With the price of the cryptocurrency at nearly $10,000 per Bitcoin at the time, a client at BUSR received a handsome payout on the 10 Bitcoin wager.
The client, a well-known entrepreneur who has founded several companies, initially sought to place the entire amount on Derby favorite Essential Quality, BUSR spokesman James Ross told Sports Handle.
Shortly after the deposit, the entrepreneur made a chunky six-figure wager on Essential Quality , the unbeaten 2020 Breeders Cup’ Juvenile champion, according to the spokesman.
As of Friday morning, Dallas Mavericks owner Mark Cuban remained as the favorite at +200, while Tesla product architect Elon Musk lurked closely behind at 8/1.
BUSR will grade betting on the identity of the Crypto Whale bet at the end of May, Ross noted.
Ahead of the Derby, FanDuel Group’s TVG added a new feature to its horse racing app that automatically facilitates a wager on a Pick 4 if the first leg of a Pick 5 is unsuccessful.
Plus, a massive Bitcoin wager may encounter waves of risk management scrutiny at a leading North American book, while a whale can swim right into to a place like BUSR, as Ross puts it.
Last year, 5Dimes took initial steps to transition into the U.S.
JR: The initial contact was through his personal assistant asking about million dollar bets, who contacted our Customer Service team — at this point many of us were extremely skeptical.
We don’t know if he’s got a tip, an artificial intelligence model like Unanimous for his picks, or if he’s selecting his horses by the color of the jockeys’ silks, but we suspect he has a system.
JR: After the race has been graded and if the customer wants to withdraw, he can do so anytime he wants — it’s his money, after all! While Bitcoin network can be congested, payouts usually round out within 24-48 hours after withdrawal.
JR: Nowadays, almost all wallets require two-factor authentication — and if you aren’t using it, you should.
JR: As you know there is hardly any regulation in crypto — something that we look forward to and expect to see as the industry matures.
JR: The Crypto Whale is no different to many of our customers, he’s just got a lot more zeroes on his bank balance! Tesla offer customers the chance to buy their cars with Bitcoin because it’s convenient to both parties, and Elon Musk himself has invested in crypto because he can see the versatility of it as a currency.
During Matt’s two decade career in journalism, he has written for the New York Times, Forbes, The Guardian, Reuters and CBSSports.com among others.