Statista’s market forecast shows that the 2024 esports betting market volume is $2.5bn. By 2029, a 40% increase is anticipated, reaching a $3.5bn volume. This metric shows how the esports market is developing on all fronts. Based on the same data, the user base is expected to reach 869 million by 2029.
Several people are now taking note of esports betting, as it has transformed from a niche market to mainstream. The growth didn’t happen overnight. What is the driving force? This esports betting guide will provide answers. As an esports betting market expert, Kate Richardson will give first-hand insights into the present and future.
Evolution of Esports
Before addressing the gambling aspect, it’s best to examine the industry. Firstly, I must say that esports has come a long way for its small gaming niche. It’s now a global phenomenon, standing side-by-side with several top sports.
Technological advancement and high-speed internet have played major roles in esports’ evolution. At this point, the perspective of the industry changed from competitive video gaming in arcades to online tournaments contested around the world. With sponsorship and viewership, esports is now worth billions of dollars. The revenue in the esports market worldwide is projected to reach $4.3bn by the end of 2024.
Aside from events and tournaments, streaming platforms have pushed the industry further in recent years. Platforms such as YouTube and Twitch have made esports more accessible to viewers. Esports now entertain millions of passionate fans.
Key Drivers Behind the Rise of Esports Betting
Pablo Picasso famously said, “Action is the foundational key to all success.” The esports betting market didn’t reach this level without action. In this section, I will introduce you to 7 actionable reasons behind the esports betting surge in the gambling industry. They are;
- Esports popularity: As addressed before, competitive gaming has grown exponentially. Tournaments these days are drawing massive audiences and offer multi-million prize pools. This level of competitiveness has resulted in sportsbooks creating esports wagering sections, allowing fans to bet on individuals and teams.
- Appeal to a younger demographic: Gaming culture is shared among Millennials and Gen Z. These generations are known for generating online income. Therefore, esports betting is seen as a natural extension of their interest. Their influx into this aspect has been a driving force.
- Technological advancement: Regarding betting, the most notable advancement is blockchain technology. Not only does it offer a secure and transparent gambling environment, but it also introduces a new payment method. By using cryptocurrency, tech-savvy individuals can engage with the betting market, driving further revenue growth.
- Integration with traditional betting platforms: In any country, it’s nearly impossible to find a betting site that doesn’t have a dedicated esports section. Wherever you are, in Europe, Asia, Africa, everywhere you can find a place to bet on esports. Try exploring betting app options for South Africans, and you will discover esports betting. This has made gambling in esports tournaments more accessible.
- Diverse betting markets: Unlike traditional sports, esports offers different unique options. An example is betting on in-game accomplishments, such as first blood in Dota 2. With hundreds of games and events, there is always something to bet on. This has kept bettors active, thereby growing revenue.
- Community and social engagement: Esports is a cultural movement, with fans actively participating in communities. These fans engage on social networks such as Reddit and Discord. Those involved in gambling share insights into their betting experience, which results in active wagering.
- Increased sponsorship and visibility: The best esports betting platforms are known to sponsor events and teams. By using sponsorship, they improve visibility, and global audiences watch these events. Esports betting bonuses are also used to attract players. An increase in user base has so far helped the market volume grow.
Is eSports Betting Legal?
Thomas Jefferson, when emphasizing the importance of the law, said, “Laws made by common consent must not be trampled on by individuals.”
With regulations guiding betting in general, it’s only right to ask, “Is esports betting legal?” The answer is based on your jurisdiction. In most countries where sports betting is permitted, you can gamble on esports. However, to ensure you are not breaking any laws, review the sports or esports betting code in your country’s laws. If legal, you can proceed to bet on your favourite teams.
A Comparison of Esports and Traditional Sports Betting
By my classification, esports betting falls under sports betting. Technically, sports betting is an umbrella term that covers every form of wagering on sports events, such as basketball, football, and more. With esports regarded as a modern form of sports, it’s only right to place it under the umbrella. The only difference is that the traditional form involves betting on real-life events, while esports is on virtual events.
A Future Outlook of Esports and Betting
Esports growth isn’t expected to slow down soon. I anticipate the industry to surpass expectations. Betting has always had the industry’s largest market share, and I expect this trend to continue. Here are two areas expected to take the industry to the next level;
- Virtual and augmented realities: With VR and AR, players can experience better gaming. This would lead to more engaging events and new betting markets.
- AI-powered tools: AI is being integrated into several industries today. Using it, esports betting would elevate several sections, such as real-time odds and live betting.
Conclusion
I hope you learned something about esports’ growth and the future of betting on virtual games from this expert guide.
For those with questions such as “Can I bet on esports?” Most definitely, as long as you meet the requirements, such as the gambling age. Additionally, ensure you make the most of the best esports betting bonuses as they increase profitability.
Lastly, gambling in esports should be done responsibly. If there are any signs of gambling problem, you should seek professional help.
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