Better understanding gambling options in esports

By William Davis

|

Oct 23, 2020

Reading time: 2 min

Gambling and esports

The esports betting industry is growing rapidly and is by no means new. Many betting sites are now offering esports gambling, and it is becoming a much more viable market. A forecast has put the global esports betting market’s value as being set to reach $17.2 billion by the end of 2020. Without a doubt, the value is expected to continue increasing in the near future.

Esports gambling currencies

Skins and real money are the two popular currencies that can be used for esports. Skins betting, otherwise referred to as item betting, is far more used at present.

The cash method of wagering on esports works in a similar way to standard betting in online casinos and sportsbooks. Skin betting, on the other hand, requires the use of a virtual currency called skins. They are referred to as skins simply because they change the appearance of in-game characters or weapons. Skin betting began with Counter-Strike: Global Offensive.  An update to the game brought about skins that are used to change players’ weapon appearance.  CSGO skins account for over 70% of the skin betting market and are easily transferred among players.

How does skin betting work?

Gamblers have to deposit their skin at an esports betting site that accepts skins. They can then gamble using the skin at the casinos or sportsbook.  Upon winning, they receive an additional skin, which the betting site will transfer to their Steam account.

Once a player has the skins in their account, they may decide to leave them dormant, use them to change appearances in their game, swap the skins with other players, or sell them in exchange for real cash.

Popular games in esports gambling

There are a number of games to wager on related to esports betting, but the most popular are sports betting, fantasy sports, jackpots, and casino games.

Sports betting

The most popular betting form amongst esports fans is sports betting. It is similar to betting on traditional sports games like tennis, football, racing, and so on. A plus to this is that it allows gamers to use skins to play the game instead of real money.

Fantasy esports

This is the next most played type of esports betting after sports betting. Most betting sites accept real cash to play fantasy-based games. There is no significant difference between the fantasy esports and the traditional fantasy games played at casinos.

Jackpot games

Jackpot esports games are lottery styled and allow players to bet using only skins at present. It is the second most popular skin betting game next to sports betting. In this game betting type, players bet their skin, and a winner is chosen at random.

Online casino games

Of course, online casino games like blackjack, poker, raffles, and roulette are part of the games that arouse esports fans’ interest. However, these games are only available to be played at skin betting sites.

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