The origin of skin gambling can be traced back to 2013 when the video game company, Valve introduced the skins system to CSGO that can be tradable. A year later, numerous skin gambling sites started appearing on which players can trade or gamble skins. 2015 was the year of skin gambling when many variations popped up and witnessed a large-scale growth and acceptance of skin gambling all around the world.
Since then, despite the increased awareness of the legal ramifications of skin gambling and many controversies, skin gambling continues to grow. According to a Juniper analysis forecast from 2018 the skin gambling industry could reach a $50 billion market value by 2022.
Today, tens of thousands of players are gambling using virtual game items (skins). Along with famous CSGO game skins, players are also gambling with other game skins on various websites.
Popular sites like Csgofast.com and csgolounge.com have seen more than 10 million visitors every month and thousands of visitors visit other sites as well. Cgobig.com is another CSGO skin gambling site that tells you how many dollars’ worth of CSGO skins has been won in a single day. The site has seen more than 10 million dollars worth of skin gambled in one day.
Players are getting more involved in skin gambling and see it as a potential way of earning some extra cash. Given its past and current state, it can be predicted that skin gambling will possibly grow.
Some Legal Facts of Skin Gambling
Before getting to the legal facts, there’s something everyone should know about the skin gambling sites. There are two types of skin betting sites available. One type is a certified and legal site that operates under strict gambling legislation. However, there’s no gambling site that yet has gone after the more “reputable” European licenses. Currently, the skin gambling sites with licenses have also opted for Curacao gambling licenses.
Other sites are operating without any license. These sites could not only be fake but they could potentially steal money and/or virtual items such as skins as well. Players should be aware of the risks to prevent such incidents, it’s always recommended to use legit sites.
UK Gambling Legislation
UK gambling legislation came into force in 2005. Under that act, skin gambling is not recognized as a form of gambling, as virtual currency is not that common as it is now. In addition to that, the gaming industry is allowed to sidestep its involvement. The legislation was brought up to date to address new technological trends.
US Gambling Laws
Currently, the skin gambling industry is quite unregulated in the US due to several controversies. However, many states and authorities have supported and legalized it recently under the US gambling laws. It is worth noting that no specific federal law has yet been developed or adjusted to stop third-party sites which offer skin gambling in the US. Moreover, CSGO gambling fans of legal age can easily participate in skin gambling in over 40 states in the US and only seven states oppose it. Washington is one of them where a lawsuit is going on against Valve.
Under a proposed law by the Australian government, games like CSGO that involve skin gambling would be regulated under gambling laws which require them to carry clear warning labels and to enforce age requirements to participate. As a response, valve added a “cooldown period” on skin trading to make it more difficult for gambling sites to operate.
Also read – will valve ever be pro skin gambling again for further information.
An Alarming Situation For CSGO Gambling Sites
In 2019, a native American nation that owns and operates a casino filed a lawsuit against the company Valve corporation for encouraging illegal gambling activities and benefitting from an environment of unfair competition with casinos.
The main problem and an alarming situation for CSGO gambling sites are that during the case, Valve has maintained a statement that the company has no relationship with third-party gambling sites. It means that all the third-party CSGO gambling sites are at risk. However, the lawsuit is still tied up in court and has opened gates for other online gambling lawsuits as well.
The Birth of CSGO Coinflip Game
Recently, a new gambling style has emerged in the CSGO gambling games. Commonly known as CSGO coinflip is a gambling method that revolves around a coin toss. Players usually gamble their skins, coins, or keys with a chance to win the other player’s skins. In, CSGO coinflip game, there is almost a 50/50 chance of losing or winning skins as it is a player vs. player game in CSGO gambling.
Why Players Liked CSGO Coinflip Game So Much
The main reason behind the popularity of CSGO coinflip sites is that the winning chance is fairly high (50% chance to win rare skins or the prize pool). In addition to that, several reasons also contribute to the admiration of the CSGO coinflip game by the players. Some interesting facts are mentioned below,
- Players learn quickly how to play the CSGO coinflip game
- Coinflip game is fast-paced with quick results
- Coinflip game does not demand the knowledge of casino games like in the case of CSGO roulette, or analysis of statistics and facts like in CSGO betting
- Players see clear odds of winning the match
- Coinflip is entirely a game of luck which makes it exciting for players
- Many CSGO coinflip legit sites can be found on the internet
A useful tip for every player interested in the coinflip game, before depositing any skins, it is recommended to make sure that whether a site is trustworthy and legit!