How Esports Can Change the Online Betting Industry
Written by Phoebe
Published date · June 6, 2022 |
Last Updated · Dec. 14, 2022 | Read Time: 4 mins
Esports has rapidly become a huge industry that now generates up to two billion dollars in revenue each year. Sportsbooks quickly cottoned on to the popularity of esports and realized that esports betting could follow sports betting to become a multi-billion industry. It has grown so much that it has had a massive impact on the betting industry in recent years.
For video gaming enthusiasts, a career in esports is seen as the ultimate dream. Playing video games and earning money at the same time! Those good enough at playing popular multiplayer online video games such as League of Legends, Counter-Strike, and Dota can now compete against others in tournaments held around the world. As for the rest of us, we can get in on the action via esports betting. Much like sports betting, esports betting is where you place wagers on esport events and win money should your bets come in.
What Is Esports?
Short for electronic sports, esports is competitive video gaming undertaken by professional teams and players. Depending on the video game, players will compete against others either independently or as part of a team. Video game competitions are not new, as they have been around since the dawn of video games. However, because of the popularity of live streaming of digital games, the industry boomed in the late 2000s. As its popularity has increased, this has attracted more sponsors, generated more tournaments, created bigger prize pools, and turned professional video game players into millionaire celebrities. Some of these professional players earn millions from competing and sponsorship deals.
How Do you Bet on esports?
Of course, where there are competitions, bettors are never far away. In fact, esports betting is now a lucrative market of its own. You can go to plenty of online sportsbooks and find odds given for all major esports events. In addition, you will find odds on your favorite team or player winning their matches or the tournament outright. The sportsbooks will give odds depending on how likely they think one team or player will win. Evidently, a world champion is going to have shorter odds than a newcomer who is yet to win a major title.
How has it Impacted the Betting Industry?
As the popularity of esports has increased, so has the popularity of esports betting. Over the years, there has been an increase in esport events, and with those comes an increase of esports bets placed by fans who like to watch these events and wager on the outcome. This has ensured that the betting industry has grown rapidly in numerous states across the US. The two industries share the same demographic. It is mainly men between the age of 22 and 44 that play video games, which is very similar to the demographic that is likely to bet on sports. For that reason, it is easy to see why esports betting has become so popular in recent years. It is only going to get bigger, too.
Can You Legally Bet on esports?
In the US, many states have legalized sports betting in recent years, and, as esports is considered a digital form of sport, this means that esports betting is also legal in most of them. Some states specifically include/ exclude esports, but esports fantasy sports are allowed everywhere by federal law. Of course, the legal gambling age will differ depending on which state you live in, and there might be other different rules and regulations that you must adhere to. However, as long as it is legal in your state, you can legally bet on esports. Just make sure you find a licensed sportsbook to operate within the state. Also, stay away from offshore online casinos as you are not protected. Many of these are nothing more than scam operations that will take your money and not payout when you win.
What the Future Holds for esports Gambling
While esports gambling has already grown to become a massive market, there is still room for it to grow further. Currently, online sportsbooks only offer generic betting options, such as the outright result of matches. However, in the coming years, it is expected that online sportsbooks will offer something similar to the in-play betting that bettors can enjoy when watching other sports. Essentially, you could place bets during an event rather than just on the result at the end of it. Perhaps you could bet on the next player to get a kill or the next to get killed? Maybe you could bet on how many shots a player will fire in the next 5 minutes, whether they find a particular gun or if they heal a teammate. The options really are endless, and this is where many expect the esports betting industry to go in the next few years. Watching and wagering on esports will become an even more entertaining activity for bettors and players alike.