What is eSports skins betting and how to bet on it?
Skins are valued highly by many players. This is particularly true for rarer skins, which may be difficult for players to find or purchase in a game. It is this attribute that makes skins potentially useful for gambling.
To use skins in gambling, the player must find a third-party gambling provider. These providers generally host eSports contests, in which players can bet on the outcome of a game such a CS:GO or DOTA 2. Players who correctly predict the outcome of this contest receive the skins wagered by other gamblers. They also have all the skins they have wagered returned to them.
Turning wagered skins into money
When players win skins while betting on eSports games, these winnings are stored in the player's game account - or in another secure digital storage space.
To make money on these skins, players can choose to sell them. In most cases, transactions are handled via trading features within the game itself. Players can make money from skins betting in this way, but these digital assets are also at risk during wagering.
Is skins gambling legal?
Different jurisdictions have different rules and regulations relating to online gambling, which can make the legal landscape complex to navigate. However, with skin gambling, things are a little different.
There is some disagreement as to whether skin gambling should be regulated or not, or whether it should be considered gambling at all. In some senses, skin gambling is similar to an age-old game like marbles - players risk losing some of their in-game assets, and this is all part of the gameplay.
But this example is too basic, and it fails to take one thing into account - the value of computer game skins. When players gamble with skins, they are often gambling with digital assets that carry a high monetary value. This has led to some groups suggesting tighter regulations on skin betting in order to protect players.
Legal precedents for skin betting
Lawsuits and class actions have been brought against skin betting providers in the past. This could indicate that regulations will be tightened in the future, keeping players safe while also increasing tax revenue from skin gambling operations.
While this may make it more difficult for some players to access skin gambling online, it will be a welcome move. This increased regulation will help to achieve long-term sustainability for skin gambling in the future.
Responsible gambling is still crucial
While there may be a legal gray area regarding skin gambling, the mechanics are the same as with any other type of wagering. As a result, players still need to act carefully and responsibly.
Players should keep track of their own skin gambling routines and habits and only wager digital assets they can afford to lose. Due to the high value of many of these assets, players can still lose significant amounts of money on skin gambling in some cases.
Safe esports betting sites
How can players tell that an eSports skin betting site is safe? Customers are advised to use the following checklist as they make sure.
- Accreditations: The site should be accredited by regulatory bodies within the player's jurisdiction.
- Contact and Support: The site should offer a transparent and easily accessible support line and be highly transparent and communicative.
- Independent Reviews: The site should have been reviewed by other players in trustworthy locations - such as on third-party independent review sites. These reviews should be positive and provide useful insight into what the player can expect when they use the betting service.
- Secure Protocols: The website should be protected by secure protocols that prevent any interception of customer data. Players should be able to see the HTTPS signifier in the browser to show that this is a secure site, and they should use multi-factor authentication to sign in.
Some reputable eSports betting providers
There are many well-reviewed, highly-rated eSports betting providers on the market. Players can find a list of just a few of these below, although customers are advised to seek out reviews and other information about providers before they play.
- 888 Casino
CS:GO skin betting sites
CS:GO - or Counter-Strike: Global Offensive - is perhaps the most popular game for players interested in skins betting. This is because skins play such an important role in this game - players use skins to give themselves an individual look that differentiates them from other players.
In this sense, a certain skin becomes a status symbol. Other players can see the skin that the player is wearing, and they will immediately recognize its high value.
The history of skin betting on CS:GO
It was the popularity of CS:GO skins that led to the development of this form of betting. Gambling providers noticed that players were getting very excited indeed about the different skins available to them in the game. This proved that there was a market for skins wagering.
Providers also noticed that skins were being bought and sold for large amounts of real money in digital marketplaces. This underlined the value that gamers were placing on this type of digital commodity and led to the development of more sophisticated skins betting platforms for CS:GO.
How skins betting works on CS:GO
Players will purchase skins from the CS:GO game itself. They can do this via the game's online marketplace, and the skins they purchase will be saved to their gaming account or to another storage solution. In some cases, players may save skins to their crypto wallet, and the Ethereum blockchain is particularly suited to this type of storage.
These digital assets represent the currency that players will use for their wagers. However, the wagering itself will not take place via the CS:GO game. This will happen on a third-party platform, which will integrate with the game. Here, players can bet on the outcome of CS:GO contests like the PGL CS:GO Major , and their skins will automatically be transferred to the user who made a winning bet via a secure connection.
Alternatives to eSports skin betting
Skin betting is not the best option for all gamblers. Some gamers may find it difficult to get started with skin gambling –players need to acquire skins before they can wager them, and this may be offputting.
Gamblers may also not like the idea of winning digital assets. In order to turn these assets into real money, players must sell them. This adds an extra level of complexity, as well as uncertainty, to the process.
There are alternatives to skin betting, however. Players who are interested in eSports may find that these alternatives offer a better option.
Betting on esports with real money
Esports is growing in popularity, and many gamblers place real money wagers on these contests just as they would on physical sporting competitions. This is a more straightforward method of gambling, as players can add and withdraw funds to and from their account with relative ease.
Real money betting is also more regulated than skin betting. This means the legal status of real money gambling is unlikely to change dramatically in the future.
Professional esports gaming
Players may choose to become eSports gaming professionals. This is a way to win money directly from eSports competitions themselves, without gambling at all. However, following this route requires an elite level of skill, experience and knowledge in eSports.
About the author
Liam O'Sullivan, an Irish digital maestro, seamlessly fuses his impeccable command of English with an enthusiastic penchant for online gaming. Highly regarded for his localization expertise, Liam fine-tunes online casino guides, ensuring they resonate profoundly with the diverse English-speaking populace.