eSports Betting: 10 Interesting Facts About Wagering on Competitive Video Gaming
eSports is growing not as just another segment of the broader sports gambling industry, but as a market equivalent market to the traditional sports betting market.
With competitive video gaming being on a constant rise across the globe, more fans being drawn into the exquisite world of games like DOTA 2, CS: GO, Fortnite, and League of Legends, to name a few, competitions and tournaments gaining widespread popularity around the world and gambling sites experiencing a surge in demand for eSports bets, it is no wonder why everyone in the broader betting community is talking about eSports.
eSports betting is growing globally, but it appears that in some countries is receiving greater attention. eSports betting in Norway and other European and South-Asian markets is actually spiking lately, with analysts projecting that it may even surpass betting on conventional games in the years to come.
Well, this is something that remains to be seen, but for now, since we are talking about such a huge thing, it is useful to get to know some interesting facts about wagering on competitive video gaming.
eSports betting is projected to grow at an annual rate of nearly 7.3% for the next five years and it is expected to reach 3.5 billion dollars by 2031! In 2023 the global revenues generated from bets on eSports were approximately 2 billion dollars.
- Betting on eSports is now the fastest-growing segment of the generic sports betting industry. Its growth dynamic resembles that of crypto gambling, which is also the fastest-growing form of gambling at the moment.
eSports bettors share the same demographic characteristics as crypto bettors. They are predominantly Millenials, males, tech-savvy, educated and report higher income levels. This is why most crypto bettors will opt for eSports compared to other traditional sports markets.
Betting with cryptocurrencies holds the lion’s share in eSports betting. In 2023 almost 1/3 of bets on competitive video gaming tournaments came from crypto gamblers.
eSports betting is very popular in many European and South-Asian countries, but the leading countries in betting revenues are the US and China. Together these two countries accounted for more than half of the global betting revenues in 2023 on eSports.
As far as Europe is concerned, the leading markets are the UK and Germany, but Scandinavian countries have been taking an upward trend recently as reported by gambling sites in Norway.
Counter-Strike Global-Offensive (CS: GO) is the most popular game among eSports gamblers, followed by League of Legends and DOTA 2. In 2023, CS: GO bets accounted for almost half of the betting revenues generated by bookmakers and gambling platforms.
The eSports calendar is full of big events and tournaments which means that punters have always something to wait for when we are talking about competitive video gaming. Some tournaments such as the League of Legends World Championship and the Mobile Legends World Championship have hit records in both viewership rates globally and betting revenues as well.
More than 80% of eSports bets are placed on mobile applications. That’s not surprising as the great majority of eSports bettors are Millenials and generally younger individuals who are heavy mobile users and generally bet through their mobile devices.
In-play betting and prop betting are the two fastest-growing forms of wagering on eSports, as preferred by punters. Live betting has die-hard fans and it is growing strong as more and more betting sites feature eSports live streaming. Meanwhile, prop bets are gaining considerable ground in the preferences of eSports bettors, since they are more fun, and entertaining and they can create a wholly different experience for punters.
eSports betting will continue to rise in the following years as more fans are dragged into the magic world of competitive video gaming and as more tournaments and events will take eSports to a truly global level. The surge in the popularity of eSports along with the growth in betting on eSports events and competitions are making all these games the most contemporary and hyped subject of discussion right now.
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