Cryptocurrency betting experts believe the value of bets being placed on the Melbourne Cup using Bitcoin is likely to be in the “millions of dollars”.

The Australian man behind leading cryptocurrency betting blog, Bitedge, has made the prediction.

Speaking to Micky News on Melbourne Cup eve, he says that’s despite other sports being more popular on crypto betting websites.

“Horse racing is more popular with the older generation of punters, whereas bettors who use bitcoin are younger and tech savvy, they are more likely to bet on e-sports, MMA or the most popular sports rather than horse racing,” said the Bitedge founder who resides in Singapore.

For the first time this year international cryptocurrency betting website 1xBit is allowing Australian residents to use Bitcoin to bet on the Melbourne Cup, despite regulators preventing Australian-based websites from doing so.

1xBit is even offering Australian residents a ‘welcome bonus’ of up to 1 BTC.

“Governments want to be able to trace the source of funds that people use and with crypto they can’t always do that,” added the blogger.

“Whatever regulators feel about crypto it has a lot of advantages and people have the right to use it.

“Gambling licensing authorities will have to accept that crypto is here to stay and that they need to do better than an enforceable ban. The result of that policy is that Australians who want to bet with crypto will do so elsewhere.”

Micky News contacted Bitedge after it was revealed Australian authorities were concerned about 1xBit being available to Australian residents. Read the original article published by Micky here.