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The $1 million bet in bitcoin
The $1 million bet in bitcoin
Gaming

The $1 million bet in bitcoin

By Eleonora Spagnolo - 1 May 2021

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An unknown person is set to make the biggest bet in bitcoin in the world of horse racing and possibly sports. The competition is the Kentucky Derby, which will take place today, May 1st at 6:50 PM ET.

The Kentucky Derby is one of the most eagerly awaited competitions in the horse racing world. It takes place at the racetrack in Louisville, Kentucky, in the United States. 

Betting revolves around horses. And someone is said to have approached the online betting and gaming agency BUSR, offering $1 million in BTC for a horse whose name has been kept confidential. 

Who is the mysterious player? BUSR has not disclosed this, but has in turn opened bets. These are the favourites: 

  • Elon Musk                  
  • Mark Cuban                      
  • Mike Novogratz                
  • Jamie Dimon                    
  • Tyler Winklevoss             
  • Cameron Winklevoss       
  • Jack Dorsey                        
  • Hedge Fund Manager       
  • Private Equity Investor     
  • None of the above

BUSR suggests monitoring Whale Alert to try to discover the transaction that will bring $1 million in bitcoin to BUSR. 

Biggest bitcoin bet in sports

James Ross of BUSR explains: 

“At first, we thought it was a prank from a competitor or someone who had started celebrating the derby a few days early with too many Woodford Reserve mint juleps”.

But then the decision was made to take the bet, which, they say, is the biggest made in bitcoin certainly in this competition. And perhaps in the sporting world: 

“This is by far the largest transaction of bitcoin made for a wager on the Kentucky Derby and perhaps the largest bitcoin wager on any sporting event. Full stop”.

No word on the identity of the bettor:   

“The privacy of our members is a cornerstone of our business. If this individual chooses to tweet about his bets, we will find out when Twittersphere does, too”.

Surely, however, the use of bitcoin and cryptocurrencies in the betting world is testament to the growing adoption of crypto. And it’s not just about those who are prepared to bet $1 million in bitcoin, but also smaller investors.

James Ross explains in this regard: 

“With runaway prices for bitcoin over the past year, we have noticed a significant increase in members utilising bitcoin and ether [Ethereum] when they fund their accounts,” said Ross. “But what is far more interesting— from a data perspective – is the fact that there are thousands of deposits of $500 or less by members using cryptocurrency. The percentage of deposits via crypto has trebled since 2018. It underscores further adoption of crypto, as far as the gaming industry is concerned. It’s not just the whales who are betting online with bitcoin”.

All that remains is to wait for the Kentucky Derby race to find out who was the person that bet 1 million in bitcoin. And above all, whether he bet on the right horse. 

 

Eleonora Spagnolo
Eleonora Spagnolo

Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.

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