Exploring the Rapid Growth Rate of eSports Betting

Estimated read time 4 min read

As competitive gaming grows in popularity, so does esports betting. With a steady rise in viewership and an ever-growing fanbase, esports has become a major industry for both casuals and professional gamers alike. From both conventional online bookmakers and specialized providers of esports betting, there has been a notable surge in the last few years. In this article, we will explore the recent growth of esports betting and investigate the possible opportunities that it creates for investors in the forex market.

Esports Betting Global Market Overview

Esports, also known as electronic sports, is the term used to describe organized and competitive gaming, typically between professional gamers. Betting on the outcome of these esports tournaments has become increasingly popular over the past decade. According to Emergen Research, by 2028, the global Esports industry will account for $5.1 billion in revenue. During the pandemic, the esports industry was one of the few sectors resilient to the economic repercussions, with more people tuning to esports channels as traditional sports were on hiatus.

A recent study by DataReportal revealed that 60.0% of the world’s population were either aware or interested in Esports. The study also showed that the global Esports betting market size was estimated at USD 9749 million in 2021. They predict that by 2031 it should reach USD 35556.36 million, exhibiting a CAGR of 13.7%.

The Esports Betting market [geoPrepName] has seen exponential growth the world over, and stakeholders in this market are projected to make substantial profits. A report by Forbes estimated that the global Esports betting market size was USD 671.78 million in 2022 and is expected to expand at a CAGR of 26.16% during the forecast period.

Esports Betting Growth in Various Parts of the World

Due to the appeal and popularity of Esports, many countries have seen a trend indicating their willingness to legalize Esports betting. Research conducted by DataReportal, suggests that the U.S., U.K., Germany, India, and China represent the largest share of the Esports betting global market in 2021.

The key factor driving the growth of Esports betting in U.S. is the ease of accessibility as most online games are available for free and can be played across various gaming consoles located at a user’s own premises. The US Esports betting industry is also expected to grow significantly over the forecast period as more states legalize betting for Esports.

In the U.K. and Germany, the Esports betting market is gaining popularity due to their regulatory frameworks that are less stringent than it is in other parts of the world. The U.K. implementation of the Gambling Act has made Esports betting increasingly popular over the past five years.

In India, the growth of the Esports betting industry has been mainly driven by the low cost of entry into the industry as well as low mobile data costs. Additionally, the increasing popularity of mobile gaming has also driven the growth of this market. Lastly, in China, the growth of this market is attributed to the increasing disposable income and the booming online gaming industry in the country.

Growth Rate of Esports Betting over the Next Eight Years

According to market research by Emergen Research, the Esports Betting [geoPrepName] market is projected to grow by 9.22%, (2023-2028). They also found that ages 18-25 were accounting for % of the Esports Betting global market in 2021 and is projected to value USD million by 2028, growing at a % CAGR in the next five years.

Furthermore, the Esports betting segment is likely to grow at the fastest CAGR of over 14.0% during the period. According to a survey conducted by DataReportal (n = 255), they found that 60% of their weekly and monthly gamblers (related to esports betting) were under the age of 18 years, and 50% of them had gambled on Esports betting across all genres.

With advancements and developments in technology and the increasing participation in Esports events, the growth rate of Esports betting is expected to increase in the future. Market research conducted by Emergen Research found that the global Esports Betting market Growth was anticipated to rise at a considerable rate during the forecast period, between 2023 and 2030.

This rapid expansion could be attributed to the increasing endorsements, investments, and dominance of gaming platforms such as Twitch and YouTube in the Esports betting industry. All of these trends point towards a bright future for the Esports betting market.

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