Record Bitcoin Bet worth $1m Placed on Kentucky Derby

Record Bitcoin Bet worth $1m Placed on Kentucky Derby

Saturday 1 May sees the Kentucky Derby being run at Churchill Downs. This is one of the top American races and one gambler will be praying their selection wins. He’s placed the equivalent of $1 million on a runner and Bitcoin was used for the bet.

The news of this amazing bet came from BUSR, a boutique online gaming company. Their clientele includes professional athletes and celebrities. Three years ago, they accepted the largest ever Kentucky Derby bet using bitcoin. A private investment company executive placed a bet of 10 bitcoins which is now the equivalent of just over $500,000. He had reason to celebrate as his selection was Justify and it won the Kentucky Derby.

$1 Million Bitcoin Bet Placed

Now that record has been beaten after an extraordinary email was received by a senior manager at BUSR. It asked ‘Will you accept a $1 million bet in bitcoin on ????? to win the Derby? Yes or no?” At first, they thought it might be a competitor playing a prank on them. BUSR spokesman even suggested that it was “someone who had started celebrating the derby a few days early with too many Woodford Reserve mint juleps.”

Further correspondence took place and finally the bet was accepted if the bitcoin was deposited. This could possibly be the largest bitcoin bet on any sporting event. It’s believed the mystery gambler is an entrepreneur who has launched several companies. They are a big fan of cryptocurrencies and especially blockchain technology.

The BUSR spokesman said that they have seen a “significant increase” in clients using cryptocurrencies. The number of deposits made in this way has trebled in the past three years. He added: “it’s not just the whales who are betting online with bitcoin.”

Identity of Bitcoin Gambler

We don’t know who has placed the bet apart from it being a male living in America. However, BUSR have opened a book on who it might be with Mark Cuban, Mike Novogratz and Jamie Dimon at the top of the market. If the identity of the gambler isn’t known by the end of this May, all bets will be voided.

Cuban is the favourite and with an estimated worth of $4.3 billion, he could afford a $1 million loss. He owns NBA side Dallas Mavericks and appears on ‘Shark Tank,’ the US version of Dragon’s Den. Cuban has been in several films including the classic ‘Sharknado 3: Oh Hell No!’ If it is Cuban and his bet goes down, ‘Oh Hell No” might get another mention.

Just who might be the mystery horse that has been the subject of this bet? The current favourite is Essential Quality who is yet to lose a race. Last year saw this contender win the Breeders’ Cup Juvenile. His most recent win was only by a neck though. Would you fancy a close finish like that if you’d bet the equivalent of a million dollars on it?

Another contender is Hot Rod Charlie who was close behind Essential Quality in that Breeders’ Cup race. He’s got a new trainer now and won the Louisiana Derby this year. Perhaps the bitcoins have gone on Rock Your World? No runs as a two-year-old but three wins this year. The most recent was in the Santa Anita Derby held earlier this month.

It’s going to be heart in your mouth time whoever the selection is. If the bet wins, then expect a tweet soon after. However, the gambler might stay quiet if his bet goes down. Whatever the result, it’s another example of faith being shown in bitcoin and that’s good news for the cryptocurrency.