim Maxwell, US Racing’s operations director, in a statement.