Although the esports betting industry is still very much a fledgling, there is no doubt that there are already changes ahead within the industry. Companies like the new start-up company Puntt and Polish-based esports bookmakers STS Bet are beginning to offer exciting new ways to bet and markets for esports customers.
However, there is now a fresh move towards offering a completely different type of betting experience for customers and it is based loosely on Tote-style betting that you can find in many places in the world today.
Why esports betting may turn to Tote betting
Tote betting has its origins within the horseracing industry primarily and it has been extremely popular over the years, although it is often viewed as a somewhat outdated form of betting in its original format.
Indeed, as bookmakers have sought to update Tote betting, they have focused on dragging the Tote and Pool systems into the modern era. However, one enterprising esports betting startup quickly realized that both of these systems could be used successfully within an esports betting context.
RPGG, the company behind the Puntt.gg site that we reported on a short time ago, have made the bold step of offering both Pool and Tote type betting, for esports customers on their new landmark esports betting site.
Phil Adams, the CEO of RPGG, explains: “Two years ago, our sister company, DDL, was working on a tote system in Mauritius, Barbados, and the UK. The developers, who are esports fans, were saying ‘we would love a product like this for esports’”
“They wanted more than the current bookmaker offering of ‘is Team A going to win or Team B going to win’. If the two teams are evenly matched, you’re talking about odds of 1.7 or 1.8/1.”
“So, as a company, we looked at the totes we were building and said to ourselves this would really work for esports. We could offer more bet types, have better returns and not worry about our liability if we get the odds wrong.”
Fixed Odds Weaknesses
Mr. Adams went on to explain the problems faced with the current model for esports betting used by a number of operators.
“Currently, customers are only being offered fixed-odds bets on teams, and these definitely have their place.”
“However, in new areas like esports, fixed odds does have weaknesses. You need odd setters to be able to price markets up if you are a bookmaker and you price up a market you don’t understand, then you won’t be a bookmaker for very long.”
It is this issue of a lack of knowledge about the fledgling esports industry and its teams and individuals that many traditional fixed-odds bookmakers are finding difficult to overcome and precisely what Tote and Pool betting can offer a solution to.
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The main benefit of Tote betting is that it provides companies with baseline odds they need, but the knowledge for the bet comes generally from punters, removing the onus from the bookmaker.
With companies like Puntt.gg and STS Betting opening up fresh new forms of esports betting, the future for the industry looks extremely bright, especially when it comes down to the number of betting choices available for customers.