In the latest example of the growing acceptance of cryptocurrencies in gambling, you can now use Bitcoin to bet on horses. AmWager.com, a website for watching and betting on live horse racing, has started accepting deposits in Bitcoin and Bitcoin Cash.
A FIRST FOR AMWAGER.COM AND AMERICAN LIVE HORSE RACE BETTING
According to an announcement made by the company, this development makes AmWager the first advance deposit wagering (ADW) company in the United States to receive the necessary go-ahead from regulators for accepting Bitcoin.
Advance deposit wagering (ADW) requires that punters fund their accounts before they place their bets. The acceptance of Bitcoin and Bitcoin Cash means that those same deposits can be made using the two cryptocurrencies, providing punters with an additional means of staying in the game.
The crypto deposits to AmWager will be processed by BitPay the global leader in cryptocurrency payments processing. It will assume its role of immediately converting funds to fiat currency to eliminate any potential trading risks.
TAKING THE TECHNOLOGICAL LEAD THROUGH CRYPTOCURRENCIES ADOPTION
Adding cryptocurrency as a payments option might seem like an afterthought given the increased ubiquity of digital currencies, but it is actually is a huge leap in live horse racing bets where it hadn’t previously been adopted.
By being the first to embrace cryptocurrencies, AmWager.com positions itself as the live horse racing outfit that is keeping a close eye on the impact of technology on every aspect of the business.
It already has an online wagering system and cross-device access for punters. With these features becoming standard, the move to embrace cryptocurrency keeps the company ahead of the pack.
In the company’s statement, AmWager.com’s CEO Nelson Clemmens highlighted this saying,
Over the past several years we have witnessed Bitcoin and other cryptocurrencies evolve from an esoteric concept to a widely recognized digital currency, that is quickly making its way into the mainstream. With mainstream acceptance, cryptocurrencies have the potential to drastically transform our global payment systems, and we at AmWager seek to be on the forefront of that transformation. To that end, we have worked diligently with the Oregon Racing Commission and BitPay to bring cryptocurrencies to the ADW industry.