Hi Wendigo you receive already a reply to your question.
Check betfair.com and geektoys (software) just to understand how you can interpretate a betting game in a trading play!
Lot of people daily are just trading a bet and not playing it !!
This was exactly my "setup" when betfair had a license to operate in my country. Once they left I got left with no options. Although I enjoyed live trading, I actually got a decent profit from pre-live trading, and it was exactly on UK horse betting. Those markets were crazy, and those 10min or 5min before the race started where complete madness.
I don't really know any sports betting websites that have horse racing and that accept bitcoin. I would also like to get back in the game, but I'm sure that even if there are a few, I won't be able to trade there because I won't probably have access to trading software, and the liquidity will probably be bad.
that's exactly what's happening with me in horse racing , I follow a profession tipster picks that profited for 30 seasons but the odds fluctuate insasnely
I have faced it so many times where I bet on a horse with like X8 odds then right before the start the odds drop to X6 or X5 which gives me an easy trading opportunity
so far I'm profiting with him without the need to trade , but in the future when my capital increase I will start doing some 1K trades since they either end as a value bet or a nice 40-100 euros trade profit
since betfair isn't available you can contact asianconnect and see if they accept your country , they have two exchanges withing their platform called 9wickets and orbit exchange and these two are exactly betfair so you can use them like you were using betfairs since the rates and the volumes are exactly the same ( the asian betfair )