According to Statista, the eSports market was worth almost £800 million in 2021, double its value the previous year. This exponential rise in the industry paved the way for the eSports betting market, introducing new betting options for punters looking for diversity besides wagering on regular sports.
League of Legends, Counter-Strike, Dota 2, and Valorant are just a few competitive games with tournaments players can punt on. These games also include skins that can be traded or gained from other avenues, and these skins have given rise to a new kind of betting - skin gambling. Today, many new independent casinos in the UK let you place wagers with skins, in-game items, and cases.
Esports betting might be a new trend in the gambling industry, but it works similarly to wagering on football, basketball, and other sports. This article addresses everything you should know about this exciting activity, including how to pick the best eSports betting sites.
The Growth of Esports Betting
Multiplayer video game competitions have existed since the late 1990s, but it wasn't until a few years ago that the industry became mainstream, drawing the attention of millions worldwide. Statista notes that revenue in the eSports market is expected to surpass £1 billion by 2023’s end and hit £2 billion by 2027.
Many factors contributed to this increased popularity, including the availability of high-speed internet and the rise of live-streaming websites like Twitch and YouTube. Not long after these games became popular, the betting industry capitalised on their growth and started offering wagering options on their events.
According to Marketwatch, the expected revenue from the eSports betting industry by 2030 is “USD 24190 million.” This figure is projected to grow as AI and other technologies become available to improve the gamer’s experience. That said, if you’re interested in wagering on these competitive games, note the newest gaming trend, as this can affect your sessions on betting sites.
Esports Betting Types
Esports betting features two main types- skin/item betting and real money betting. Both share the same logic, which involves gambling on matches and hoping that the outcome favours you, then getting a reward if you win. However, there are apparent differences between the two: the payment methods and what you use to place stakes.
In real money betting, you fund your gambling account with money, which could be fiat or cryptocurrencies like Bitcoin and Ethereum. With this cash or virtual asset, you place wagers on your preferred events. When you win, the betting operator credits your account with an appropriate sum, which you can cash out using the available payment options, like debit and credit cards, e-wallets, or crypto.
On the other hand, you deposit and withdraw skins when it comes to skin gambling. These platforms might support regular payment methods like Visa, Mastercard, Paypal, and the like, but only for deposits. Once you pay, you choose the skin you want to purchase and fuel with the real money you deposited.
Furthermore, you can gamble using only in-game skins on skin betting sites. To deposit skins/items directly, sign up with your Steam wallet and select the skin you want. Your gambling account is then credited with the skin. When it’s time to cash out, you withdraw your skins using your Steam account.
The platform you choose depends on your preferences. If you want to stick to conventional online wagering, opt for bookmakers that offer eSports betting markets. However, skin gambling sites are your best option if you’re a collector with enough skins to spare.
What to Watch Out For When Choosing a Skin Betting Site
Before wondering how to get started in eSports betting, you must pick the right platform. For regular bookmakers, reading reviews, ensuring they’re licenced, looking at their promotions, and checking their market coverage, odds, and others are the steps you take before selecting a betting site that suits your taste.
Picking a skin betting platform works similarly. However, note that most platforms are unregulated so checking for their legitimacy might not help you find the best skin gambling site. That said, you can check if they are reliable by reading comprehensive reviews from multiple testing websites and other players' experiences.
These reviews give you an insight into the platform’s offerings, including how they handle payment, their coverage for electronic sports, and mobile compatibility. These platforms also have other games to interest you, so always check out what’s available in the game lobby. Coin flip, roulette, crash games, and slots are these sites' most popular gaming options.
Visit the promotions section to learn what freebies the platform offers. Check for welcome deals, reload offers, and even VIP programmes. Most importantly, read the terms and conditions. This is the best way to learn if the operator’s services are fair and worthwhile.
Points to Keep in Mind When Gambling
Betting on electronic sports is undeniably fun. You enjoy the same thrill as when wagering on regular sports because you’re hoping for the team or player you bet on to win. As already noted, you have two options for eSports gambling- wagering with real money or skins. So you pick platforms based on which you prefer.
Regardless of which site you settle for, there are a few things to remember. First, developing a betting strategy can significantly boost your winning chances. You can do this by studying patterns in previous matches, learning about a team’s strengths and weaknesses, and staying up to date with the forms of individual players.
Also, take advantage of promotions and free skins, provided the attached terms and conditions are reasonable. Claiming these offers gives you more to bet, and you can easily withdraw what you win from wagering with these freebies.
Your choice impacts your betting experience. Gamble on a reputable platform, and you’ll have no issues depositing and cashing out your winnings. If the reverse is the case, you lose money or valuable skins. Hence, ensure the eSports or skin betting site is safe and trustworthy.
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