The emerging eSports betting market segmentation forex is creating a wealth of opportunities for both investors and players alike. As the eSports industry continues to grow by leaps and bounds, so too does the burgeoning demand for a more sophisticated form of investing in these games. In particular, the forex market is being inundated with proposals for market segmentation in the eSports betting space. In this article, we’ll explore these new trading opportunities and the potential for massive profits therein.
What is eSports Betting?
ESports betting is the act of placing a wager on competitive video gaming events. It involves predicting the outcomes of Esports matches or tournaments and picking one of the two teams or players to win. Generally, betting odds are calculated by taking into account the performance of the two teams or players in the past in order to decide the likelihood of either player or team winning the match. The types of bets made on these events can vary from predicting the outright winners of a tournament or match, to betting on certain particular outcomes of the matches.
Growth of eSports Betting
Gambling on Esports has become increasingly popular in recent years. In 2021, the global Esports betting market size was estimated to be USD 9749 million. This market is expected to reach USD 35556.36 million by 2031, demonstrating a CAGR of 13.7%. This surge is being driven in part by the rapidly growing global popularity of Esports, which has seen the genre draw 100 million viewers to its events in 2021 alone. The increasing trend of gamification of Esports and the ever-growing number of Esports leagues and tournaments have also worked to drive the popularity of Esports betting.
Esports Betting Market Segmentation
The market for Esports betting can be segmented into various categories based on the type of Esports on offer. The most popular types of Esports used for betting purposes are football, tennis, E-Sport, basketball, hockey, boxing, horse racing, baseball, and others. In comparison to other traditional sports, Esports betting is far more accessible in terms of geographical coverage and betting options, due to the numerous games and tournaments available. This has further helped to drive the growth of the market.
Furthermore, demographical preferences have also played an important role in the growth of the market. The young male population particularly have been a key demographic in driving the growth of Esports betting. This is due to their interest in Esports, familiarity with digital platforms, and greater propensity for risk-taking. Research has also shown that the consumption of Esports content and gambling are associated with Esports betting.
Controversial Skin Betting Market
The market for Esports betting has also been affected by the controversial “skin betting” scene. Skin betting involves the use of in-game virtual items as currency in order to place bets on Esports matches. This has drawn the ire of regulators in some parts of the world due to the skin betting market often overlapping with traditional online gambling. In a response to these concerns, now many Esports funds and leagues have restricted or outright banned betting on their matches in an effort to curb the growth of skin betting.
To conclude, the growth of the Esports betting market in recent years has been undoubtedly impressive. This has been driven by several factors such as the popularity of Esports, the increased accessibility to markets, and the surge of the controversial skin betting market. Demographic preferences and the consumption of Esports content have also played a central role in the growth of the market. Going forward, these factors are likely to continue to play a key role in shaping the future of the Esports betting market.