There's no doubt eSports is a disruptive force in the betting scene. More and more punters are wagering on eSports tournaments and events, while bookies are shifting ground to capitalize on the potential of eSports betting. But the big question is, what does the future hold?
In this round-up, find out more about eSports' infiltration in the online betting scene, the factors fuelling its growth, recent trends, and more.
The history of eSports betting dates back to around 2014 when some betting sites started offering betting markets. However, not many gamblers knew about eSports, and some punters believed the matches were fixed.
Video games has grown exponentially in the last decade. Today, it is one of the fastest-growing markets, with recent studies showing that the global eSports market was worth around $957.5 million in 2019 and has grown into a $1.08 billion industry in 2022.
And it's not just eSports that is growing; eSport betting is also witnessing exponential growth. A decade ago, the conversation revolved majorly around what eSports is rather than how to bet on eSports. But today, eSports betting is as popular as ever before.
According to data published by Business Research Insights, the eSports betting industry was valued at $9,749 million in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 13.7% to blossom into a $24,190 million market.
The above statistics clearly indicate that online eSports betting is a huge industry. This begs the question, what has fuelled the sporadic growth of eSports betting? Well, several factors are behind the sudden interest in eSports among bettors.
First is the fact that video games has a huge following. The latest reports indicate that there will be over 500 million eSports enthusiasts by the end of 2022. The tournaments also attract huge viewerships, with the 2021 Free Fire World Series in the lead after setting a record of 5.41 million peak viewers. Out of the over 5 million viewers, a sizeable number is into betting.
Another factor is the availability of betting operators offering eSports betting markets. Unlike in the past, many e-gaming betting sites today offer players the chance to bet on top eSports competitions and tournaments all year round.
Some are renowned bookmakers who have added eSports betting markets, while others are new sites that focus on eSports only. It's also worth mentioning that some betting companies are active in the eSports ecosystem, sponsoring eSports teams.
There are also many tournaments and competitions held throughout the year, so punters can't miss betting markets, be it Dota 2 betting markets, Call of Duty, Valorant, League of Legends, etc. These tournaments attract substantial prize pools that eSports outfits set their eyes on.
Perhaps the biggest aspect that has shaped the eSports betting industry is the pandemic. After live matches were halted to prevent the spread of Covid-19, eSports filled the gap now that pro athletes could battle it out remotely.
As mentioned earlier, eSports betting has a bright future. All projections show that eSports betting is here to stay, even though it can't outshine traditional sports on the betting scene. But already, it is outshining virtual sports. So, what are some of the factors that will shape the future of eSports betting?
First is the growth of eSports. As eSports continues to grow, so will eSports betting. Another aspect that will shape the eSports betting market is the partnerships between key players in eSports and betting operators. eSport betting sites are developing innovative strategies that put them on the front row in eSports tournaments and competitions.
eSports betting bonuses are also going to play a major role in the development of eSports betting. To stay ahead of the competition, eSports bookmakers line up lucrative bonuses and promotions for eSports bettors.
The competitive nature of eSports will also be a key driver of the development of eSports betting. Today, many eSports fans have their preferred eSports teams, just the same way teams in traditional sports have die-hard fans who don't just watch their teams play but bet on them too.
Last, developments such as bet-on-your-self odds will also spur the growth of eSports betting now that casual gamers have the chance to bet on themselves. Livestream features right from the betting site also mean players can catch all the action and even bet on live matches. On the other hand, there are eSport betting tips sites offering match predictions.
That's it, folks, a round-up of how eSports betting has evolved and its trajectory. At the moment, eSports betting is a big industry, and it's not showing signs of slowing down.
Expect the industry to grow in the next few years, dominating betting options such as virtual sports. But ultimately, it doesn't have the potential to outshine traditional sports betting.