Top 3 Things You Need to Know About Esports Betting
Last Updated: November 29, 2022
Esports betting is becoming increasingly popular with each passing year. The new generations of people who grew up with video games are delving into betting on some of the most popular multiplayer games.
According to global reports and estimates, Esports betting has already become a multi-billion dollar industry.
Even so, many aspects of the Esports betting industry are shrouded in mystery. While exciting, Esports betting has its complexities and specifics. More importantly, like all other forms of betting, it also involves certain risks.
Considering all of this, here are the top three things you should know about Esports betting before you get started.
1. Types of Esports Betting
The two main types of Esports betting are real money betting and skin betting. Real money Esports betting is identical to betting on traditional sports and it’s offered on sites like UFA eSport.
You pick what you want to bet on, select an amount you want to wager, and place your bet. If you make the right prediction, you get paid according to the odds you bet on.
In contrast, skin betting is a distinct form unique to Esports. It involves betting with virtual properties. This can involve virtual currencies, weapons and different gear, and many other items that exist only in the game.
So, when you win a bet, you don’t win any money. Instead, you get the item you’ve wagered for. The main appeal of skin betting is that it plays to the collector side of every bettor. You can acquire ownership of specific items, which can increase in value over time.
Finally, there are also challenge betting and social betting. In simple terms, challenge betting is a form of social betting in which two bettors challenge each other in a particular game.
In line with this, social Esports betting is a broader term, and it involves a wider community of bettors sharing a passion for the same game.
2. Diverse Esports Betting Markets
The second tip directly ties into the first important thing you should know about Esports betting. A great aspect of Esports betting is that it provides you with a whole new avenue of betting opportunities that you won’t find in traditional sports.
That said, to fully utilize this potential, you need to understand what betting markets you have available and use them in the most optimal way you can.
So, what options do you have when betting on Esports? The answer isn’t so straightforward, as it primarily depends on the game you’re betting on.
For starters, there are some betting markets that draw similarities to traditional sports betting. These include match-winner bets, handicap bets, over/under bets, group/event-winner bets, and other similar bet types.
In addition to these, you’ll find game-specific betting markets like first blood or map winner. These deliver unique betting options but also require more in-depth knowledge of the game and the players.
3. Risks That Come with Esports Betting
Lastly, we want to highlight a topic that’s unfortunately not discussed as much as it should be.
As Esports betting is still a fairly new concept in the betting industry, it exposes bettors to a specific set of risks. It’s essential to be aware of the dangers of Esports betting before you get into it.
The main risk of Esports betting is that it can be unregulated depending on where you access it. For example, if you play on a licensed traditional sports betting site, the risk of this is minimal. But, if you play on an exclusively Esports betting site, the platform might not be regulated.
Esports betting on unregulated platforms opens the door for underage bettors. Moreover, if there aren’t any safety mechanisms, it also leaves a lot of room for match-fixing, which defeats the purpose of the activity.
Moreover, the specific intricacies of various Esports games can be challenging to understand, especially for those who aren’t very devoted to gaming. And, as there’s not as much information available as it is on standard sports, developing a deeper understanding of a particular Esports title without playing the game can be difficult.
On a final note, there are also standard risks that are generally associated with betting activities. If you’re not careful, Esports betting can lead to addiction, which can have a detrimental impact on all facets of your life.