The fast-growing world of eSports has created a surge in betting markets, and demand for creative solutions to meet consumer demand for online and real-world betting opportunities is on the rise. As more players flock to the eSports scene, the gambling industry is responding with innovative products to meet the unique needs of today’s eSports bettors. In this article, we explore the current state of the eSports betting market and the growing demand for forex products as an increasingly vital part of the gaming sector’s growth.
eSports Betting Market – Overview
The global eSports betting market size was USD 9,749 million in 2021 and is expected to reach USD 35,556.36 million by 2031, exhibiting a CAGR of 13.7% during 2021–2031. The rising popularity of eSports betting over the last few years is one of the primary drivers for the market’s growth. The increasing presence of companies such as Cognitive Market Research, Bayes Esports, and Elevate in the market is further adding to the growth of eSports betting.
eSports betting refers to the process of predicting the outcome of an eSports event, usually a sporting event, to win money or other prizes. This form of wagering makes use of official statistics and other information related to the events being bet upon, such as results, players, and other game-related data. eSports betting has seen tremendous growth in recent years due to the increase in popularity of traditional sports betting, as well as the growth of eSports industry overall.
Increasing Popularity of eSports Betting
The rising popularity of eSports betting over the last few years is expected to be one of the primary drivers of the global eSports betting market in the years to come. eSports Betting has become increasingly popular due to the entry of big companies such as Cognitive Market Research, Bayes Esports, and Elevate into the market. This has encouraged people to wager large sums of money on their favorite eSports teams and players. Furthermore, eSports betting has become more accessible and user-friendly due to advancements in technology and the emergence of online betting platforms.
The increased prevalence of sports betting activities in countries such as the UK, the US, China, and Japan is also expected to drive the growth of the global eSports betting market. In addition, several companies are focusing on entertaining and engaging the bettors with favorable bonus offers and other promotional campaigns. This has led to an increase in the number of players who are participating in eSports betting activities.
Reduced Regulation for eSports Betting
The reduced regulations for eSports betting in many countries such as the US and the UK is also expected to drive the global eSports betting market growth in the coming years. Furthermore, the growing popularity of mobile eSports betting is expected to boost the market in the forecast period. Mobile eSports betting is becoming more popular in countries such as Japan, South Korea, and the US. The rising trend of mobile eSports betting has also been supported by the introduction of innovative mobile sports betting apps by companies such as Bwin, Unibet, and Paddy Power.
The increasing presence of online betting websites is also expected to contribute to the growth of the global eSports betting market. Several online betting websites are making it easier for players to place their bets in a secure and regulated environment. Moreover, the rising trend of product innovation and the emergence of lucrative bonus offers by online betting websites are also expected to drive the market growth in the years to come.
In conclusion, the global eSports betting market size is expected to reach USD 35,556.36 million by 2031. The increasing popularity of gaming and the emergence of innovative mobile betting apps are among the prominent drivers of the market. Furthermore, the reduced regulations on eSports betting and the growing presence of online betting websites are also expected to propel the market growth in the upcoming years.