The growth of esports betting
Esport betting is one of the most popular gambling activities today. With millions of players and many prize pools it can be very lucrative to know an esport scene and bet on the right outcome.
Esport betting is growing rapidly. This relatively new form of betting had a slow start, but has increased considerably in recent years. This growth has been so explosive that some estimate that the world market for e-sports will reach a value of over one billion in 2020.
ESPORT BETTING IS A GROWING MARKET
The potential growth for Esport betting is enormous. Esports is still a niche market known mainly to players. While traditional sports have fans of all ages and origins, this is not yet true for sports. League of Legends or Counter-Strike: Global Offensive does not have the same number of spectators as the NBA or the FIFA World Cup, and therefore fewer people bet on the games. Most people don’t even know that sports exist, let alone that it is possible to place sports bets.
In the last two years, sport has grown rapidly both financially and in the media. Companies are investing heavily in this emerging market, which is now structured like a professional traditional sport. The status of esport players exists in several countries and many players are now dreaming of an esport championship at the 2024 Olympic Games.
China is the country with the most active audience and the best sports. North America ranks second in terms of spectator numbers. Other countries are catching up fast, with emerging markets in Southeast Asia, Latin America and Europe.
ESPORTS BETTING THRIVES DESPITE THE COVID 19 PANDEMIC
When the outbreak of the coronavirus canceled most sporting events, the sport was continued with online games. Unlike sports, esport-betting websites are flourishing. Here players can bet on their favorite game from home and win money based on their predictions.
Since many competitions could not take place due to Covid-19, many sports decided to continue their championships on their Esport counterpart. The first major championship to change online is the NBA. Already in March big teams and players gathered online on NBA 2K20. Soccer fans could follow the Spanish La Liga until FIFA 2020. All teams except FC Barcelona and Mallorca did not participate in the tournament, because they were sponsored by EA’s competitor Konami. All funds raised during these online tournaments were donated to charities.
THE GAP BETWEEN TRADITIONAL SPORT AND ESPORT
Esport betting is becoming increasingly popular as the Internet and video games become the new norm. Traditional sports teams are also interested in sports. Popular soccer teams like Paris Saint Germain or FC Barcelona, have teams in major Esport titles. Unexpected companies such as Kentucky Fried Chicken also entered the sports car.
sports and traditional sports gather around the world, but the online dimension of esport is a niche that no one else can cover. The coronavirus crisis has highlighted this need for action and the lack of solutions for traditional sports. The bookmakers turned their attention to sport and marked the beginning of a new era for sports betting and its worldwide recognition.