Get ready to crank up the excitement to a whole new level! At ESP, our ongoing mission is to find new ways to make esports more exciting, and we have some amazing new features coming down the pipes. Today we’re excited to kick that off by launching pari-mutuel style betting on your favourite esports games!
By the way, if you haven’t done it already, connect your Steam account and get your skins ready. You’re gonna need these soon!
Parimutuel betting, also known as Pool Betting
Parimutuel Betting is a form of betting where the size of the pot determines the total payout.
We calculate the pot by taking the sum of all stakes or the amounts wagered, minus our 10% service charge from the losing side.
From the total pot, we calculate the payout for each participant from the winning side as follows. First, the proportion (as a percentage) of that participant’s wager in relation to the pot of all winning participants needs to be determined. That percentage is then applied to the total pot to determine the payout amount.
Here’s an example to explain it:
- Team A has a total of $100, and Team B has $50
- Sam makes a $5 bet on Team A
- Team A wins this match
- Sam’s bet makes up 5% ($5 / $100 = 0.05 = 5%) of Team A’s total
- Total Pot = sum of Team A and B ($100 + $50 = $150) and then subtract our service charge from the losing side ($50 x 10% = $5) for a total of ($150 – $5 = $145)
- With Team A winning, Sam’s winnings are calculated by considering the ratio to the winning pot and then applying it to the total pot (5% x $135 = $7.25)
This illustration shows a simplistic overview:
Bets On Offer
We have the following two bet types that you can choose from:
Once on the bet page, the most accessible bet on offer is a Match Bet where you wager on the winner of a match. Here there are only two possible outcomes (choosing the winning team) and bets close before the start of the match.
To accompany match bets, these side bets are centred around game specific events and can have multiple outcomes. For example: “Which team will win the match and by what scoreline? (e.g., Team A will win 4-2)” or “Which team will win the second pistol round of the map?”. These can be located by pressing the plus sign (+) on the lower right-hand corner of each bet card. Side-bets close before the match starts.
Often times when browsing the list of possible bets, you’ll want to participate in several quickly. Our bet slip feature allows you to quickly add several bets and choose how much you want to wager in one easy location. To do so, simply press the plus button (+) on any given bet card.
As the esports industry continues to expand at an incredible pace, there is a set of inevitable growing pains that come with it. A legal grey area now exists where an alarming amount of betting operators can spring up and operate with minimal regulation. The questionable actions of many of these operators have resulted in a justified outcry by the community such as questionable business and financial practices, or underage gambling to name just a few in a long list of misconducts.
Operating ethically and legally are crucial tenets that we here at ESP adhere to. As such, we will be implementing various features and restrictions with our betting product as a commitment to these standards.
In pursuit of maintaining the utmost integrity, ESP is a proud member of the Esports Integrity Coalition (ESIC). The ESIC is an association with the goal of maintaining integrity within the esports scene by combating common issues, such as match-fixing and betting fraud.
What This Means For You
Gambling and betting laws vary by country; some allow it quite liberally, and in some, it is strictly illegal. To adhere to these laws, any countries where gambling is illegal or not covered by our gambling license, our real-money betting services will be unavailable. While we will do our best to keep up to date with any legal restrictions, it is still ultimately the member’s responsibility to understand their own local rules, laws, and regulations.
The legality of taking bets is done through gambling licensing. The license for ESP comes from the Isle of Man, one of the most difficult gambling licenses to acquire due to its stringency and the constant oversight required. As such, this means that our system and processes for offering these betting services have been vetted thoroughly to ensure you can make bets safely. Furthermore, we are the first Isle of Man licensee to be able to offer bets in virtual goods, such as CS:GO skins, and in cryptocurrency, such as Bitcoin. In essence, our license provides ESP members both security and diversity in their esports betting.
Launch of ESP.bet and Identity Verification
To respect these laws, we will be launching a parallel but separate site in https://www.esp.bet. Here is where we will be exclusively offering our real-money services and strictly observing to gambling rules and regulations. As such, there is a process that any ESP Member must go through to ensure they can bet with the peace of mind of that everything is legal, ethical and secure.This Identity Verification process is known as Know Your Customer (KYC). Through KYC, we will confirm your name, address, gender, and age. Once approved, your information will never be sold or shared with any third party. Why do we need to do this? Primarily it is a way for us to ensure that you are legally allowed to wager, whether it’s your age or geographical location. As such, it is legally required for us as a betting service provider to know who is participating in our monetary bets. More importantly, KYC is a means of protecting you from fraud and identity theft. Once you complete these steps, you will able to begin the depositing process and start wagering. This process is known as Know Your Customer (KYC).
Know Your Customer; identification and verification
Through KYC, we will confirm your name, address, gender, and age. Once approved, your information will never be sold or shared with any third party. Why do we need to do this? Primarily it is a way for us to ensure that you are legally allowed to wager, whether it’s your age or geographical location. As such, it is legally required for us as a betting service provider to know who is participating in our monetary bets. More importantly, KYC is a means of protecting you from fraud and identity theft. Once you complete these steps, you will able to begin the depositing process and start wagering.
What if I don’t meet the requirements of KYC?
If you are unable to pass KYC for reasons such as being under age or reside in a country where laws do not permit gambling, you will unfortunately not be able to use the features on https://www.esp.bet. Rest assured that in this situation you can still, and will always be able to, play for free on https://www.esportspools.com. All the games you’ve come to enjoy, including fantasy and match betting, will remain free with a virtual currency there.
Financial security for our members is also a significant concern for us. As a requirement of our license from the Isle of Man, any and all funds associated with an ESP member are kept separately in a Player Protection Fund to guarantee payouts. We do not store your credit card details, and all handled through secure third party operators.
Being able to bet responsibly is something we want to help you with. If you want to prohibit yourself from betting, you can utilise our Self-Exclusion tool found in your settings. This tool will allow you to irreversibly exclude yourself from any betting services from ESP, from anywhere between 48 hours to 6 months.
To ensure that we are compliant with our license and respect the laws of countries and jurisdictions we are currently not able to offer ESP.bet in the following regions, though you can always play on https://www.esportspools.com:
- North Korea
- Saudi Arabia
- United States of America
- Vatican City
Get in touch
We hope you’re as excited as we are about these upcoming additions to ESP’s offerings. If you have any questions, comments or concerns, don’t hesitate to reach out to us at https://www.esportspools.com/contact-us
Good luck, have fun and play responsibly!
The ESP Team