[toc]CSGOFast is the latest skin betting site to shut down following the decision by Counter-Strike: Global Offensive (CS:GO) publisher Valve to target sites that allow players to gamble using digital items (skins) from CS:GO.
The announcement was made via the CSGOFast website. Players have until midnight on July 29 to cash out their balances on the site. Games will continue to run until that date.
Several targeted sites yet to act
CSGOFast was one of 23 sites named by Valve in a cease-and-desist letter issued last week.
The reaction from the named sites has been mixed to date. Some have closed their doors. Others have denied receiving the notice from Valve. Many have simply had no reaction.
We may start to see more sites follow the path of CSGOFast, which is apparently staying open for the maximum amount of time allotted by Valve’s request: 10 days from the issuance of the notice. We believe the notice was issued on July 19, which tracks with Fast’s announced shutdown date (July 29).
Following that period, Valve signaled its intent to “pursue all available remedies including without limitation the termination of your account.”
Given that account termination could wipe out the standing inventory of a skin gambling site, it’s a powerful threat for Valve to make.
CSGOFast not pivoting to new product
Unlike some other sites that have closed, or announced plans to close, in response to Valve’s new posture toward skin betting sites, CSGOFast does not appear to be planning to relaunch with an alternative product.
Their announcement indicates that the suspension is “indefinite” and makes no reference to plans for an alternative product in the works.
That’s in contrast to sites like CSGOBig and CSGOCrash, who both signaled plans to stay in business, albeit in a revised form.
The question of what kind of products such sites could offer while still remaining in compliance with Valve’s policies remains an open one.
The role of CSGOFast the in the skin betting market
Our research pegs CSGOFast as a major player in the market for jackpot skin betting games.
Such games are basically lotteries where players receive a number of tickets based on the value of the skins they deposit into the game. A winning ticket is generated and the holder receives all of the skins deposited into the game.
The vast majority of jackpot games are built around CS:GO skins. There are some sites where Dota 2 skins are wagered in a similar fashion, but the majority of Dota 2 betting occurs via sportsbook-style products.
CSGOFast also offered roulette-style and a rock-paper-scissors-style gambling games.
Prior to the decision to shut down, CSGOFast boasted of having paid some $200mm in prizes.
The full statement
In light of the recent announcement from Valve CSGOFAST has decided to close operations on 29th of July 12 a.m. (midnight) on CET. After this date all bots will be stopped.
Players with coins on balance are encouraged to withdraw before this date. Roulette will remain open (for now) while we work to cash everyone out.
Thank you for being a part of this amazing project.