In the online sportsbetting world, you can place wagers on just about everything: sporting events, elections, celebrity relationships. It seems almost strange that video games have yet to be incorporated into the industry, but Virgin Group is about change everything with its brand new online betting system for tournaments played on the Xbox360 and PS3.
Although online gambling is still illegal, video games are considered games of skill, which are legal in all by 11 states. Now, video game players can put their skills to good use, by taking part in video game tournaments for cash prizes. From sports games like FIFA 2010 to fantasy-action titles like Halo, players can compete against one another online as they would in an online poker tournament.
Players wagers are called “transactions” rather than “bets”, which are made against one another – and not the house. The company therefore takes its cut by charging service fees to the players, in addition to 12% of all wagers.
Virgin Group has taken every precaution to ensure that players are not easily susceptible to developing a gambling problem. Players are limited to depositing $500 per week, and must undergo age verification to ensure that they are older than 18-years-old.
There are also many systems in place to prevent cheating. Virgin Gaming has direct access to game publishers’ servers, which will notify the company of the winner so players cannot manipulate the outcome of the game. Additionally, all players must undergo preliminary matches, allowing Virgin Gaming to determine their skill levels to ensure that all competitors are evenly matched.