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Press release content from Business Wire. The AP news staff was not involved in its creation.
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Press release content from Business Wire. The AP news staff was not involved in its creation.

Kentucky Derby Betting with Cryptocurrency Continues Despite Crypto Winter, Reports US Racing

May 1, 2019 GMT

LOUISVILLE, Ky.--(BUSINESS WIRE)--May 1, 2019--US Racing ( www.usracing.com ), an international online horse racing service, advised that usage of cryptocurrency to place wagers on the Kentucky Derby will increase over 2018 despite the hard fall all coins faced in what has been called the Crypto Winter.

“While the adoption challenge still persists, preventing widespread usage of cryptocurrency, we are seeing more punters adopting this method for wagering on horses,” said Tim Maxwell of US Racing.

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Nearly $150 million was wagered on last year’s Kentucky Derby (setting a new record) and US Racing expects growth in handle to increase approximately 10-12% for 2019. Although cryptocurrency represents a small fraction of overall wagers being made on the Kentucky Derby, US Racing anticipates its usage to increase approximately 13% from last year.

Tom Lee, head of research at Fundstrat Global Advisors, feels that the crypto winter is over and that based on fundamentals and technical analysis, Bitcoin’s price will increase. “Until crypto is part of the existing financial system and used every day, it’s really going to be an asset of speculation,” advised Lee.

More people participating on a high-profile event like the Kentucky Derby with cryptocurrency is perhaps another indicative sign of a Crypto Spring.

US Racing ( www.usracing.com ) is an award winning, international online horse racing service.

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US Racing offers thoroughbred, harness and greyhound wagering content from over 200 of the world’s premier racetracks.

US Racing features race analysis, interviews, free handicapping tips and stories on trainers, jockeys, owners, breeders, horses and new technology and developments in the horse racing industry. US Racing provides reviews and promotions of racebooks, OTBs and ADWs companies worldwide. No wagering of any form takes place at US Racing.

The goal of US Racing to entertain, educate and inform people about the sport of thoroughbred horse racing.

US Racing is privately held with offices in Hong Kong and the Isle of Man.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190501005728/en/

CONTACT: Timothy Maxwell

US Racing1-844-US-RACING

+852 3008 8957tm@usracing.com

KEYWORD: UNITED STATES NORTH AMERICA KENTUCKY

INDUSTRY KEYWORD: EXTREME SPORTS ENTERTAINMENT CASINO/GAMING SPORTS EQUESTRIAN

SOURCE: US Racing

Copyright Business Wire 2019.

PUB: 05/01/2019 11:17 AM/DISC: 05/01/2019 11:17 AM

http://www.businesswire.com/news/home/20190501005728/en