Once a niche hobby, esports has grown into a billion-dollar industry. The global market is estimated to be worth over $1.7 billion as of 2023, with a healthy projected CAGR. One of the factors driving this growth is esports betting, whose rise has brought new excitement to esports gaming. Let’s take a closer look at how sports betting impacts the esports industry.
Growing Communities
Esports betting platforms like Betway provide new ways for fans to engage with esports games, expanding esports’ reach beyond players to bettors. When sport betting fans discover esports, they find that they need more insight to make informed bets. They begin to watch entire matches, participate in online forum discussions, and watch livestreams. This increased engagement grows the esports community, creating more interactive and exciting conversations around esports games.
Technological Advancements
Betting platforms have been adamant in their efforts to adopt AI and machine learning. Providers leverage predictive modeling and data analytics to provide bettors with accurate odds. To do this, they analyze large amounts of data on metrics like match history, team stats, and player performance.
Because esports bettors also need these numbers, AI and machine learning have found their way into esports gaming. Entire sites and social media platforms are dedicated to analyzing match histories and player performances across different esports games and tournaments. This technology transfer is growing the collective competitiveness of sports betting and esports.
Job and Revenue Creation
Esports betting is an entire market. As it grows, so do the economic opportunities within it. The esports betting industry is already responsible for creating many jobs, from data analysis and software development to marketing and customer support. More directly, many esports betting platforms sponsor esports teams and tournaments, helping to support the sector financially. These sponsorships grow tournaments and fund prize pools to create more earning opportunities for esports players.
Expanding Markets
Esports is a rapidly growing industry. In just a few years, the market has ballooned from a niche interest enjoyed by fringe communities into a global platform. Several esports games will even be included in the Olympic games. While the esports industry has achieved most of this on its own, as it grows, so does the esports betting industry, and vice versa.
Regulatory changes and increased internet infiltration are seeing the betting industry expand into new territories like Africa and the Middle East. As new populations discover betting on football, MMA, and rugby, they also discover the exciting world of esports betting. This discovery leads them to esports, creating a mutually beneficial relationship between both industries.
Regulatory Changes
The growth of the esports betting industry and its economic and ethical implications are also informing regulatory decisions within esports. Regulatory bodies must create frameworks to promote responsible gambling and protect esports bettors from fraud. With betting platforms also sponsoring some tournaments and players, efforts must also be made to curtail match-fixing. Esports organizations and betting platforms are collaborating on these efforts. The Esports Integrity Commission (ESIC) is currently responsible for upholding integrity and fair play in esports tournaments.
Looking to the Future
Esports games offer an exciting betting opportunity for gamblers. While the market is regulated, the esports sector is always evolving and expanding to include new games and tournaments. And as esports betting grows, so does esports and the esports gaming community. Platforms like Betway will continue to attract new fans to the market, generating more mainstream acceptance for esports.
