Things You Need to Know About eSports Betting
eSports has been popular for a long time now, but with ever-changing technology and innovations, betting on eSports is also becoming easier and convenient for people, who are interested in it. Online sites have made it easier for people to deposit their money and place bets in games. Players who enjoy more in gambling than playing the game themselves, now have dedicated platforms where they can make a bet, real money and receive great rewards. But with growing popularity of eSports, the stakes are also increasing, putting hundreds and millions of dollars at risk every year, at a global level.
With such growth and vulnerability, the volatility becomes huge as well, and the players who bet even on their favorite sports game, are doubtful about the results, solely because of the uncertainty associated with it. Those people who are familiar with playing games and who are indulged in eSports are also clueless when it comes to eSports betting. However, there are many betting sites online, which provide an understandable interface and easy way to bet on games, but then it is important to understand which ones are trustworthy and which ones are fraudulent.
The important questions to ask
There are a number of questions that a player must inquire about, and get a clarification on, before deciding on putting his money on the site that offers him a chance to place bets on eSports. There are queries from both – gaming side, as well as wagering side. Some of the vital questions are:
- Should I trust the website?
- Are the prices genuine enough?
- What are the kinds of bets I can place on the game?
- What is the reward system and promotional value that they are offering?
- Will the payment withdrawal be easy and smooth?
- How much time will it take for the payments to reflect in my account?
Should you trust the website?
Trust is not only based on one person’s experience, but trust is formed with time. To trust a platform, you must inquire about the genuineness of it from someone who has been using it for a long time. Even the best betting sites have been proved fraud and Ponzi-schemes to launder money and cheat their loyal customers, so one should be careful while putting their hard-earned money in such sites.
To check the authenticity of the site, you can read their information, the rules and regulations they follow and the policies they have. There are three major tests that must be verified before trusting an eSports betting site, and they are – test of regulation, test of social proof and test of experience. You must first do a primary level of research at your end, to know about test of regulation, then you should talk to people and consider their reviews for test of social proof, and finally for test of experience, you can make a bet on the amount you are not scared to lose, and play to define if they are genuine and authentic or not.
Are the prices value for money?
To know whether the prices they are offering are value for money or not, you should not only have a comparative analysis of different sites, but you should also understand the ground of market risk. Markets are volatile and keep on changing, based upon several factors including the rate at which investors bid or ask their bets.
Are the promotions and rewards good enough?
Betting sites not only offer new players an array of options and exciting rewards but even several promotional offers like 50% off on first ten bets and so on, to hold the player for a long term. Before you decide to join a website, understand and know what kind of promotional offers they are providing to you, as a new user, and if they are actually beneficial or not. Also, try to understand if you will be able to pull out those promotions as a pay-out at the end or they will only be there on the site as virtual currency or something alike.
Some sites usually offer deposit bonuses, free bets, and cash-back promos, some offer VIP membership for a certain period of time for free, after which you might be required to pay for it to continue.
The kinds of bets are you allowed to place on eSports?
There are many kinds of bets that a player can place, and some of them vary greatly in quality and quantity. The most common one is – match wagering, which enables the player to bet on the match or a broader event. But some platforms have enabled users to have ‘in-game’ betting or ‘live’ wagering, in which users can take a chance on winning on smaller events, happening live inside the match. Such small events can also give great returns sometime. These live wagerings are most complex to maintain and conduct as the events change frequently and quickly.
You should also consider the quantity, not only the variety. Some eSports wagering sites do not allow users to bet their odds on all events, though major players are now changing the game with increasing quantity. However, not all sites have a lot of quantity for the users.
Issues revolving around legality and lawfulness of eSports
This is a complex question to answer as the laws and regulations vary from one geography to another. If in your area or state, it is not legal to bet on sports, eSports will also be illegal and unlawful.
Regulation of eSports Wagering
As of current market scenario, nobody regulates the eSports arena, and it is more like an arena controlled by multiple players. There is no one central body that can control or regulate eSports, as the stakes are high, and one of the major players is ESL which has a big stake in it. In future, there might be one regulating body, but as of now, it is being controlled and manipulated by multiple parties.
How do you deposit money to bet on eSports?
There are a variety of ways that eSports sites and platforms have started to accept payments from, bank wire is most common of all. Apart from that, you can also use your Debit or Credit card on some sites to make payments. Some small eSports gaming sites have also started accepting cryptocurrency, particularly Bitcoin, as a payment option. Additional methods of depositing money include:
- Virtual wallets
- Wire transfer
- ACH transfer
- Cash Deposits
- Money transfer
You can place variety of eSports bets, and some of the most popular ones include:
- Traditional sportsbook betting
- Item betting
- Fantasy sports betting
- Social Betting
The eSports betting market is large, and growing with increasing number of people getting to know about it every day and people investing in it to try their luck out. With the increasing number of investors, the stakes get higher and eventually the profits and payouts also increase. It used to be a very casual and informal way of wagering among friends and family, but it has now turned into a million dollars’ industry, and is growing at a fast pace, rapidly. But once you trust the platform and are comfortable betting on it, there is nothing more fun and exciting than eSports gambling.