Rivaling the traditional sports betting industry, esports betting demonstrated an explosive growth over the past decade. Experts and market researchers agree that the future of esports betting is looking very bright.
Rivaling the traditional sports betting industry, esports betting demonstrated an explosive growth over the past decade. Experts and market researchers agree that the future of esports betting is looking very bright. According to Business Insider, the global esports market is approaching the watershed US $1 billion, and that figure is expected to grow in the upcoming years, totaling some $1.6 billion in 2021.
Just a decade ago, esports was believed to be this weird thing that only die-hard fans of video games were interested in. Today, however, each new competition and final draws an ever-growing viewership, resulting in larger prizes for players and higher streaming revenues. Lastly, with so many eyes on esports, more and more sponsors are getting keen to tap into this uncharted territory and be the first to benefit from greater exposure and revenues in this niche.
And so, having turned into a full-fledged market with various participants and influencers, the esports industry has become an obvious choice for bookmakers and punters. The driving force behind esports betting was probably Counter-Strike: Global Offensive, later followed by Dota 2. Today, it would be more than fair to say that esports betting has entered the mainstream – just take a look at the following figures.
The prize fund for League of Legends World Championship in 2017 accounted for over $4.5 million. Dota 2 International broke the record in 2017, having established a $24 million prize pool. It comes as no surprise then that punters from all over the world are trying to master the art and science of esports betting.
According to the industry estimates, total esports wagers globally amounted to $7 billion last year, and that number is expected to double in the next two years. Betting in esports takes the form of cash and skin betting, with skins being virtual trading items among video gamers. Esports cash betting is now becoming a more attractive option due to some legal disputes around skin bets.
Luckily for punters, the number of esports tournaments is on the rise, too. In 2017 alone, that number was 4,058. Even the International Olympic Committee is listening: it is considering making esports part of the Olympic Games program in 2024. If that, indeed, would be the case, esports betting will definitely go over the roof and bookmakers will probably grow its customer base by hundreds of thousands.