Industry by Tom Wade June 15, 2020 2.15K

Buff.bet adds SkinPay integration for legal skin betting

Although only founded in 2018, Buff.bet has made a big impact to esports betting. Buff.bet was one of the leaders in the cryptocurrency market by allowing not only Bitcoin and Ethereum betting, but also supporting a wide range of Altcoins. With their history in offering extensive payment methods, we’re excited to now see them introduce SkinPay to the platform as a payment provider.

SkinPay is a rapidly growing payment system that uses Steam items as currency. With support for both CS:GO and DOTA 2 skins to be exchanged, players can trade skins they no longer want in exchange for increasing their betting account balance.

Be warned though, the prices offered for skins will likely be below what you’d expect to receive via the Steam Marketplace or other exchange platforms, but you’ll also benefit from instance receivership of funds. So if you have a number of knives lying around from your CS:GO days, you can quickly deposit and bet them against an upcoming match and buy better ones with your winnings.

Previously skin betting has received a bad name. With a history laced with the facilitation of underage gambling by allowing for anonymous staking of in-game skins that could be worth upwards of $20,000. These sites would only require a valid Steam account and skins could be deposited and staked without due dilligence. Steam started to take action against this in 2016 and greatly restricted the number of platforms offering this server.

The different that Buff.bet has over this former illicit websites is that users are fully KYC verified and validated before betting, making it a completely legal process. The concept of depositing skins for currency is equivocal to that of cryptocurrency staking in many ways, converting unique digital assets against a perceived value. The only different is that you can’t jump onto a game and shoot people with your Ethereum.

We’re excited to see how SkinPay can help to legally transform the esports betting scene to support Steam users with extensive, unused inventories, quickly it to usable currency. We expect to see a number of sportbooks following suit over the coming weeks.

Update 15th June 2020: LOOT.Bet has additionally had their logo added to the SkinPay supported operators, so we expect to see the functionality on their platform soon as well.

 

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