Playing video games and online gambling are popular past times across the world, forming multi-billion dollar industries.
These two lucrative industries have grown exponentially over the last three decades, and experts suggest the two have similar attractive features and reinforcement schedules.
This article examines the nature of the relationship between gambling and video games in the current entertainment market.
How Gambling and Video Games Are Converging
Digital games and gambling spaces are increasingly becoming intertwined with technological improvements and accessibility. The lack of strict regulation in the video gaming market also contributes to this phenomenon.
As a result, more video game players are exposed to the gambling industry and everything that might accompany it.
In basic terms, gambling activities are chance-based, while video games are predominantly skill-based. However, there are several mechanisms by which gambling and video games converge. That includes:
1. Simulated Gambling in Video Games
Simulated gambling happens when video games incorporate a betting element for fun. The players don’t wager or win real cash, but they can get virtual coins and points.
Due to this inability to make any actual money while betting on such games, many people don’t view simulated gambling as actual gambling.
In most video games, simulated gambling is highly evident in social casino games where players win points, jewels, and in-game coins.
Sometimes the players spend more time unlocking special features and collecting points, but simulated gambling makes it easier.
However, you’ll need to read the best online casino Australia reviews if you want to wager and win real money.
2. Loot Boxes
Loot boxes are essentially rewards in a video game that players can buy using virtual currencies and real-world cash.
The rewards found in the loot boxes are usually randomized, so users don’t know exactly what’s in them before opening the package. Its content can range from new digital characters to armor, weapons, and skins.
Most people view loot boxes as a form of gambling as it’s essentially a game of chance. Several studies have also shown a strong relationship between loot boxes and gambling behaviors, although several stakeholders insist they are not a form of gambling.
3. Esports Betting
Video game gamblification is most evident in esports betting. Esports betting is a relatively new source of entertainment that has attracted millions of people, as it allows fans to make money on video games without playing them.
Esports betting works similarly to traditional sports betting, where players can watch video game matches and place bets on the winners.
This gambling market has become a multi-billion dollar industry today, with players betting on simulated real-life ports and classic video games like League of Legends (LoL) and Dota 2.
4. Gambling on in-game Items Through Third-party Sites
Besides social gambling and esports betting, video game players are also finding creative ways to incorporate gambling into this activity through third-party sites.
These third-party gambling sites allow players to cash out and use their in-game assets to place wagers for a chance to win real cash.
However, several game publishers, including Valve, are trying to crack down on these unauthorized third-party gambling sites.