Using them to place bets on some of the web's largest sportsbooks yields a number of benefits such as no fees and more frequent withdrawals.

Rising Trend of Crypto Bets

International online horse racing news service US Racing recently reported "a non-insignificant trend in cryptocurrency being used to place wagers on the Kentucky Derby," which is taking place at Churchill Downs on May 5.

The Kentucky Derby is the most famous horse race in the US, held annually in Louisville, the largest city in the State of Kentucky. It is often referred to as "The Most Exciting Two Minutes in Sports" or "The Run for the Roses." CBS Sports described, "There will be 20 horses in this year's race, with $2 million as the prize."