Lock’n’load. The famous radio command in Counter-Strike: Global Offensive, better known as CS:GO, marks the start of the round. CC:GO is one of the most prolific first-person shooter games that boasts immense popularity in the eSports betting world.
Thanks to its highly competitive gameplay and tons of betting markets available for every CS:GO match, it has become one of the most watched and wagered-on eSports in the market that is projected to reach $3 billion by 2027, at a CAGR of 13.1%.
Bettors mostly opt to use Bitcoin and other cryptocurrencies to place bets on CS:GO due to the speed of the transaction, the anonymity betting with BTC offers, and many other aspects that have put the market value of crypto gambling to $93 billion.
In this article, we are going to tell you more about the link between CS:GO betting and cryptocurrencies and the concept of wagering in the Counter-Strike community, so stay tuned.
The Rise of CS:GO Betting
CS:GO betting began in 2013, when Valve, the company that developed the game, included weapon skins that players accessed through CS:GO cases. The price tag of the skins easily reached $70 and more, prompting the idea of betting them in the game.
CSGOLounge was the first site to allow users to bet their skins on CS:GO pro matches for a chance to win other users’ skins if their team wins. Over the years and with the pressure on Valve to regulate CS:GO skin gambling, the platform explicitly prohibited betting on skins on Steam.
However, at the same time, legal sportsbooks have been raking in big numbers in terms of the betting handle on CS: GO, offering various betting markets like match winner, map and round handicaps, correct score, and many other standard and specialty wagers.
According to 2020 reports from sportsbook software provider EveryMatrix, by 2026, 85% of the total esports betting volume will come from CS:GO, Dota 2, and LoL.
The Integration of Cryptocurrency
The symbiosis between cryptocurrency and CS:GO betting is stronger than the one between Venom and Eddie Brock in the Marvel universe. Namely, through the use of cryptocurrencies, CS:GO bettors can make safe, fast, and anonymous payments to platforms. There are no lengthy KYC requirements and steep transaction costs to worry about.
Platforms such as BC. Game and Stake.com are among the leaders of eSports betting and top the charts in any CSGO betting guide, largely thanks to their particular focus on CS:GO betting. Players can watch live streams of matches from the ESL Pro League, Intel Extreme Masters Sydney, and many other essential competitions and place live bets, relying on competitive odds to give the best value for money.
Benefits and Challenges
When using cryptocurrencies to place bets on CS:GO, you will be able to instantly credit your balance, so even if you want to capitalize on a major odds shift when betting live and find yourself with no funds in the account, it will only take you a couple of clicks to replenish the balance.
Moreover, with crypto payments, sportsbooks don’t get access to your banking details, increasing the security of the transaction. Speaking of security, all crypto transactions are based on blockchain technology, which offers an unparalleled level of safety and transparency.
On the other hand, crypto gambling faces some regulatory roadblocks. Namely, gambling regulators that allow crypto betting require platforms to complete KYC (Know Your Customer) procedures and comply with the AML rules, which can be in direct conflict with the nature of cryptocurrencies, that is anonymity.
Another crucial notion that poses somewhat of a challenge for CS:GO betting sites is the responsible gambling policy. Without completing the KYC requirements, sportsbooks can’t really be sure that the user betting in crypto is not underage. There are also game session timers, deposit limits, and self-exclusion options that must also be in place to support responsible gambling.
Case Studies
Stake.com is one of the leading CS:GO betting platforms out there due to the numerous features it offers. It has one of the most detailed scoreboards detailing the form of the teams, players, and tournament stats. Even if you don’t understand what a particular stat means, you can always click on it for a complete breakdown. Live streaming is also available, and so is a player comparison tool for more insight into the gameplay trends.
The platform supports 11 different cryptocurrencies and has partnered with a cryptocurrency marketplace Moonpay to allow users to acquire cryptos directly on site. Moreover, through the use of Stake Vault, bettors can store their digital funds on Stake.com and rely on 2FA for protection. The Vault serves as a crypto wallet that lets you access all cryptos instantly and avoid blockchain delays.
Stake.com has a dedicated tab for eSports, facilitating navigation considerably. Live & Upcoming CS:GO events take center stage, but if you want to bet on outright tournament winners, there’s also a special section on the platform. The pages load quickly, so you can easily move through different parts of the betting lobby.
The Role of Blockchain Technology
Blockchain technology provides a data structure based on cryptography and decentralization. Through the participation of different members across the distributed network of data, the immutability of blockchain is achieved, so there’s no way a single user can alter the record of transactions. The very nature of blockchain ensures a greater level of transparency since all transactions are public.
In essence, every time you place a bet on CS:GO or make a cashout, everything gets recorded on the blockchain and is made public.
Probably the most significant advantage that came with blockchain technology is the rise of decentralized sports betting platforms. The DeFi sportsbooks are built on decentralized nodes where all transactions are recorded on public ledgers, and there are no intermediaries that can cause the fees of placing bets to skyrocket. This way, the chances for you to fall victim to match-fixing and cheating are reduced to zero.
Instant payment processing, low fees, and global access are some of the most important advantages that come from DeFi sportsbooks running solely on blockchain.
Regulatory Environment
CS:GO betting falls under the purview of eSports betting, legal in most states that allow sports betting. However, the situation with cryptocurrencies is not so clear-cut. Even though leading gambling jurisdictions like the Malta Gaming Authority and the UK Gambling Commission condone the use of cryptocurrencies as long AML and KYC requirements are met.
MGA licensed BetConstruct to accept cryptocurrencies, marking a new era in digital sports betting. Nonetheless, these legal requirements are in direct conflict with the anonymous nature of cryptos, so it remains to be seen how operators respond to these demands.
For example, in the U.S., the use of cryptos is not permitted in any of the legal betting platforms, putting the country as one of the more restrictive ones when it comes to cryptocurrency.
Future Trends and Innovations
The future of CS: GO betting lies in the decentralization of sports betting platforms. In these DeFi sites, all users have accounts connected to their blockchain wallets secured by private keys known only to them, guaranteeing improved safety. Furthermore, all transactions are completed directly between the crypto wallets, allowing you to place bets and receive payouts in a safe and timely manner.
DeFi sportsbooks also have copies of the ledger that records all transactions stored directly on the blockchain, which ensures transparency. With the help of smart contracts that automate the betting processes from placing bets to cashing out, fairness and security are guaranteed, as per regulatory requirements.
Responsible Gambling and Player Education
CS:GO betting sites are committed to responsible gambling and emphasize that gambling should be seen as a form of entertainment first and foremost. Providing information to users regarding their spending is one of the ways in which they help you make informed decisions.
Also, by implementing responsible gambling tools such as breaks, limits, and self-exclusions, operators give customers the power to control their gameplay at all times.
Finally, by associating with organizations that promote fair and responsible gambling, such as BeGambleAware and others, they educate players on the importance of betting with your head, not over it.
Never stake what you can’t afford to lose. Set win and loss limits. Do your research and play only in licensed sportsbooks. This is the basic premise of responsible gambling that can help you have a safe and enjoyable CS:GO betting experience.
Conclusion
Cryptocurrencies brought about a new era in CS:GO betting by providing faster transactions, more transparency, and safety. As more DeFi sportsbooks come onto the scene, it seems that the regulatory authorities will see the advantages they bring and sanction a broader use of cryptocurrencies and blockchain technology that can prove vital in their responsible gambling efforts.