There are few sectors that embrace technology as freely as the horse racing industry. The sport has continued to grow for years due to the strides made in online betting, with stats showing that the growth within the sport is increasing at a rapid rate due to the younger demographic that is being reached.
That bodes incredibly well for the sport over the coming generations, as engaging a younger audience has been a problem issue for horse racing over the last 50 years. Still, those issues look to be a sign of the past with the strides made by the horse racing bookmakers.
But how is technology such as blockchain revolutionizing the sport in this modern day, and what breakthroughs could be next on the agenda?
Gaining Trust
One of the biggest pros that has been felt by the racing industry following the growth in blockchain technology is the fact that it is able to enhance transparency and gain the trust of bettors looking to wager on races across the world.
The trust between bettors and those involved in the sport has been a recurring issue throughout generations, with racing fans long having been batting away questions surrounding the integrity of the action that takes place on the track.
However, blockchain has ensured that the sport has never been farer, especially from a betting perspective. Deposits and withdrawals are now hassle-free for bettors of the sport, while those closer to the action on track can also rest easy knowing that key stats, such as race results and betting records, are kept as secure as possible using blockchain technology.
Overall, it enhances the product in every sense, regardless of whether you’re a trainer, jockey, or average punter.
Progeny Information
As well as betting, blockchain technology has also had a vital impact on the safekeeping of personal information for owners and yards.
This includes being able to create tamper-proof records of horses, which includes information such as ownership history and progeny information surrounding the runners.
Each horse that is in competition across the world will now have a folder dedicated to them, covering all race results, health issues, and lineage. This transparency is key to the sport’s success, and it ensures that changes in ownership are done with fairness at the heart of the discussions.
Owners looking to sell horses can no longer lie about any of their results on the track, as the details will be available for any potential buyer in the light of day. It has enjoyed huge success in the sector, as it cuts out the risk of fraud in the sport of horse racing.
Performance Tracking
Horse racing is a sport that relies heavily on stats and metrics, meaning that blockchain has played an important role in creating platforms that can facilitate the collection of vast amounts of data surrounding runners on track.
Long gone are the days of trainers having to keep tabs on all their horses with a pen and paper, as blockchain has streamlined the process of data collection. This information can be safely stored by trainers on their office computers and can be referred back to when assessing potential races in which they could enter their runner.
This is a sector in which blockchain and AI have worked in harmony, as the latter can play a key role in supporting the data found to draw up conclusions as to what could be done with horses moving forward, whether it be for medical reasons or targeting of races.
Furthermore, AI is also a considerable tool for trainers when it comes to assessing how they should train each horse at the yard, examining whether some of their runners like more aggressive workouts or if they underperform on the gallops to save their best efforts for the racecourse itself. The data-driven approach is now followed by many of the leading yards from across the world, and that is unlikely to change at any stage in the near future.
Future of Blockchain in Racing
As mentioned previously, blockchain technology will form an integral part of the future of horse racing, meaning that the sector is always looking for fresh ways for the tech to be utilised. One that could gain attention over the coming years is the correlation between blockchain and cryptocurrencies.
The method of payment is becoming a widely accepted method to deposit funds into sportsbooks, and it could further its reach in the racing sector by becoming a method of payment when it comes to purchasing racehorses. Crypto continues to make headlines across the world, and it is widely considered to be the most secure and efficient way to make betting transactions online.
Therefore, it makes it more likely that the sector will continue to follow this trend, with this method of payment becoming accepted at racecourses across the world.
