The expression “to lose your shirt” means losing everything you own as the result of a reckless financial decision. Now it’s possible to go one further and lose your skin as well! But, then, you can also win somebody else’s skin! Wait, what? That’s right – gamers worldwide are using gaming skins as collateral to bet on sports and online casino games. It’s a topic that’s gaining a lot of attention because it’s something of a gray area. Skin gambling makes it possible to play casino games for no money, so you needn’t have any skin in the game to enjoy the best online slots and casino table games. This may sound good in theory but in practice, it creates problems, as you’ll soon discover. Read on for the ins, outs, ups and downs of gambling with skins.
What are skins in gaming?
For anyone who’s not up to speed with trends in video gaming, here’s a quick introduction. Skins are digital items in a video game that modify the player’s visual experience. Skins are purely cosmetic and don’t affect gameplay at all. Common examples include different costumes, weapons, badges, cases, stickers, special paint jobs on equipment or items that change the character’s visual appearance or animation style. Some games have skins that allow you to modify the look of the gaming interface. Other skins are customizable, allowing players to modify their skins even further.
Skins are valued according to how rare they are. Currently, the most valuable skin is a knife from the CS: GO video game – it’s described as Case Hardened Karambit, Factory New, pattern 387 and was purchased in 2016 for approximately $100,000. It is now valued at over $1.5 million!
Players can acquire skins by winning them in the game or buying them outright. Here are some important things to know about this type of gambling.
A new virtual currency
So what is skin gambling exactly? It all started back in 2011 when the Valve software company first started issuing skins for its two most popular games: CS: GO and Fortnite. Players could earn them as rewards for completing specific tasks (such as leveling up,) but they were also available as in-game purchases or on the Steam community market platform. Skins started trading hands; predictably, a thriving underground economy developed soon after. All of a sudden, skins had acquired the status of an informal currency. This coincided with an explosion of interest in esports globally. As esports betting caught on, third-party gambling sites began to offer the chance to bet with skins. Players could access their skin libraries on Steam and use them as virtual currency. This situation rapidly evolved to the point that you can now also use them to pay for online casino games, from video game versions of blackjack and roulette to the best online slots.
What makes skin gambling so popular?
Gambling with skins became extremely popular very quickly with the esports gaming community. Skin betting turned out to be more than just a handy way to fund betting activities – it would also become a way to boost the competitiveness of gaming. A player might wager a skin that they will win a specific match. Their opponent will then put a skin on the line to accept the bet. The winning player will not only gain the satisfaction of winning, but will also get to add a new skin to their collection. Spectators watching players in tournaments or live streams can also use skins to bet. In short, gambling with skins can make gaming even more fun than it already is.
Is skin gambling legal and safe?
As fun as it may sound, skin gambling also comes with some red flags. One is that many video gamers are children who may be tempted to spend real money on skins to gamble with, which is absolutely unacceptable. A second red flag is that skin betting is actually illegal unless you place your bets at a safe, legal betting site. The first gaming license to cover gambling with virtual goods (which is what skin betting is) was issued by the Isle of Man Gambling Supervision Commission (GSC) back in 2017. A third red flag is that unregulated skin betting goes against the principles of responsible gaming. It’s easy to forget that you’re playing with real money when you’re wagering skins in the heat of the action. Licensed casinos provide tools that help gamers to play responsibly, within their limits.
Gamble safely at Borgata Online
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