Image source: MightyTips
There is a new poster boy for the gambling industry called “esports betting”. What started merely two decades ago as a niche hoppy is now a significant part of the global sports betting industry, valued at over 2.5 billion dollars in 2024 (per Statista).
But what could be responsible for this skyrocketing interest in esports betting? I’m Aladár Kollár, a long-time sports betting enthusiast, and this question has been bothering me. Determined to find the answer, I scraped the web, talked to other sports bettors, and engaged in some esports betting.
Now, I’m here to reveal eight reasons why esports betting is on the rise and factors that could further drive growth in the industry or hinder it.
What is Esports Betting, and is it a Legitimate Form of Gambling?
While it seems self-explanatory, the Google search for “What is esports betting” is at an all-time high. These people tend to understand the concept but wonder what can qualify as “esports betting”. In simple terms, esports can be called “competitive gaming”. So, any virtual game that involves two or more people competing against themselves can be classified as esports. This includes games like Call of Duty, League of Legends, and Counterstrike, which aren’t traditionally called sports.
Like real sports, esports betting introduces the world of gambling to gamers who know the game’s dynamics, understand the strategies, and are familiar with its top players.
Reasons Why Esports Betting is Gaining Popularity Worldwide
Growth of the Global Esports Market
Esports betting is a mere subsector in a much larger and quickly growing gambling market. According to Statista, “The esports betting market was estimated to grow at a compound annual growth rate of over 13 percent between 2021 and 2031. By 2031, the global market was forecast to be worth over 35 billion U.S. dollars.”
In addition, “total esports wagers are expected to top $20B by the end of 2027.” (per DriveResearch). With future numbers like these, it’s no surprise that there is rising interest in esports betting from punters, players, sportsbooks, and sponsors.
Some Esports Are Less Complicated
Bettors consider many variables, such as tactics, players, injuries, weather, and more, when predicting traditional sports like football. In contrast, making predictions for an eFootball match is much less complicated because there is only one gamer controlling all the players. Meanwhile, factors like injuries and the weather matter much less. In essence, many punters prefer several esports that rely on individual skill rather than team effort in normal sports.
That said, keeping up with esports betting news, such as recent performances, H2H history, and player rankings, is crucial for all punters, even those who watch live events and highlights. Sites like MightyTips do all this and more, covering hungary’s leading betting websites and other esports betting news such as:
- Esports betting guides
- Esports betting tips & strategy
- Popular esports betting markets
- The best esports betting crypto platforms
Advancement of Gaming and Technology
Esports is nothing without the gaming technology powering it. As gaming tech advances, the quality of esports follows, thus increasing the adoption of this particular type of betting. In 2015, the entire revenue from esports betting was estimated to be only 24 million dollars (per Statista). Almost a decade later, “the projected revenue in the esports Betting market is estimated to reach $2.5bn in 2024.” This wouldn’t have been possible without modern-day gaming computers or consoles like the PlayStation and Xbox serving as a crucial backbone to the industry.
Esports Games and Tournaments Takes Less Time
No punter enjoys waiting long periods to know if their bets win or lose. This reason alone contributes to the rising popularity of esports betting as it takes significantly less time than real sports. A standard football match takes 90 mins, but a eFootball match takes only about 10 minutes. Less time isn’t only desirable, but it also allows bettors to implement different strategies.
Availability of Esports
Availability is one major reason why esports betting is gaining popularity every year. Compared to traditional sports, esports tournaments are much easier to host as players only need a gaming console and stable internet, allowing gamers from worldwide to participate instantly.
Growth of Streaming Platforms
Serious punters must watch what they bet on. So, it’s only natural that global interest in esports betting is increasing with the rise of the streaming industry, streamers, and platforms like Twitch and YouTube.
Esports Offer Entirely New Betting Markets
Esports is bringing a breath of fresh air to the gambling industry with the introduction of entirely new betting markets. Punters are used to playing 3-way markets and totals in regular sports bets, but esports betting apps offer new markets such as:
- Both Teams to Slay a Baron
- First Blood
- Map Winner
How Esports Betting Odds Are Calculated
How esports betting odds are calculated is very similar to normal sports. However, there are slight differences.
Unlike real sports, where the bookmakers consider the manager, team news, player injuries, home ground advantage, and historical performances when calculating odds, esports usually only rely on a player’s recent and old performances. This is because many new players constantly join the ever-expanding pool of esports players. Meanwhile, many do not consistently play over long periods, unlike teams and players in real sports.
That said, the importance of monitoring any available stats in esports cannot be understated. TrySpeed believes that “Bettors who use player and team performance data are 30% more likely to make profitable bets.”
Future of Esports Betting: Factors That Can Further Drive Growth in the Industry
Addressing Match-Fixing
Since its inception, many have questioned the legitimacy of esports betting as the industry lacks the kind of regulation in traditional sports. People believe that match-fixing might be easier or more prominent in esports, making this issue a major challenge hindering the industry’s growth. As the legal implications of match-fixing are lower for esports players than real sports, sponsors and betting companies providing bookmaking services must take extra measures to ensure the industry’s integrity.
Rise of VR and AR Technology
The world of esports betting can only go as far as gaming technology can evolve. The good news is that gaming tech is constantly improving. The rise of VR and AR technology is set to take esports gaming to new heights. The novel gaming experience will usher in a new era of games, meaning there will be a new generation of gamers and tournaments to bet on.
Tackling Underage Gambling
Underage gambling remains a significant problem in the entire industry, but it may be more so with esports, as gaming is generally more popular with younger people. Measures like prohibiting the advertisement of betting in video games and verifying players’ ages by esports betting apps can help tackle underage gambling in this sector.
