Today, gamers use CS:GO and Dota 2 skins (virtual weapons and ammunition) as the currency for betting on gambling and betting sites. Players make bets on a team victory or use skins for betting on roulette, jackpot and other gambling sites accepting skins. The market share exceeded $7 billion in 2016.
What are skins?
Skins are virtual items that can be used in games like Counter-Strike:Global Offensive (CS:GO). The term “skin” is derived from the typical function of these virtual items: changing the appearance of a player’s in-game avatar, weapons, or equipment. Skins are items that generally can range in value from a few cents to thousands of dollars. Game developers don’t allow skins to be exchanged for cash (only game credit), but secondary markets do allow players to convert skins to cash. Like a casino chip, a CS:GO skin can be traded between the player and the house. That basic functionality allows skins to serve as a de facto currency that can power basically any type of gambling product you can imagine.
According to Eilers & Krejcik Gaming, a research firm, more than 3 million people wagered $2.3 billion worth of skins on the outcome of e-sport matches in 2015. In 2016, this figure grew by two-fold and reached $5 billion. As per analytics of Eilers & Krejcik Gaming and Narus Advisors, about 40% of the total 5 billion market in 2016 were betting on the results of cybersport matches and tournaments. Player wagers his skins on winning his team.
Steady growth for already-significant skin gambling products mixed with a series of small booms on the cash betting side will combine to vault esports betting toward the upper tier of online gambling verticals by 2020. Notably, all cases call for relatively modest penetration of gambling products into the broader esports fan base, and all call for an average spend per esports bettor that is far below the average spend of a typical online sportsbook customer. Note that these numbers are total amount wagered (i.e., handle or turnover) and not revenue.
What is Skincoin (SKIN)?
Tokens Skincoin (SKIN) are to be released based on the Ethereum blockchain platform. Tokens will be used for trading with game sites, buying/selling skins, making bets on gambling and betting platforms.
Who are the team?
Skincoin team has been creating, developing, and supporting trading platformsand gambling services within the game items (skins) market for the most popular games: Counter-Strike: Global Offensive, Dota 2, Team Fortress 2 since 2013.
Skincoin token (SKIN) will be accepted as means of exchange for gaming and betting services (betting sites for e-sports events, jackpot sites, roulettes, casinos, etc). In July 2017, we are launching an exchange platform where you can instantly exchange skins for Skincoin and back. At the start of the project, there will be no commission to stimulate the market for the transition to a new payment unit. By issuing Skincoin (SKIN) tokens, we solve the problem of using skins whenbetting on betting/gambling platforms and buying/selling skins on trading sites. In August 2017, an API shall be developed for receiving and convertingskins in Skincoins (SKIN) on all sites of the game theme CS:GO, Dota 2, Team Fortress 2. To pay or make skins, users will be redirected to the exchange platform where they will be able to exchange their skins and refill the balance on the website with Skincoin tokens. Gambling and betting sites will not need to store a huge amount of thingson their bots under the threat of blocking by Steam, they will be able to conduct all settlements with users of Skincoin tokens. Players, in their turn, can always exchange Skincoin on the platform-exchanger, or exchange them for Bitcoins on exchange platforms. Skincoin token (SKIN) will be accepted as means of exchange for gaming andbetting services (betting sites for e-sports events, jackpot sites, roulettes, casinos, etc.). Skincoin (SKIN) will be immediately integrated into the business model of own existing and future projects and will be used to accept payment for services and make bids on projects.