Most reports suggest Esports betting is rapidly growing. But is it hype, or is this true? In this article, you’ll learn how Esports is changing the gambling scene and the reality in the industry. According to one report by Statista, the Esports betting global market was approximately US$671.78M in 2022 and is expected to rise by 26.6% to reach 2.708 billion dollars by 2028. The incredible growth has opened up the door for the rise of Esports betting.
Esports wagering has taken off incredibly, with most reputable bookies adding it to their websites alongside traditional sports such as Rugby, Soccer, Basketball, and Cricket. According to casinos.com, some factors contributing to the rise of Esports wagering include enhanced technology that makes betting smooth and convenient and the need for more entertainment on the internet. Stay on this page to learn more.
What Does the Future Hold for Esports Betting?
Fans can only expect one thing: Growth and More Growth!
You can’t talk about the future of Esports betting without mentioning “growing” because many reasons indicate that the industry will continue rising and booming. Reports suggest this is the fastest-growing sector, and the younger generation is transferring the Esports love into betting. The considerable investments in Esports are another reason to believe that the industry’s future is bright.
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Don’t be mistaken; video game tournaments are nowhere near attracting the same viewership as big tournaments in traditional sports, such as the FIFA World Cup. But it’s also worth noting that this is just the beginning of Esports. According to the founder of G2 Esports, the future of Esports is very bright. He says that everyone worldwide knows football exists; some play it, and some watch, and he believes that Esports will catch up at some point. That has already begun to happen.
Here are some opportunities the Esports betting growth presents to bookies and punters alike.
100% Data Integrity
If you’re an experienced bettor, you know that information is crucial to profit in the gambling industry. Sportsbooks need to know the results of an in-play wager immediately after it happens. A delay between a sporting event taking place and the bookmaker receiving this data might lead to financial losses meaning punters are aware of the results of a wager before the bookie. In sports betting, this is known as courtsiding; fans can watch an event live and retrospectively place bets on it before betting providers can process the results, thus cheating the bookies. However, the rise in Esports betting is about to change the game. In Esports wagering, information relating to results is relayed instantly. Thanks to automated data distribution and extraction technology, bookies can immediately receive accurate rights-held data straight from the source.
Enhanced In-Play Betting
Esports’ digital nature allows bookmakers to access game-related data in real-time and instantly, which has fueled the rise of Esports betting. Bookies can now provide a vast range of in-play wagers with less effort.
More Accurate Odds in Real Time
Since Esports run on advanced machines and produce vast amounts of data, machine learning is possible, thus creating two upsides. First, built-in algorithms can process live odds at lightning speed as events unfold. For instance, in CS: GO, a win probability can be calculated by combining map difficulty, the current score, money carried, equipment value, and player skill. Second, the higher number of tournaments taking place means that bookies can price pre-game odds more accurately.
Engaging, Nuanced Wagering Strategies
Like in any sporting event, the better you understand the game, the better your chances of placing a winning bet. Esports provide punters with lots of crucial information to use while betting that only machines can give, such as respawn rate, player health, and tactical deployment. The more information you have as a punter, your betting strategy will improve.
New Data-Driven Player Experiences
The large amounts of available game-related data present the opportunity for fresh data-driven gambler-wagering experiences. The most common examples include visualizations like information widgets which help punters to keep track of the events even in the smallest detail. Prediction trackers are the most crucial betting visualizations because they utilize machine-learning algorithms to predict specific results in real-time. Moreover, comparison graphs help you do an at-a-glance H2H comparison between opponents. The rise of Esports gaming has made some Esports providers, such as Blast, start providing new payment methods, such as tokenized digital cash, NFTs (non-fungible tokens), and more.
How Are Video Game Competitions Changing the Gaming Landscape?
Esports or video game competitions influence how fans and gamblers think about gaming. With their rise in popularity, the betting scene is changing fast. Today, many reputable bookies have Esports markets on their catalogues. Today, you must provide top-quality Esports odds to be a competitive betting site. Esports wagering has become a force in the gambling world with unique leagues, teams, and sponsorships.
Big multinational companies such as Microsoft and Intel have also been included. Most of them are now investing in the sector. The trend has transformed how we watch sports. Instead of following traditional sports such as soccer, people can now live stream Esports on their gadgets, attend video game tournaments, and more. These events are more accessible compared to traditional events.
In 2023, people are also making money differently. There are pro-Esports punters making millions of dollars in winnings and endorsements. Opinions on sports are also changing. It’s no longer a hobby but a legit way to make a living. The innovation is more commercialized and mainstream which has contributed to its popularity. We can expect this trend to continue transforming the sports and gaming landscape.
Final Thoughts
Major bookies already provide wagers on multiple Esports games such as PUBG and Delta 2. Esports betting might have existed for a few years but is already becoming a household name. With their rising rate, they will likely catch up with traditional sports in a few years. All stakeholders should start paying attention!
