Modern Day Game
If you visit any of the chess betting sites that are recommended on this page, you can get started with real money chess in no time. All you have to do is visit the site, sign up for an account and make a deposit. After you have a real money account, you can play real money chess matches against opponents from around the world. As you may already know, skill levels in chess vary dramatically from player to player. Some chess players out there are almost unbeatable while other players are as helpless as a babe in the woods.
Fortunately, chess betting sites recognize this and use skill rating systems to match similarly-skilled players against one another. Skill ratings and rankings are constantly adjusted and kept up to date to make sure that players are always evenly matched.
Quality chess betting sites are able to keep things varied for the players. In addition to normal head to head chess matches, quality chess sites also provide tournaments and different types of chess formats. These extra features are used to keep players satisfied and interested in the game. Making a deposit is one of the first things you will need to do after making an account at a chess betting site. Most chess betting sites accept a variety of deposit methods that can be used to move money from your bank account to your chess account.
A couple of popular deposit methods for real money chess players are standard credit cards and services such as Paypal. All you have to do is choose an amount you wish to deposit and the software will take care of the rest.
However, the Internet Chess Club does sometimes host tournaments with real money cash prizes. The ICC does has a couple methods to deter cheating. For one, real money tournaments require you to play under your real name.
Second, a membership to the ICC costs money so cheaters have something to lose. The ICC does require you to install anti-cheating software when you play, but even that security method is easily bypassed just run a chess program on a different machine. The most effective way to detect cheating is to simply watch how opponents play.
Skilled chess players can spot a machine fairly accurately. Plus, the ICC can just go back and input your moves into any number of high level chess simulators.
The vast majority of online chess players simply play for free out of a love of the game and to improve their skills. Over time, other people can get a fairly confident idea of your rating. The Elo System actually estimates how often one rated person should against a person with a different rating. Do you see where this may be a problem for real money chess?
The person with the higher rank may have an incentive to place a bet on the game, but the lower-ranked person will decline every time. This kills the action. You could imagine someone developing an anonymous chess website with no rating system, but then people would still be disinclined to place bets.
You know that luck of the draw will have you either matched against someone superior or someone inferior. The outcome is almost preordained. It would be tough to generate any action.
Even more importantly, poker includes elements of chance. The worst player in the world can get lucky sometimes and beat the best players. Poor players have an incentive to play. The outcome is not preordained. Hey, you might win money. This keeps the money coming in from the fish and drives the poker economy. Your best bet is to play chess for the love of the game. This is not the game to play if your ultimate goal is to make boat loads of money and travel the world in a private jet.
Chess players have day jobs just like everyone else. They may win money at major tournaments, but not life-changing amounts.