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Skin betting in esports: Everything you need to know

Skin betting in esports: Everything you need to know

Skin betting in esports: Everything you need to know

Thu Jun 30 2022 00:40:00 GMT+0000 (Coordinated Universal Time)

Fiat and cryptocurrencies are the first assets that come to mind when people talk about gambling. Money isn’t the only asset that you can stake. You can wager video game skins and replace them with a better item or sell it for more real cash.

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Skins are assets known as cosmetic items in video games. These are often traded in marketplaces, making them a great source of income for avid gamers. If the bookmaker allows it, then you may use skins as your stake. What you stand to win is usually the product between the odds and the value of the skin you staked. 

Although the prospect is exciting and it makes sense to use skins to bet on CS:GO esports matches, using skin for this purpose is a rare opportunity. When present, it can be one of the best features in a gambling site. Here’s everything you need to know about CS:GO skin betting:

What are skins? 

The word ‘skins’ refers to items in video games used to replace how certain assets look. Their effects are purely aesthetics and have no effect on gameplay advantages. However, they are all valued by gamers who want to use them either to impress others or express themselves. CS:GO skins are all weapon retextures like giving a karambit a prismatic nature or turning the traditional AK-47 into gold. 

What is skin betting? The answer to this question has a lot of layers to uncover first. However, they are not treated as fungible assets like crypto or fiat that you can use in Bitcasino. It is called a ‘quasi-currency’ or ‘cash equivalent’ because they have intrinsic value although they are not inherently money like Bitcoin or the euro. 

Can skins be traded?

Before anything is accepted as a gambling asset, there has to be a market for it. Thus, Bitcasino’s support for crypto gambling started in a similar manner to how it started accepting skins. Both of these assets can be traded, therefore they have value in a market. 

CS.Money, Bitskins, CSGOStash, or Skinbaron are some of the popular marketplaces for CS:GO skin trading. You just place an item for sale at a price you desire and wait for bidders. Likewise, you may also be the buyer/bidder. Barter system is usually supported where players exchange one skin for another.

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How are skins valued?

The first factor in a skin’s value is its rarity determined by the publisher. In CS:GO’s case, that publisher is Valve. It affects the supply and demand balance as having less of it available means bidders will be more competitive by offering higher prices to get them. Likewise, even a rare skin can be cheap if not many people want it as there won’t be any bid for higher prices. This is how skin gambling is made possible to be considered as cash equivalent in certain platforms. 

How do you get skins?

The traditional way to get skins is to buy them at the video game’s market or win them from loot containers giving random prizes. Buying from the marketplace as mentioned is also one of the most popular ways for games like CS:GO where skins are timed exclusives and only appear in loot containers. 

You can win casino skins by buying skins using crypto or fiat. Alternatively, you can offer any skin you have in your Steam inventory then upgrade to another item that piques your interest. 

Some marketplaces give you a chance to trade up by bargaining for one new item at a time. You start with the cheapest skin you can afford then upgrade to one more valuable skin until you reach your target. Once you get the cosmetic item you are looking for, you can withdraw it from the marketplace and into your Steam inventory. 

Basics of skin betting in esports

What is a skin in sports betting? The most direct way to bet using skins is to place them on the platform as the ante. However, such opportunities are rare so some gamblers with CS:GO skins on hand simply trade them for currency that can be used as bankroll in a bookmaker. To start esports skin betting, you need to deposit skins from your Steam inventory to your casino wallet that can hold your skins, too. 

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What other items can you get from a CS:GO marketplace?

Besides pretty and valuable skins, you can also win more items in the market if you wish to. One of which is simply money, usually in US dollars. These are offers from Bitcasino players looking to buy skins which you can bid using skins from your inventory. 

Just like upgrading to better skins, your likelihood of succeeding is based on how close the game is between your offer and target. Successfully upgrading can give you more money than you would have if you simply cashed in your skin.

The second item you could get from the market is a container key. These are required for opening containers you get in CS:GO. The price for each key is determined by the value of the container that it was meant for. More valuable ones are always more expensive. Thus, you can trade up skins you can discard into valuable keys that can help you win a new, more valuable skin. 

Why bet with skins?

CS:GO skins are easy to come by if you are an avid player. Some can only be achieved by playing skillfully while others are achievable by simply being active. Because of how trading up works, you can consider each cosmetic item as an opportunity to gain real cash. 

Words by: Clarence Clarke

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Skin betting in esports: Everything you need to know