Fintech: Southeast News

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Posted April 29, 2021


How much money must you have in order to bet $1 million on a horse race?

Granted, it's not just any horse race, but $1 million is still $1 million.

BUSR, a boutique online gaming company, says it was approached by a famous entrepreneur/crypto-currency booster about taking a record bitcoin wager on the Kentucky Derby.

One. Million Dollars. Say it slowly, like Dr. Evil in "Austin Powers."

BUSR accepted the bet.

The wager more than doubles the bitcoin bet in 2018 on Justify to win the Kentucky Derby by an investment executive. That 10-coin bet (which would today be a wager of around $560,000) turned out well. Justify won the Derby (he later won the Triple Crown), and paid $7.80, $6 and $4.40 - a winning payout of nearly 4X.

As for this year's million-dollar bet, “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,” said James Ross, a BUSR spokesperson.

But nope, it was real. “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,” said Ross.

Read the rest here

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