Although e-sports betting has been around for years, it only experienced a surge in growth and popularity within the last decade. The market has since grown to be a formidable part of the betting market, with esteemed tournaments like League of Legends World Championship and EVO Championship Series drawing millions of viewers. Sometimes, these viewers engage in e-sports betting, bringing in revenue for the industry. Estimated global projections show the revenue should reach nearly 1,4 billion by the end of 2022. Below, we review the e-sports gaming and betting market.
The Rise of e-Sports Betting
Since the US Supreme Court ruled that sports betting was legal in 2018, the sports betting market has grown significantly in the country and worldwide. It is currently valued at $9.5 billion and projected to grow to $37 billion by 2025. And while the e-sports betting market is considerably smaller, it is growing fast. Reports estimate that it will be worth $13 billion by 2025, up from its 2019 value of $800 million.
Websites such as Betway that previously focused primarily on traditional sports betting expanded their platforms to include e-sports betting. Now, the site offers endless e-sport and number bet opportunities, featuring top games like Counter-Strike, Dota 2, LOL, and FIFA.
Types of e-Sports Bets
If you are familiar with traditional sports betting, you should find e-sports betting fairly simple. Participants generally bet on outcomes before e-sport competitions like in latest NFL odds and NFL lines for Dolphins vs Lions. This could include general bets like who will win a game or tournament or more granular wagers such as who will lose or gain life in-game, what team will be the first to win a specific number of rounds, which player will get what score, and more. Most e-sports betting providers focus on the following main categories:
- CS: GO
- Dota 2
- League of Legends
If you are new to e-sports betting, you can start simply by betting on the winner of a single match. You can go a step further to increase your possible winnings by betting on who will win a tournament. The earlier you place your bet, the better your odds.
Although when compared to traditional sports betting e-sports betting amounts fall short, they are significant. A report by Eilers & Krejcik Gaming confirms that the total global amount bet on e-sports in 2019 was almost $8 billion. These numbers naturally raise concerns about the market’s audience, especially because e-sports fans tend to be younger than traditional sports viewers. In fact, the e-sports market has had to put in place measures to limit access to underage bettors. The strategy involves screening users and educating them on the risks of sports betting.
At its current growth rate, e-sports betting on platforms such as Betway might soon catch up with and even overtake traditional sports betting in the next few years. Reports show that the global audience for this intriguing form or entertainment is expected to exceed 530 million by the end of 2022. If a portion of this number also engage in e-sports betting, the e-sports betting market will grow tremendously.
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