I just could see in the headlines "Bitcoin causes Mice animal abuse"
Anyways the issue I see here aside from the quality is proving whether this is fair and actually streamed live. Because like the poster a few replies has stated, its very difficult to prove whether its recorded in the past and played "live" or is it actually live.
Maybe you can have on the monitor some actual BTC transaction hashes on the same screen as the races to prove its indeed live.
About the recording thing i do agree with your idea about BTC transaction because this will really give out confidence on betting because pre-recorded events is always be on questioned.