As more people around the world become interested in watching and playing professional eSports, betting on eSports is becoming increasingly popular in the Forex market. As this form of gambling provides an extra level of excitement and potential rewards to viewers, many are turning to Forex markets to take advantage of the potential benefits that eSports betting can offer. In this article, we’ll take a look at the growing popularity of eSports betting in the Forex market and explore the potential opportunities that these markets offer.
What is Esports Betting?
Esports betting, which is also known as competitive gaming, is the practice of placing bets on an outcome of competitions. It is an online form of sports betting where bettors place bets on the outcome of video game, including Counter Strike, League of Legends, Dota 2, Call of Duty, and more. Esports betting is usually done via dedicated betting sites and is a multibillion dollar industry. The global esports betting market was valued at USD 8.39 billion in 2020, and is expected to reach USD 11.61 billion in 2023.
Esports betting is increasingly becoming popular among both casual and professional gamers, as it provides an engaging and convenient way to place bets. Esports betting allows players to bet on their favorite team, player, or outcome of a given match. This form of wagering has become more popular over the years, and is a popular way to monetize the ever-growing esports industry.
Review of Esports Betting Popularity
Esports betting has seen a remarkable rise in popularity over the years, especially amongst gamers. According to Esports Charts, an independent esports report and competitive gaming media outlet, there were over 12 million people betting on esports in 2020. This number was up from 8 million in 2019, evidencing the exponential growth of the esports betting industry.
The 2021 Global Esports Market Report revealed that the esports betting market had a 42% year-over-year growth rate in 2020. This demonstrates the huge popularity of esports betting, and the rapid growth rate of the industry. An important factor driving the growth of esports betting is the rising popularity of cryptocurrency gambling. Crypto-based sports betting has become a popular choice among masses due to it’s lower fees, secure payments, and privacy. As more countries adopt cryptocurrency as a medium of payment, the esports betting market is predicted to reach new heights.
Results of Studies
A survey of over 100 skin gambling websites revealed that approximately 45% offered betting on esports, 45% on games of chance. This shows that this form of betting has become a popular choice among gaming fans, who can wager on their favorite team, player, or outcome of a given match.
Research also suggests that betting is the most popular online gambling activity among esports spectators. According to Macey and Hamari (2019), esports betting was found to be the preferred online gambling activity amongst these spectators, as compared to games of chance. In addition to this, an increasing number of professional players are also switching to esports betting in order to earn larger profits and have a chance to prove their skills in the game.
A systematic review conducted by Qiao et al. (2020) found that the majority of the esports gambling studies focused on the prevalence and motivations of esports spectators in engaging in esports betting activities. The study also revealed that there is a high level of awareness surrounding the risks associated with esports gambling, as well as a low level of confidence regarding the prevention of these activities.
Conclusion
Esports betting is one of the fastest growing forms of gambling in the world. With the rise of cryptocurrency betting, more and more gamers are flocking towards this lucrative form of gambling. Research has found that betting is the most popular online gambling activity amongst esports spectators. Further, studies suggest that there is a high level of awareness surrounding the risks associated with esports gambling. As the esports industry continues to expand, we can expect the esports betting market to grow as well.
