With millions of participants around the globe and the rapid increase in star players and tournaments, it’s easy to see why the esports betting industry is booming. But what does the future hold for this revolutionary entertainment sector?
What trends and innovations could you expect to see? That’s what we’ll look at today, so scroll down to see how esports betting could evolve in the future
The growth of esports
The global esports industry has seen an incredible rise in popularity. In the UK, the esports market revenue was predicted to steadily increase from 2023 to 2027 by a total of $77.4million. After ten consecutive years of increasing revenue, the indicator is predicted to reach a new record in 2027 of $279.64million.
This growth is primarily driven by a few factors. These include technology advancements, the expansion of streaming platforms like YouTube Gaming and Twitch, and high-speed internet being readily accessible. This has resulted in esports going from a niche hobby to recognised entertainment.
More convenience thanks to cryptocurrency
The arrival of cryptocurrency has created new ways of betting online. As well as being a convenient method of funding betting accounts, crypto offers superior safety and security.
Considering how important online security is these days, it’s easy to see why crypto is being used more and more by bettors. This popularity also means that many online sportsbooks have started to offer cryptocurrency as the only payment method. And, according to No KYC, there are a growing number of casinos that accept crypto so they don’t require customers to undergo know-your-customer checks, meaning anyone is free to play without restrictions. Most of these sites also have sportsbooks where players can be on real and virtual, esports events.
Betting markets are expanding
As industry organisers continue to cater to the ever-growing diversity of the esports audience, a bigger variety of betting markets and options will likely open up. As well as traditional markets such as point spreads and match winners, more niche betting options may pop up. These could include player performance metrics, a bit like prop betting in traditional sports.
Already, live betting is popular on esports. Live betting is different from traditional betting as you can make a bet once the game has started, as the action unfolds. This concept is still quite new but it’s well suited to the fast-paced esports domain because the live scores are updated in real time. This means you can change your bets strategically according to how the game is panning out. Some betting sites even offer live streams of esports matches, making it even easier to watch as you bet, giving you the confidence that you’re making an informed bet.
Innovative technology
Technology is constantly improving which means that the future of esports betting looks extremely bright. For example, augmented and virtual reality can create an even more immersive gaming experience for players, whilst blockchain technology could offer more transparent and secure betting transactions.
Additionally, artificial intelligence algorithms could make the generation of odds more accurate and advanced, which will only improve the playing experience for bettors.
Improved attitude and acceptance
As esports betting grows and becomes more mainstream, the general public will likely have a more accepting attitude towards it. This greater recognition means the industry could enjoy better investments, drawing in new bettors, sponsors, and teams.
Not only that but as the esports betting industry grows, more job openings could appear and give the sector a general economic boost.
What future challenges could the industry face?
Although the future of the esports industry looks bright, there could be potential challenges that it will need to overcome. Some of these challenges could include preventing any matches from being fixed and maintaining the integrity of the competitions. This will require strong reporting and monitoring systems and effective penalties for players who don’t participate ethically.
Because technology is constantly developing, sinister individuals will always be searching for loopholes to exploit players. Regulating the industry will help to make esports tournaments and betting more consistent and genuine. This will give customers confidence that they’ll receive the same standard of service no matter which operator or betting site they use, just like when playing, watching, and betting on traditional sports like football.