Over the past few years, esports has become an important part of the gambling industry, namely sports betting. The pandemic has resulted in many sports leaving the market. Esports, on the other hand, has received a significant boost. Betting on video game disciplines became popular among bettors in 2021. That same year, the broadcast numbers began to grow.
Nowadays, bookmakers not only offer betting on esports events, but also act as sponsors of teams and tournaments. More and more countries are legalizing esports betting. An analysis of the current market situation shows that the industry will continue to develop in the following years.
The number of esports betting markets available on sportsbook websites has significantly increased over the past year. Gamblers can now bet on a wide range of niche events, including those that were not covered before. The market research also demonstrates that cryptocurrency has recently been emerging as a leading payment method.
Commercial sector of esports
As of today, the commercial sector of esports has the largest share in the global market. According to experts, the annual average growth rate will be at its highest during the period from 2022 to 2029. There are several key factors that will lead to the development of the commercial sector:
- Expanded target audience;
- Bettors’ activity;
- Major investments in esports;
- Increased number of live broadcasts;
- Improved esports infrastructure.
The commercial share of the market is also increasing due to the large media platforms like Facebook, Twitch, and YouTube. Gamers from all over the world have managed to gain popularity and earn good money by livestreaming their gameplay. Besides that, the rapid growth of esports is associated with advancements in Internet and mobile technologies.
The year 2020 also saw active development of sponsorship in esports. Many famous teams today are sponsored by gaming, betting and other types of companies. The sponsorship sector is expected to grow further, as the esports industry is bound to succeed in the long run. Lots of new players and sponsors are continuing to enter the market, while existing teams are trying their best to increase their brand value.
Current state of the esports market
At the moment, the strongest growth of the esports market is witnessed in North America. Over the past few years, there has been a significant increase in investments in this region. Experts are confident that the industry will continue to expand in the coming years.
Nevertheless, the highest revenue-generating region in the esports market is Europe, and the trend is expected to stay. It is all thanks to the gradual expansion of the regional markets, as well as the adoption of legislation ensuring the safety of sports betting, both offline and online.
Today, the value of the global esports market is estimated at nearly $12.7 billion. According to experts, it may reach $26.5 billion as early as 2029.
The continuing success of esports makes it obvious that the industry will exist for many years to come. New generations are increasingly interested in video games, which means that in the future, they will determine what direction the market will take.
Why is betting on esports so popular?
The popularity of esports among bettors is due to the advantages this type of gambling has. The most important of them are:
- Constant expansion of video game disciplines. Leading operators are already offering dozens of games to bet on, and the list will keep on growing.
- Big variety of betting markets. Just like in traditional sports, there are numerous outcomes within a game players can bet on.
- Live betting, which allows users to bet on games as they take place.
- High frequency of tournaments. Events are held quite often, and bettors do not have to wait long for a new tournament.
The esports betting industry is continuously developing, and you definitely should consider adding this type of gambling to your platform. It will allow you to greatly increase the number of potential visitors. Bear in mind that a huge part of online casino and sportsbook users belong to the age group that is heavily into video games and their competitive scenes.