The entertainment sector is no longer confined to Hollywood with the recent rise in the popularity of the gaming sector. As one of the most innovative sectors in the business world currently, the gaming industry’s revenue stood at $78.61 billion in 2017. With a projected growth rate of 2.29% yearly from 2020-2024, its expected market volume in 2024 is $100.56 billion. One of the fastest-growing sectors in gaming is the esports sector.
Electronic sports, sometimes called esports, encompass highly competitive video games centered on organized competitions. Since the first video game competition at Stanford University in 1972, the market has grown to now include hundreds of esport betting sites. When choosing your gaming site, consider its payment policies, withdrawal rules, betting method, betting license and website experience. This guarantees you have the best gaming experience and the bookie you pick is legit.
Below are guidelines on the betting methods you will come across on esport sites.
Real money betting
This closely resembles traditional sports betting. Here, you will place real money bets on different video games outcomes, including the winners of overall matches or tournaments among other variables based on set odds. The odds in real money betting help you assess how much you stand to make and the chances of winning when you bet on a particular outcome. You only need to pick the video game you want to bet on, place your cash on the odds and wait for a favorable outcome to win some money.
Skin betting
This is also called item betting and is the most popular option among esport players. Skin betting features virtual currency and other items that you can transfer among players. You can purchase these items and virtual currency on trade websites, then use them to bet on your preferred video game tournament. These items, or skins as they are at times called, are the replacement for real betting cash but can also be swapped for real money if you so wish.
Social betting
This happens where online contacts or friends place informal bets on the outcomes of video game tournaments among themselves. While you can play games for real money using social betting, this method of esport betting is often used for skins and other items. You should be careful with social betting since you are not sure that online contacts will send your earnings if you win. On the other hand, it can lead to fallouts and petty arguments with your ‘’real world’’ friends.
Fantasy betting
In fantasy betting, you do not directly bet on the outcome of a video game tournament but rather on a fantasy team. In this instance, you will create a fantasy team with the qualities you think maximize your odds of winning a video game. The players you choose will earn points for your team based on their performance against opponent teams. You then place real cash wagers with the other people that have created fantasy teams on a platform with the one whose team earns the highest points being the winner.
Challenge betting
This is also called head-to-head betting since gamers compete against one another for real cash or skins. Wagers will come together to organize a competition among themselves or choose a website that hosts the tournament in return for an entry fee to it. The gamers taking part all place a specific monetary amount as their bets and the winner walks away with these proceeds. For seasoned players, challenge bets are an excellent way to win a fortune after placing a small bet.
There are currently several video game options available with the leading options being war, sports, massively multiplayer online role-playing and driving games. Even with these alternatives and the knowledge gained from the above tidbits on the methods of betting in esports, making money in it is not easy. The following are some steps for maximizing your chances of profits in esports:
- Understand the odds, risks and payouts of a game.
- Conduct effective analysis and research.
- Use reputable betting sites.
- Have clear objectives and a strict budget.
- Know the games you are betting on, the players in them and the best teams.
- Consider specializing in one video game genre.
With these steps, you will soon be among the highest winners in esport betting. Remember to be patient and work slowly on improving your betting strategies and skills.