Following its time in the limelight during the first coronavirus shutdown, esports leaders feel competitive gaming is poised for further investment and income prospects, according to a new research.
The third annual Esports Survey Report, conducted by law firm Foley & Lardner LLP and the news site The Esports Observer, gathered answers from 255 esports executives, mostly situated in the United States and Europe, who shared their perspectives on the industry’s future.
Top brands are leaning towards esports, with more technological advancements like Betway esports section setting the pace for an even greater gaming space.
Over the next six months, 73% of respondents anticipate Covid-19 will lead to greater investment and transaction activity in esports. Sixty-one percent of those polled believe the trend will be fueled by more involvement with video games and esports as a result of social distance, while the same number say it will be fueled by the expansion of online streaming platforms. Another major factor, according to 52%, is the growing involvement of big companies in esports sponsorship.
However, the study also revealed that esports is not immune to the pandemic’s effects. The difficulty to stage major in-person events, according to 77% of those expecting a drop in funding over the same time period, is the greatest problem confronting competitive gaming, followed by decreases in advertising and sponsorships (65 per cent).
The findings also show that investors who have been struck severely by the crisis are hesitant to put further money into competitive gaming. For example, the number of respondents expecting additional investment from private equity and venture capital companies has decreased from 47% in 2019 to 40% this year.
On the betting front, the legalization of gambling on esports contests by governments accelerated in the early months of the pandemic, offering up another potential income source for the sector. Betway is among the leading esports platforms going by the most recent findings.
However, regulators and bookies, according to the report, are still wary of the dangers associated with placing bets on esports. When asked what the greatest threat to the esports betting business is, the top response (46%) was a lack of sufficient fraud and cheating detection systems and monitoring tools. Furthermore, 75% feel that match-fixing and cheating represent a serious danger to esports’ credibility and growth.
Sixty-four per cent of respondents expect traditional sports to use digital technologies to provide fans with more direct interaction and engagement, while 54 per cent expect new technologies to be incorporated into broadcasts, and the same percentage expects traditional sports to host tournaments in which professional athletes compete in simulated games. Find varieties of esports on Betway, a market leader in innovative gaming.
According to Michael Wall, a member of Foley’s Sports & Entertainment Group “The pandemic may very well be a wakeup call for traditional professional sports, highlighting the need to evolve digitally and rethink the use of technology to deliver content and engage with fans.”
“Esports can provide a model for this transformation, as the industry has continued to offer compelling, dynamic, and engaging digital content to grow in popularity during this time.”
Bobby Sharma, the special adviser to Foley’s Sports & Entertainment Group, further added: “While hardly any industry has been spared from Covid-19’s economic impacts, the survey findings suggest an overall positive outlook for esports’ continued growth.