Loot.bet is an eSports match betting website and offers bets mainly for CS:GO but also within the most popular games like League of Legends, Dota 2, Overwatch, HearthStone and much more. They only do cashouts as real cash but you can also deposit CS:GO skins, those, of course, will be taxed and worth less on the Steam market since they count as real money while in your on-site balance.
Loot.bet is an official company and since they deal with real cash match betting, they do in fact have an actual verification from the government to prove that they are allowed to perform their services. This means that you are guaranteed Loot.bet is not a scam and if you do however find yourself wrongly treated, it is possible to make a law suit.
This should none or the less happen as it indeed a legit betting platform and they also have nice reviews all around. A quick check on Trustpilot, Scamalert and a few forums go to show that reviews are mainly positive followed up by a few negative ones. All of these are people who complained either by the withdraw fee or simply losing their bets.
One thing I saw while looking through the ‘Frequently Asked Questions’ was their policy about minor gambling. They are obviously deemed to ban underaged individuals since anything else would be against the laws by the government however they have this weird title to a question about Bitcoin gambling as it says ‘Is it possible to bet anonymously without revealing my country and age?’.
The answer is only about Bitcoins and how it is possible to stay anonymous while betting with their service but what is bugging me is the ‘…and age?’ as it seems a bit odd. I am not saying this was the purpose for adding it to the question but it is certainly visible that they try to inform minors that it is still allowed to gamble – why else would you want to hide your age? This is nothing but a speculation and it is not illegal but I still feel like it is worth pointing out.
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The only way to earn some free money is by using the code “LOOT” when you are about to make the first deposit. The code will grant you 100% as an extra bonus but special rules apply to that money. The rules are very specific and make it pretty hard to actually keep the money which is also the part of making them. To be able to withdraw your bonus it is required to place single bets with odds higher than 1.90 for 10x your initial deposit and bonus was combined.
For an example, if you add $100 to the balance and get another $100 as a bonus, you will need to bet more than $2.000 on odds higher than 1.90 before you are eligible to get the bonus. Like this is not hard enough to do, you will have to do this within 180 days or the bonus will be removed from your account, furthermore if you decide to withdraw something while not having fulfilled the requirements every dollar achieved from the bonus is gone.
The rules are indeed very tough to fulfill but it is possible and considering it will double your deposit it is overall a decent offer.
Loot.bet has a few ways of profiting from the users. First and foremost, odds are highly favoring the house only paying back on average 85 cents per $1 spent. You will have to be either extremely lucky or a very good bettor to make a profit with those margins.
There is an actual fee for withdrawing money but this is easily dodged by only withdrawing once a month. To ensure smooth withdraws the admins charge another 8 % of your withdraw when cashing out more than once a month. This is a very high percentage so you should definitely stick to cashing out only 1 time per month. All requests are handled manually so its a way to lower the amount and waiting time but of course also a nice extra profit for the owners.
There are not really that many unique features as Loot.bet is a fairly standard one of its kind. They have a nice variety of betting options and it is super cool that it is possible to bet live on almost all CS:GO games, unfortunately, this is not the case talking about other platforms so it is nice they have decided to implement it.
If you are an experienced Dota 2 player or just have a bunch of items you do not care about losing it is possible to deposit those too. While depositing both Dota 2 and CS:GO skins is available none of them can be withdrawn as that is simply not an option – keep this in mind if you really like the weapons you are about to use here.
– Nice legit service
– Live odds on almost all games
– Lots of game categories
– Possible to deposit both CS:GO and Dota 2 skins
– 100 % bonus on first deposit, rules apply
– The support is usually nice and welcoming
– Odds highly favoring house
– Bitcoin payment method allow minors to play
– It is not possible to withdraw Steam items
– None unique features