Chess Betting – Wagering on the Game of Kings

For many, the Netflix show – The Queen’s Gambit brought chess back into the limelight; as per CNN, orders for chess sets swelled by 87% after the series debuted, and chess books saw a massive 603% increase in sales. That should not come as much of a surprise, as according to Netflix’s data, more than 62 million households watched the show, which made its way onto the platform in 2020 amidst the COVID hysteria, where most people got locked up in their homes with little to do entertainment-wise, other than watch TV, play games and go online.

Chess.com, the world’s most popular chess website, more than doubled its monthly user count from October 2020 to April 2022, which showed a substantial interest jump in the so-called Game of Kings, which historians believe originated somewhere around the 6th century in India before spreading to Persia, conquering the Muslim world, before reaching Europe, where it established its modern form.

Over the past few years, several sportsbook providers have added chess to their betting arsenals, including top dogs like BETBY and Digitain. Hence, this option is available at many of our reviewed sites, such as FortuneJack, Metaspins, and Betroom24, to name a few. So, it is something that those who have a love for the game and follow its competitions can easily explore. Below, we will get into why wagering on it appeals to some people, the challenges betting providers face when featuring it, the wagering choices given in its contests, and more.

Why Chess Appeals to Bettors?

First off, chess has deep cultural significance in most Western nations, as stats show that 70% of people in the UK and the US have come in contact with it and played it at some point in their lives. It transcends language, as it has defined rules that people across the globe know. Therefore, two individuals do not have to speak the same language to enjoy chess together. It has been featured in various works of art and resonates deeply with many. Moreover, thanks to the internet and the availability of software that facilitates competitive play for all, the digital age has revitalized chess. Free streaming of top-end competitions has also done loads to bring people closer to high-end competitive action and boost the profile of the game.

All that said, chess now has a much more global audience, has universal appeal and is more accessible to play and follow its top players than ever. Chess grandmasters have become global celebrities, and their rivalries generate massive interest in the sphere, which, in turn, makes people bet on them. Seeing as chess matches are intense battles of wit that produce loads of tension. That also makes them appealing for gamblers, as these contests get packed with emotions, including similar highs and lows to gambling itself.

Popular Chess Betting Markets

The wagering options available for chess have evolved along with the game’s rising popularity in recent years. The most usual one is – match outcome. So, gamblers can bet on who will win and on a draw, which is a super common result in chess.

Total moves is probably the second most popular market, allowing gamblers to take advantage of the over/under structure, meaning wagering whether a game will go past a specific move threshold or it will have fewer moves than a distinct number.

Other than these two rather general options, prop ones exist, like trying to predict which piece will leave the board first or last, what piece will get promoted first, and so on. Of course, bettors can also try to predict whether a game will end with a checkmate, such as whether a king will castle during a contest, whether specific openings will get used, and so on.

Tournament markets for competitions may also be on the table. Outright winners, top finishes, group stage winners, and the like.

How Easy Is It to Predict Winners in Chess?

Unlike athletic competitions, where there are loads of external variables that add a higher percentage of unpredictability, chess is a pure test of skill. There are no referee’s decisions that will affect a contest, and there are no player injuries or weather conditions that will impact outcomes. So, the degree of predictability is higher here.

The Elo rating system used in chess gives a reliable measure of skill level, as chess competitors earn or lose Elo points based on their performance. Consequently, higher-rated players are generally expected to outperform lower-rated ones.

Head-to-head records should also provide insights that can be most valuable. That is so because players can perform better/worse against specific opponents due to a range of factors, not only the playing styles they face but psychological ones as well. A position-oriented player might excel against overly aggressive opponents, or a player with a strong attacking style may outperform those who struggle under pressure. Accordingly, it can be very handy to examine past duels and overall playing styles of players, as well as how they have fared in past encounters when dealing with different style competitors. Some top players can have a history of making mistakes under time pressure or psychological ones, and it is crucial to know these things before betting on them.

Recent form, the quality of preparation and time spent on getting ready, along with the time format set, must also be factored in before wagering on high-profile chess matches.

Challenges for Bookmakers

For the most part, the likelihood of upsets when players with a sizeable Elo rating gap face-off is minimal, which leads to highly predictable results, which many gamblers find unappealing. When two similar ranked competitors meet, bookmakers must put in a high level of analytical expertise to set appropriate odds, going through recent performances, looking at stylistic advantages or disadvantages, and putting psychological factors in play. The rise of AI and computer-aided preparation has further complicated predictions, as those savvy in these types of tech-aided training techniques can get an edge they otherwise would not have.

Cheating is another challenge, especially in online contests. However, nefarious activities are detected in real-world duels using sophisticated algorithms.

Despite its global popularity, chess betting remains rather niche, which can cause bookmakers to struggle to balance their books on account of the limited betting volume they receive for chess wagering. For many data/odds providers, the cost of offering chess and supplying quality margins on it may not be worth it due to the analytics and risk management involved outweighing the potential profits they can expect for facilitating gambling on chess matches.

Lastly, since chess competitions can feature multiple time formats, each one demands a distinct odds-setting tactic, and such a lack of uniformity across competitions creates added issues.

Top Bitcoin Betting Sites