The sports betting and gambling market generally deals with traditional sports. However, of late, esports betting has also gained popularity in many regions. This has, in turn, forced quite a few websites to feature esports betting as well.
According to a Newzoo report, eSports in general has seen a huge upsurge in popularity in recent years. By 2021, the eSports industry is expected to have a total of 250 million regular viewers and 307 million casual viewers. This huge growth will inadvertently translate into revenue as well.
However, eSports betting, in general, has a comparatively smaller market, with various issues hindering its ability to register quick growth. In this article, we take a brief look at the eSports betting industry, and analyze whether it can turn into a global phenomenon in the near future.
A look inside the eSports betting industry that’s expected to rack up $1.80 Billion in 2020
Currently, a majority of eSports viewers are based in China and other parts of Asia. According to Best US Casinos, eSports betting websites are expected to rack up a total of around $1.80 billion in 2020, which is a considerable increase. However, the overall gambling industry is worth a whopping $250 billion!
This means that eSports gambling at present does not even make up for 1% of the gambling industry. This gap is expected to continue for many years to come. The reason is that eSports betting, at present, does not have a worldwide market.
Until people from other regions start showing an interest, eSports gambling will continue to make up for a miniscule portion of the overall revenue. Due to less demand, most bookmakers only offer odds on major eSports tournaments.
Moreover, unlike most traditional gambling markets, eSports betting has a relatively young viewer-base. Most of the viewers do not have enough disposable income to spend on betting, or simply are not old enough to engage in betting!
Overall, the eSports betting market has shown steady growth over the last decade. However, to reduce the considerable gap between other forms of gambling and eSports, it needs to generate a wider market. This can only happen when people from other regions show an increased interest, as well.