Product innovation in Esports betting
As technology improves and evolves, we see how the latest technological innovations influence the Esports betting world providing a new wave of betting options.
It will come as no surprise that Esports betting is on the rise with B2C operators offering bonuses and even more competitive odds to compete for customers. There is also hope amongst online gambling providers that product innovation will drive revenue and customer retention in the sports betting market.
The development of live or ‘in-play’ betting was a revelation in the online sports betting world. While the focus has always been mainstream sports, in-play betting has also influenced Esports wagering. This has increased revenue, with current figures showing that Esports fans are on track to bet between $13-15 billion this year globally.
Those bettors that are new to the Esports gaming market now have an array of tools and dedicated sites, providing data and educational insights into the Esports market. For a comprehensive breakdown of Esports betting markets, take a look at the Freebets.com Esports full betting guide, which will bring new players up to speed with what’s happening in the Esports scene.
It must be said that during the lockdown, as a result of the COVID-19 virus, there has been a dramatic increase in the number of people betting on Esports. Although this is true, the figures for January and February, before the lockdown was implemented, do reaffirm a clear increase. But, why are we seeing this?
Well, it’s clear that there is an increased general interest in gaming and the public perception of online video gaming as a concept, and even as a career, has changed significantly in recent years. As well as this, a number of top-tier online providers are adapting to the demand, offering odds, a range of betting lines and prop bets.
However, while there is considerable interest in competitive gaming, there are still many doubts about the integrity and opportunity for match-fixing with the majority of professionals being young and potentially susceptible to foul play. Moreover, it’s difficult for betting companies to provide reliable odds, as obtaining reliable data and setting market odds is new territory for oddsmakers.
One of the latest technological advancements in the gaming industry is the ability to monetize the trend of peer-to-peer wagering, allowing individuals to bet against each other on their own gaming performance.
This would open up a whole new world of “micro-betting”, which would provide the opportunity to place wagers on intricate details of games, or simply winning a game outright – and not just for pros, the public can also take part in this coupled with streaming platforms like Twitch. The regulatory and procedural skills are complex and would take a long time to provide a fair system that brings value to the user.
The growth of the gaming community has been unprecedented, which really solidifies and strengthens the potential for peer-to-peer wagering. So much so, that many startups are building betting platforms to provide this service.
While this is all very positive and does pave the way for something new and exciting, there are hesitations about competitive Esports gaming on the whole.
Looking forward, the potential for huge growth in the industry is there. There are also a lot of complications that will pose some real challenges in the future. Developing technology and investing time into projects, which are backed with strategic planning and thought, is key to success and will be pivotal in establishing these new emerging markets in the sports betting landscape.
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