In these strange times we live in, it is apparent that large scale industries are ever more prone to necessary shifts in their inner workings. We have seen this with sports betting. At the beginning of March and April, as the first COVID-19 wave hit the world, most sports competitions were canceled or postponed.
This market crash was disastrous for bookmakers. However, the alternative was right in front of our eyes, and it has been there for a long time. This thing called eSports betting proved to be a unique alternative to old-school betting options.
Challenges that eSports Overcome
ESports was already a big thing. Nevertheless, betting operators were very skeptical that it could work in the betting industry. Rightly so, it is because most eSports audience was underage, which meant that they couldn’t legally place bets.
ESports is a real thing for more than two decades ago, but its journey was challenging since it is a new system that needed a more thorough approach.
Furthermore, operators were very anxious about possible game rigs, which wouldn’t be as apparent as well-known regular sports. However, even though these things were all expected, eSports betting this year has grown into a big giant. It proved to be a strong competitor to regular sports betting.
The Journey of eSports
It is interesting how much eSports has surprised everyone. The journey for betting on eSports matches began when very dodgy websites allowed betting of certain game-attainable items and customizations.
The problem was that these sites didn’t have a certification as betting operators. They were mostly created by one person or a small group of people and allowed for false advertising of what can be attainable.
Besides, virtually all of these sites had one thing in common. They didn’t do the necessary inspections to see whether their customers were legally allowed to bet. However, quickly after these issues became apparent, a ban for game items betting ensued.
Upgrading the System of eSports
In 2015 some companies that offered eSports betting became very popular. The problem was that only a small roster of titles was available first, and successful operators were still skeptical of its potential.
Betting options were limited to only who will win the match and similar trivial bets. Later on, more games started getting introduced, and it paved the way for the possibility of betting on less popular tournaments. More betting options were getting implemented, and soon punters had a realization that there is much more potential than the earlier skins betting.
At the start, there were only several games like Dota 2, CS: Global Offensive, and League of Legends in the betting scene. But, after the substantial growth, less popular titles were introduced, and bookmakers started noticing the real potential of eSports on a global scale. It is also interesting to note that big-name bookmakers predicted that this kind of betting would surpass regular sports. In addition to standard sport betting operators putting eSports in their regime, many companies that focused only on eSports betting got established.
Growth In Times of Pandemic
This year the most substantial growth has been witnessed. Analysts say that in March and April, they saw a 40 times increase in eSports betting. And unlike traditional sports, which competitions last more time than the eSports matches, there are more available matches in a specific time frame for eSports than conventional betting options.
Of course, this allows for accepting more bets in a specified time-frame. The demographic data for eSports punters is that half are high-income workers between the ages of 25-35.
The growth in times of pandemic is not only for the eSport betting industry; almost all casinos and sport betting companies have diverted their resources to online betting.
All the data suggests that this kind of betting is here to stay and possibly outgrow more traditional sports types. Nonetheless, as regular sports competitions are beginning to return to the scene, we need to wait and see if this has any effect on the growth of eSports betting.
How much impact has the cancellation of tournaments and competitions had on eSports betting success? Or Is this growth because of limited options because of the crisis that hit the world? – Are the questions that many analysts and bookmakers are trying to answer. Still, it is not a mystery that eSports betting is a unique type of wager.
Nevertheless, the gaming industry has shown incredible growth, and when the gaming industry is growing, the eSports betting will grow at the same rate if not even faster. As the situation suggests, eSports betting is here to stay, and potentially outgrow traditional ways of wagering.