ESports – or competitive video gaming – has grown into a multibillion-dollar industry over time, and with many real-world sporting events postponed due to coronavirus pandemic, more punters are turning towards betting on eSports instead of traditional sports.
Even though placing bets on eSports might seem foreign at first, placing such wagers is actually quite similar to placing traditional sports bets.
Competitive Gaming
There are various forms of esports betting, the most prevalent of which being match winner wagers; these involve choosing which team you think will win their matchup and placing it as a bet; similar to placing one on traditional sports events.
The eSports betting market is expanding at an incredible rate. Some estimates estimate that it generates billions each year; however, due to its rapid development it is hard to accurately asses this figure.
Esports betting sites also provide an assortment of special wagers tailored specifically to each game’s style of gameplay, such as in CS:GO where fast and furious first-person shooter action allows players to place exciting bets on which team will win any given pistol round in any match – these bets may prove highly profitable provided you understand enough about it to spot value opportunities in each round.
eSports Betting
Esports betting allows players to place bets on various events occurring within their favorite video games, which differs significantly from traditional sports betting in that players can place bets on different aspects. This form of gambling offers unique benefits over its counterpart; studies have revealed increased viewership, team sponsorships and overall player engagement due to this form of wagering.
Many eSports betting websites allow users to open an account quickly and start placing bets within just minutes, using trusted banking methods for deposits and withdrawals of funds or winnings.
Standard match winner bets remain a mainstay in eSports wagering, but many video game titles also feature special betting options unique to their style of gameplay. For instance, CS:GO allows for fast-paced first-person shooter action that encourages bets on whether a team will win its initial pistol round; League of Legends features real-time strategy play that encourages fans to bet which side will kill the baron or dragon miniboss first – such as betting which side will kill one first among other such betting options!
Legality
Attracting billions annually, the esports betting industry remains in its infancy in the US. At present, only four states permit legal eSports wagering: Nevada, New Jersey, Tennessee and West Virginia. If you want to place an eSports bet, first ensure it complies with local regulations before finding a legitimate licensed operator to operate in your area.
Most online bookies provide multiple payment methods, including Visa and Mastercard credit and debit cards, Skrill, Neteller, and other cryptocurrencies. Most sites also feature an easy registration process so that eSports betting can get underway immediately.
Gambling on eSports can be divided into two distinct categories, cash and skins (virtual items from video games). Cash gambling operates much like other markets; however, betting eSports in virtual currency (known as “skins”) is considerably larger due to a large portion of players engaging in marketplace gambling that offers significant revenue potential.
Regulation
eSports betting differs from traditional sports gambling in several ways. First, players do not use real-world money when placing bets; rather they must rely on in-game items called “skins.” These virtual goods can either be used to decorate one’s character or traded for real cash; many eSports players also utilize cryptocurrency when placing bets.
Although eSports events are highly attended, their success can still be compromised by criminals and low-level chancers who seek to manipulate it through match-fixing schemes. Indeed, match-fixing scandals have already rocked some of the most renowned eSports tournaments worldwide.
To safeguard the integrity of the industry, several states have introduced new regulations to oversee eSports betting. Virginia passed a law in 2021 defining esports as an event on which licensed sportsbooks could accept wagers while Wyoming quickly adopted comprehensive legislation that includes it within its definition of “sports event.” It’s possible other states could soon follow suit and adopt similar rules, speeding up adoption among traditional punters.