Just a few years ago, CS:GO skin betting used to be the most popular form od Esports betting. A lot of bettors tended to buy skins just to bet them later. However, skins betting isn’t so popular nowadays and almost no one bets skins anymore. Why is that? Keep reading and find out.
The class-action lawsuit against Valve
The fall of CS:GO skins betting industry began in 2016. It all began with a class-action lawsuit against Valve for its part in the skins gambling industry. Former bettor McLeod filed a lawsuit claimed that he lost a lot of money in illegal betting activities while he was both minor and an adult.
He stated that Valve aids illegal gambling, allow minors to gamble and takes profit from it. I will not bother you with details, Valve fought in court, won some rounds but eventually lost. Washington State Gambling Commission issued a press release ordering Valve to “immediately stop allowing the transfer of virtual weapons known as “skins” for gambling activities”.
Cease And Desist Letter to 20 CS:GO Skin Betting Sites
The general counsel of Valve Corp. contacted 23 most famous skins betting sites and ordered them to immediately stop using Steam accounts for commercial purposes and gave them 10 days to do so. Some of the sites refused and their Steam Bots received trade-bans causing them to lose “millions of dollars” worth in-game items. Eventually, they had to stop because of constant bans and money loss.
7 Days Trade Ban
As there were hundreds of skins betting sites it wasn’t possible for Valve to target each site individually so they came up with the solution. In the March 2018 update, Valve released a seven-day trade cooldown feature. It basically meant whenever you complete a trade or purchase an item from the Steam market, that item will not be tradable for 7 days.
That day officially ended CS:GO skins gambling and it isn’t possible to bet skins like it was before. Some sites tried to replace skins with cryptocurrency that allowed you to withdraw different skins but a lot of bettors just switched to regular bookmakers to avoid any complications.
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