What are Esports?
Esports, or electronic sports, refer to organized competitive video gaming. Players, both professional and amateur, compete against one another in various games, such as League of Legends, Counter-Strike: Global Offensive, and Fortnite. Esports have gained immense popularity in recent years, becoming a billion-dollar industry, attracting millions of viewers, and opening up new opportunities, one of which is sports betting.
The Emergence of Esports in the Sports Betting Industry
In the past, sports betting was limited to traditional sports, like football, basketball, and baseball. However, with the rise of esports, the gambling industry has had to adapt to keep up. Since 2014, esports betting has become increasingly popular, as video game lovers and sports bettors unite to find the excitement of esports competitions.
The Popularity of Esports Betting
It’s no surprise that the esports industry has become a hotbed for betting. According to data from Emergent Insight, the esports betting market is expected to reach $30 billion by 2020, more than triple the industry’s current value.
Esports betting offers an array of benefits, including low minimum bets, live streams, and a plethora of available games. It also allows sportsbooks to attract a new demographic who are generally younger than traditional sports bettors. In fact, a survey conducted by YouGov revealed that only 28% of esports fans participate in traditional sports betting, implying a significant revenue opportunity for the gambling industry.
The Future of Esports in Sports Betting
Esports solutions provider EveryMatrix predicts that sports betting will generate more than $10 billion annually by 2023. As the esports industry continues to grow in popularity, betting on these events is likely to follow suit. However, esports has yet to reach its full potential in the world of sports betting.
With the advent of blockchain technology, for instance, betting platforms can offer faster, more secure, and transparent betting transactions. This will benefit both esports fans and sports bettors, as the technology guarantees impartiality and prevents manipulation of the house’s odds. Companies like Unikrn and Gimli are already implementing this technology in their esports betting platforms.
On the regulatory side, more countries are starting to recognize esports as a legitimate sporting event, paving the way for sports betting operators to offer betting markets on tournaments. For example, the Nevada Gaming Control Board, the State of New Jersey’s Division of Gaming Enforcement and the Malta Gaming Authority are among those who have aligned to regulate the esports betting markets.
Conclusion
With more people staying at home and watching esports amid the COVID-19 pandemic, the industry’s growth is likely to accelerate, creating more opportunities for sports betting operators to expand their operations. As long as regulatory changes favor the industry’s growth, and technology improvements continue to support the omnichannel experience for customers, the bright future of esports betting will be an exciting journey to watch. Immerse yourself further into the topic by exploring this external source we’ve chosen for you. Delve into this interesting material, discover additional and valuable information to complement your reading and knowledge of the topic.
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