There are two types of gambling in the CS:GO community: weapon skin gambling and match gambling. Match gambling works like any other sport: gamblers put money or weapon skins down on which team they think will win a match and win or lose based on outcomes.
The other type, weapon skin gambling, is much more complicated. Weapon skins are purely-aesthetic upgrades earned or purchased in CS:GO that can be traded or sold in Valve's Steam marketplace. Some gambling sites allow users to put their skins on the line against other players, and the website picks a random (or not-so-random) winner who takes home the pot.
Some of these rare skins can fetch several hundreds dollars on the marketplace.http://mashable.com/2016/07/20/counter-strike-gambling/#K3vCeaMYAaqT
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