The new eSports betting trends that makes it an even bigger industry
The whole concept of eSports betting has taken a new meaning, as it has become more serious and bigger than ever before.
The world is changing very fast. Every day that passes by is laden with changes that are for the most part, positive in nature. Everything is now being more interconnected with each other, of which includes the gaming industry.
Because of this, video games are now becoming more of a sport, rather than just a form of entertainment. To prove this, some of the biggest eSports events now have prize pools that reach millions of dollars. And with this being said, the whole concept of eSports betting has taken new meaning, as it has become more serious and bigger than ever before.
So how big is eSports betting?
There have been a lot of talks regarding the meteoric rise of eSports betting. Because of this, a number of market research companies have decided to undertake researches about the matter.
One of those that stand out is the study done by Newzoo. The study claims that the eSports industry is currently worth $696 million. And this figure is expected to increase more than two-fold up to $1.5 billion by the year 2020.
What’s even more surprising is that this doesn’t include the revenue bookmakers get from eSports betting. If you were to add it up to the stated figure, then it would surely be way higher than the presented statistic.
How Fast is eSports Betting Growing?
The number of bookmakers is constantly growing due to the ever-widening selection of games that gamers and non-gamers can bet on. There are also more matches and tournaments offered, which makes betting more interesting.
According to a report from Pinnacle, a betting company, it took them six years to reach 2 million bets. They have reached the milestone in November 2015. Having started their operations way back in 2010, they can attest to the painstakingly slow improvement of the eSports betting industry.
However, things took a sudden turn of events in October of 2016, when they surprisingly reached 4 million bets. People are not anymore too much concerned about how to place an eSport bet because all information that relates to it is now available everywhere.
And after only four months, the number of bets reached five million. This proves how big of an industry eSports betting has become — a far cry from its original state in 2010. As of now, Pinnacle expects to reach their 10th million bet on 2018.
Improved tech leads to higher competitiveness
Online technology is fast improving, and every second that passes by, global interconnectedness is becoming more of a thing. This results in faster internet connections and better gaming performance between players.
When this happens, people can easily play against each other virtually, making the level of competitiveness stiffer. And as the players’ gaming prowess improves, so does the odds put on stake. This leads to people placing bigger and bigger bets on video game matches.
The eSports betting industry is having a bigger fan base, because of the tournaments that are sponsored by companies. One good example of this is Dota 2’s “The International”. This is an annual gaming tournament where the best Dota 2 players from different corners in the world compete in a global arena where thousands of people flock.
Valve, the game developer, sure knows how to fire up their game to an international level. Take for example the outright betting odds given before The International 7 (TI7) took place. Virtus Pro and Evil Geniuses had a tie of 4.5 odds, while OG and Team Liquid also tied with 6.0 odds.
Meanwhile, Newbee and Team Secret had respective 11.0 and 13.0 odds. The lower-end teams like InFamous, Execration, and HellRaisers lied low with their meek 81.0, 101.0, and 126.0 odds respectively.
So what does this mean? It shows us how serious things have been ever since eSports has dominated the scene. You can also add into the equation that TI7 had a whopping $25 million as the total prize pool.