World's first crypto horse racing book goes live for the Melbourne Cup

Cloudbet is launching the world’s first crypto horse racing book in time for the 2021 Melbourne Cup, the bitcoin sportsbook and casino operator has announced.

The betting first will allow customers of the crypto casino to bet on horses with bitcoin and 12 other cryptocurrencies on the biggest races on the international calendar, including Australia’s top competition.

“The Melbourne Cup is not only one of the most famous horse races in the world; but one that goes beyond sport into popular culture in Australia and abroad,” a Cloudbet spokesperson said. “This race might stop the nation, but it won’t stop us bringing the crypto advantage of better margins, lower transaction costs and faster withdrawals to racing fans.”

This year’s edition of the Melbourne Cup promises to be an exciting addition, following 2020’s outsider Twilight Payment's post-to-post victory. By launching its new feature, Cloudbet becomes the sole crypto betting platform offering odds on the “sport of kings.”

The 161st running of the Australian Thoroughbred horse race is slated to be held on November 2 at Melbourne's Flemington Racecourse. It is the richest "two-mile" handicap in the world and one of the richest turf races, known locally as "the race that stops the nation".

Crypto betting for horse racing joins a series of new features and upgrades launched by Cloudbet in recent months. The crypto operator, founded in 2013, now offers esports, political betting, social bet sharing and fully native sportsbooks in 17 languages.

Among its 2021 innovations, the operator introduced Dogecoin and Litecoin in May to its site after the two coins drew the most votes in a survey of almost 10,000 customers about which new currencies to add. The addition was part of Cloudbet's policy to only add currencies that its customers hold and use.

The pioneer in bitcoin sportsbook and casino also announced that same month a partnership with Dash, adding Dash Digital Cash to its offerings to amplify Cloudbet's ability to provide near-instant deposits and withdrawals. The Dash blockchain network is designed to settle transactions nearly instantly, and at a fraction of 1 U.S. penny per transaction.