What are skins and skin betting?
Skins are earned within a video game. They change the look of the game, traditionally they change the look of the gun you play with. Skins are purely cosmetic so they don’t change the gameplay or they don’t make you a better player.
Skin betting is when skins are used to bet or for gambling.
Skins make a character look a certain way. Some skins are rarer than others. So players with a rarer skin gets a certain recognition. Quite similar to branding on clothes.
Skin betting or skin gambling is using the skins that you’ve won in a game or that you’ve purchased within a game to deposit them on gambling websites adjunctive to the game.
Your skins become tokens you can gamble with.
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Where did skins come from?
It started around 2012 when Valve introduced skins in Team Fortress 2 and CS:GO. They were added to create more excitement and player engagement. Skins were seen as a reward, an enticement to play their game.
Valve also created a marketplace for skins. Players could trade skins with each other and collect skins.
Turned out that the colourful skins were most popular and people wanted them because of their trophy value. It showed up the player’s skill.
By making some skins rarer than others, Valve engineered a value for these skins. Rarest skins were highly sought after and consequently attracted a higher price. Some skins are worth over $3,000.
Skin trading became really popular and a lot of trading was done on Valve’s marketplace. Skins became a virtual currency.
For every trade made on Valve’s marketplace Valve takes a 15% transaction fee.
Around 2015, as popularity increased, other websites popped up using Steam’s API. This means players could trade with their skins on websites completely outside of the game. These websites also allowed players to deposit and withdraw real money which was converted into skins.
These websites quickly added gambling features and offered games like roulette, coinflip and other traditional gambling games.
With the rise of E-sports (competitive gaming) these websites offered the opportunity to players to bet with skins on their favourite e-sports teams.
Types of gambling games offered
In roulette the object is to pick the correct color (red, black or green) where the spinning ball will land on the wheel. On some gambling sites you can also bet on numbers and custom colors which can pay up to 50 times your bet. Compared to normal casino roulette, skin gambling roulette usually have a different layout, but the principle is the same.
A simple game where players play 1 versus 1 with a 50% chance of winning. If you win you double up on your bet.
In Jackpot players put their skins into the pot, where one person will win the whole pot. The higher skin value that a player adds to the pot, the higher chance the player has to win.
Case Opening sites offer the same experience as the case openings in the game, but at a reduced cost and with a better chances of winning.