The eSports industry has risen from the niche of sports to the mainstream and is becoming a force on its own. There has been unprecedented engagement and investment in this aspect of entertainment. eSports has also carved out the betting industry as many people now prefer staking on eSports over traditional sports betting and casinos.
The industry will not fold any time soon, as it is being fueled by innovative technology. The market is predicted to reach an impressive worth of $5.9 billion by the end of 2029. This is an indication that it is an industry that is worth investing in.
One of many ways of keying into the industry is betting. Smith, the commissioner of the eSports Integrity Commission (ESIC) once noted that “eSports betting is not just an adjunct to the esports ecosystem; it’s a key driver of its growth, bringing in a new wave of engagement, investment, and legitimacy to the industry.”
Betting on Esports tournaments has been relatively easier and more worthy than traditional betting. Read on to understand opportunities and innovative technologies that make esports special.
The Ultimate Evolution of eSports
Esports used to be a casual competition, but now, hundreds of esports tournaments are organized globally and followed by fans worldwide. It started in the late 90s with only a niche audience and minimal price. In the early 2000s, there was a gradual shift as broadband internet and consoles gained popularity.
Games like Starcraft and Counter-strike were popular at the time. There are many global esports competitions like the League of Legends World Championship and Dota 2. These esports games have attracted millions of online viewers, generated money for live-streaming platforms, and made many young players millionaires.
Streaming platforms like Twitch and YouTube allow fans to connect to their favorite teams and players easily. Esports events also generate sponsorship deals and advertising opportunities and make esports betting marketing thrive better. This makes esports gaming equally competitive as traditional sports.
Technological Advances and Accessibility of Cybersports
Technology is the primary driver of every online game. Anyone with an active internet connection can enjoy the fun of esports, whether as a player or viewer. Over the years, there have been robust advancements in internet speed, game setup, and mechanics. Also, mobile devices have made video games more accessible to a broader audience. More recently, cloud gaming services have allowed players to access games in real-time, irrespective of location or gadget.
New technologies like virtual and augmented reality make video gaming more immersive. Though the technology is still in its formative stage, it is widely penetrating the industry. Constant research and innovative technology have also improved the hardware of esports gaming gadgets. There are now high-performance PC and Console graphic cards and processors that enhance the gameplay.
Likewise, esports betting platforms have equally embraced this technological innovation. Most platform betting platforms now have mobile-friendly interfaces and features that can livestream matches and feature odds in real-time. This has allowed gamblers to place bets from anywhere conveniently. Technology has indeed been a game-changer in the betting industry.
The Rise of Cyber Sports Betting: How Cybersports Became a Multi-Billion Dollar Business
The betting market has capitalized on the rise in popularity. With more fans interested in the industry, Esports has meticulously created a unique strategy between gambling and gaming. As fans are entertained by their favorite esports players, they can still be rewarded by placing bets on the outcome of every one of their game’s events.
Over time, the significant revenue from the esports industry has come from online betting. Millions of fans across the world are waging many high-profile tournaments. Many have even deserted traditional sports for esports. Games like League of Legends and CS: GO are the most wagered.
Esports betting platforms are so interactive that fans can deeply engage by predicting the match’s outcome, either the team’s individual player performance or some in-game events. Furthermore, betting on esports is now easier than ever, as there is hands-on data to help with betting decisions. About 60% of esports users utilize various data analytics tools to make informed decisions before they place bets.
Opportunities in the eSports betting market
Everyone benefits in this market: Brands, players, and fans are set to make more money. Money can be made through the following means:
- Through diverse betting options
- The partnership of betting companies with business brands.
- Influencer marketing of esports betting by Youtubers and Streamers.
Challenges in the eSports Betting Landscape
Despite the opportunities and achievements of this online gaming industry, reported challenges still need to be addressed. The fundamental among these challenges are:
- There are reported cases of match-fixing
- Transparency and accountability issues
- Data privacy concerns
- Lack of uniform regulation standards
Ways to bet on eSports
Betting on esports games is not so different from the traditional sports. A bettor can strictly place bets on which team to win. In-play bets where bets are placed on live matches. There are also proposition bets where specific in-game events are predicted. For instance, a wager can predict which team to kill first. Another common betting is the tournament itself. Players can predict the winners of major tournaments.
There are many other options, and there will be more as the industry grows. Betting companies are exploring options to cater to fans’ and bettors’ preferences.
Esports bets can be placed through the following means:
Sportsbooks
Most traditional sportsbooks have incorporated esports on their betting platforms. They concentrate on significant tournaments and matches. This is done in the same pattern as traditional sports.
There are some esports that focus mainly on esports. Apart from betting, they offer bettors tools to make informed betting decisions. They cover specialized esports events and statistics and support communities for esports fans.
Online casinos Games
Many online casino sites now have exclusive sections for esports betting. This is for fans with a critical interest in casino games like poker and slots. Some casino platforms do live stream major esports events. This means bettors can freely watch the action of their prediction. Some casinos also offer live bets bet. This means bettors can predict some outcome while watching the game on the casino platform.
Online Esports Betting sites
These sites offer all betting types to fans on a single platform. They engage in specific in-game events and also general market events.
For example, many betting sites in the Czech Republic integrate all forms of the betting needs into their website. They provide up to date data to help bettors make informed decisions and not make mistakes or bet on emotion.
The betting sites supply a large volume of gamer’s or team’s previous statistics. They objectively present this data purposely to mitigate loss for gamers who might have recency bias against the current gamers performance.
The Future of Esports Betting
Nicolas Maurer, the CEO of Team Vitality noted that “Esports is the next frontier for innovation and growth in entertainment, and betting is naturally becoming a part of that ecosystem as the industry matures.”
This is a clear indication that the growing popularity of esports is not fading anytime soon. Therefore, fans and sportsbooks will continue to make more money in the industry. As more innovative technology and games are attractive, more people will be driven into the industry to become loyal fans.
Though the industry faces various challenges, all efforts are being put in place to mitigate these challenges. In a few years, the industry is set to redefine how we experience the gaming and gambling market.