Is it actually free money?
Cause of the serious flair: The legality of sports betting varies from state to state (assuming you're in the land of guns and greasy burgers since you have the flag of Freedom and Democracy π¦ π¦ π¦ ). With a simple search, see if it is legal in your state. If it is, you're good. Some states have sports betting bans but no specific laws about esports betting and thus, gray area exists on whether or not esports betting is included. Unlucky for you if specifically esports betting is illegal in your state.
However, it is basically impossible to enforce and you can bet away however you want regardless of its legality in your state. I know people betting on football (not the eggball version) from here in California (where sports betting is illegal) who blow their college savings away. Some methods of betting, notably Fliff, have a loophole making it legal everywhere in case you are an honest, law abiding, tax paying citizen. They have an in-game currency which technically doesn't count as money and can be betted as you please. Afterwards, you can buy gift cards for different stores or services with that in-game currency, all of which are legal loopholes through sports betting laws.
sports betting is a net loss, otherwise it wouldn't exist. all this shit like draftkings are pumping millions into advertising because the vast majority of bettors LOSE all their money
THAT said, in esports especially the bookies odds are really stupid a lot of the time so you can exploit it tbh. i'm up a lot historically on valorant betting but it's only because i bet on matches where the odds are clearly fucked