As the global eSports betting market appears poised to explode, reaching an estimated $30 billion by 2023, there are significant challenges to consider. One of the more complex issues involves the task of navigating the foreign exchange (forex) market. With this in mind, we explore the potential pitfalls and opportunities for 2030 forex in the eSports betting market. The eSports betting market is likely to face several challenges over the next three years, including:
1. Rising Regulatory Challenges: The increasing regulations across various countries is likely to create obstacles for the growth of eSports betting market. Apart from that, some countries have completely banned sports betting and limited number of countries have regulated it. This might limit the potential of this market.
2. Limited Awareness and Engagement: eSports betting is still a relatively new market, and the lack of knowledge could discourage people from engaging in such activity. Therefore, more intense marketing campaigns are needed, and the relevant authorities need to actively educate the public on the rules and regulations of eSports betting.
3. Unstable Online Betting Platforms: Many online sports betting platforms are unregulated and often open to exploitation. This exposes users to fraud and other illegal activities. This could lead to a decrease in user trust, thus reducing the potential of the market.
4. Issues with Match Integrity: Match fixing, unfair practices including using bots to control the outcome of a game, and other such issues are likely to occur in the eSports betting market. As a result, the credibility of these sports events could be questioned, and the potential of the market could be hampered.
5. Fraudulent Activities: Cybercrime and fraud can also hamper the growth of the eSports market. Criminal activities such as money laundering, payment fraud, and account hijacking can lead to huge losses for gamblers and betting platforms.
6. Lack of Accessibility: Complex measures such as age verification are needed to prevent illegal use of betting wallets. This process can be quite lengthy and cumbersome for users, thereby reducing customer satisfaction and creating a negative image for the industry. Additionally, local regulations across the globe can limit the access of users to certain betting sites.
Overall, the eSports betting market is likely to experience some major challenges in the next three years. To counter this, betting companies need to ensure the compliance with relevant laws and regulations, strengthen cybersecurity, implement tighter authentication processes, and optimize customer experience.