As the competitive gaming industry continues to skyrocket in popularity, it’s no surprise that novel ways of monetizing these sports have also taken off. One of the most profitable is eSports betting, an emergent market with immense potential. In this article, we will explore the eSports betting outlook for the upcoming year and beyond, focusing on the currency landscape.
The global esports betting market is estimated to reach USD 17,715.0 Million by 2027 at a CAGR of 27.0%. Esports is a form of competitive video gaming that has become popular in recent years, and esports betting is the process of placing wagers on the outcomes of gaming events organized professionally. Sports betting involves placing wagers on the outcomes of predetermined game or esports events.
The increased demand for esports events from younger generations due to the availability of improved esports services and the ability to watch these events online is expected to fuel the growth of the esports and sports betting market. The proliferation of esports and sports betting activities is also driven by technological advancements in gaming platforms, which provide a convenient and safe betting platform for users. Furthermore, the increasing popularity of online streaming services, such as Twitch and YouTube Gaming, provides an attractive platform for sports betting and esports viewers, which has spurred the growth of the global esports market. Additionally, the increasing popularity of emerging technologies such as AR and VR in the video gaming industry is likely to open new opportunities for sports betting and esports development and create an incentive for further growth in the market.
COVID-19 Impact on the Market
The COVID-19 pandemic has had a significant impact on the global esports betting market. The cancelation or postponement of several esports events due to the pandemic is expected to hamper the growth of the esports industry, thereby reducing the demand for esports betting services. Furthermore, travel restrictions and lockdowns imposed in many countries are likely to impede the growth of the esports and sports betting industry due to the associated social distancing protocols. Despite the negative impact of the pandemic, the esports market is expected to experience positive growth in the coming years as the pandemic has resulted in the cancellation of conventional sports activities, providing an opportunity for the esports industry to expand its reach and become a viable alternative to traditional sports.
The rising popularity and reach of esports are expected to drive the growth of the market in the years to come. In addition, the increasing demand for esports betting services due to the growing prefrontal and financial involvement of people in the gaming industry is expected to spur the growth of the esports and sports betting industry. Additionally, the emergence of several state and national sports betting regulations and regulations is likely to further support the growth of sports betting and esports betting over the next few years. Furthermore, the development of mobile and gaming platforms and the expanding reach of social media outlets have provided a convenient platform for players to participate in esports and sports betting activities, which is likely to aid the growth of the market in the near future.