Photo credit: Gamma Law
Esports is a growing industry, with over a $1bn in revenue, worldwide viewership of about 540 million and a projected 640.8 million by 2025, and gamers competing in multi-million tournaments.
Now considered a sport (undisputedly) with its large following, it is obvious there will be avenues to place bets on games; preferential categories influenced by bookmakers, gaming platforms and other professionals.
A regulated esports betting market comes with the following benefits, as this will go a long way to help competitions/tournaments:
An Expanding Market
Esports is a growing market, despite the large numbers from viewership, but the good thing to note is that the projected numbers in viewership and participation keep increasing so it is likely this industry is going to be here for a good long time.
Unlike other traditional sports, esports can be played year round – there’s something for everyone! From League of Legends, to DOTA 2, CS:GO, Apex Legends, Super Mario Smash Bros. etc, so for gamers you have the chance to explore whatever games there may be, and prospective gamblers can look into which may be preferable and place bets accordingly.
Photo credit: Uplatform
Easy Viewership Access
Unlike some traditional sports that may require some form of subscription – monthly/yearly – esports gets to have broadcasting on platforms that may only require a signing up and then watching all level esports tournaments – top level or amateur. Twitch, the leading name in esports broadcasting, alongside Caffeine.tv, give viewers a chance to check out many tournaments, to which they can be made gambling prospects along the way.
Photo credit: Wewatch.gg
Skins Betting
With varying cryptocurrencies in existence, esports has also made the move with the introduction of cryptocurrency, even going further to have some specialist cryptocurrency created (SkinCoin). This is to help with “skins betting”, which is the wagering of in-game items as opposed to using money. Ethereum can also be used, providing more ways to bet and creating a more accessible market.
While these are some of the benefits to highlight, there are some noteworthy risks (obviously and unfortunately) while engaging in esports betting/gambling. What is important to identify and embrace is that this is an industry that has been able generate huge amounts in revenue, and the communities being created are going a long way to making the indulgence of competitive gaming widen into other demographics that have not been explored yet.
Esports has helped create jobs for lots of people. Interested in knowing about the business side of esports? Listen to the Gamers Change Lives Podcast! We get experienced guests from all around the world featuring.
By Jeffrey Osei-Agyeman
