You no longer have to wait till you have millions to purchase, breed, or race thoroughbred horses. This is because the introduction of digital horse racing offers you and every other horse racing fan and bettor a new, exciting, and affordable way to engage with the sport.
In this article, you will be provided with comprehensive information on digital horse racing, how it compares to traditional horse racing, and how to get started. More specifically, we’ll explore its threat to classic horse racing.
What is Digital Horse Racing?
Digital horse racing, aka NFT horse racing, is a simulated form of horse racing that takes place online. It combines the knowledge of blockchain technology, specifically non-fungible tokens (NFT) and traditional horse racing. Also, it uses computer algorithms to initiate virtual races where sports enthusiasts compete and bet with digital horses.
Digital horse racing allows you to watch and bet on horse races without leaving the comfort of your home or breaking the bank to pay for a life event. All you need to partake is an internet connection and any amount of crypto to stake on your preferred digital horses.
What are Digital Horses?
Digital horses are NFTs. They range from common to rare and super rare and vary in value. Digital horse racing platforms like Twinspires categorize digital horses based on their breed, genotype, coat color, bloodline, and gender.
The more occasional a horse is, the more valuable it gets. Not to mention, the more likely it is to win a race, notwithstanding the weather and track conditions.
Read: NFT Marketplace — Is It Worth Creating Such a Platform in 2023
How Digital Horse Racing Compares to Traditional Horse Racing
Digital horse racing is more like a video game whose outcome seems based off chance. Still, it is far from random, whereas, in the traditional horseracing system, the horse’s skill determines the winner. Regardless, both races need a proper strategy and luck to outwit other players.
How to Get Started with Digital Horse Racing
Here’s how digital horse racing works if you’re looking to make extra cash:
- Select your horse: The virtual world hosts a pool of digital horses with unique attributes. Select one based on worthy traits like stamina, speed, or endurance.
- Place a bet: Like in a conventional game, bet a reasonable sum on your horse.
- Enjoy the simulation: When all players place their bets, the computer algorithm generates the virtual race with sound effects, commentary, and graphics. In addition, it alternates between various track and weather conditions to affect the outcome.
- Results: Once the race is over, a winner emerges. The program also highlights the players’ winnings and losses. It is worth noting that a random number generator determines the outcome of the races, making it fair and unbiased.
Next: The Future of NFTs in 2023 – Are They Still Relevant?
Can Digital Horse Racing Threaten Traditional Horse Racing?
Digital horse racing is still a long way from replacing the traditional sport. However, as it continues to gain popularity, it could threaten physical horse racing games in the following ways:
Attendance
It may cause decreased attendance in live horse racing events. But on the other hand, it provides an affordable form of entertainment for people who can’t afford it or do not want to go to live events.
Betting behavior
Some traditional horse racing bettors may switch to digital races because they can place from anywhere, 24/7. As a result, horse racing events may see a reduction in revenues.
Competition
Traditional horse racing is cost and time intensive; hence there are few competitors. However, digital racing will encourage more investors to divert to horse racing games, specifically digital horse racing. This creates more competition for everyone involved.
Traditional horse racing may need to switch marketing strategies to keep up with the competition. These established companies may leverage on sensory experience and emotional feel of live events.
Above all, digital horse racing would change how horse racing is perceived by people worldwide. It will attract younger virtual horse trainers, players, and bettors.
