Understanding eSports Betting in the Digital Age
3 minutes
Last Updated: October 13, 2023
Esports, a rapidly growing sport worldwide, has given rise to a billion-dollar industry in esports betting. Like traditional sports events, millions of people watch competitive esports matches and tournaments globally, offering similar opportunities for betting and, at times, risks.
Esports Betting Is Here To Stay
A 2022 study shows that the increase in money invested in eSports and the number of sponsors involved indicate that eSports is not just a passing trend. Instead, they are seen as legitimate professional sports competitions that could become a part of mainstream global culture.
Popular players like Johan Sundstein have proved that this can actually be a serious and lucrative profession. Sundstein, also known as N0tail, hails from Denmark and has earned $7.18 million in his esports career.
Because of the rising popularity of eSports, the gambling industry sees a new chance for growth. Both esports and online gambling fuse modern technology with old-fashioned fun to give players a new way to remain entertained.
Like how people bet on regular sports, there’s an option for esports betting, where you bet on who will win video game tournaments. This idea started in 1971 at Stanford University with a game called Spacewar, the first-ever gaming tournament.
As video games got fancier and more people got into them, fans started making bets on which teams would win.
At first, it was just friends making bets with each other. But then something unique called ‘skins betting’ came about. Instead of using regular money, gamers used stuff they had in the game, like special powers or weapons, to make bets.
Looking To the Future
Traditional casinos face competition from online casinos due to the virtualization of the gambling market. According to the latest research, online casinos aim to expand by leveraging information technology to enhance social interaction among players using web cameras. This can be seen in live dealer games, for example.
On other game types, like slot games, unique features, including innovative gameplay, tempting bonuses, and the possibility of substantial earnings, will continue to draw in more and more players.
New games like Money Train 4 will keep players coming with new and improved features and transparency, such as the use of RNG or Provably Fair, and the accessibility of the information to RTP, volatility, and hit rate. This could alleviate concerns about online gambling, potentially reducing fear and distrust.
The future of online casinos depends on technological advancements and regulatory decisions. However, when it comes to esports betting, it would rely even more on technological advancements.
The Challenges For eSports
Esports betting has evolved from niche fandom into a global phenomenon, where fans can not only revel in the competitive prowess of their favorite gamers and teams but also engage in thrilling wagers that amplify the excitement.
Technology is a big reason esports and esports betting has become popular worldwide. Yet, it is also one main reason that it’s still not inclusive enough.
Advancements in technology have greatly improved gaming equipment, enhancing the overall gaming experience.
Additionally, the widespread availability of the internet has democratized esports, making it accessible to a broader range of individuals, regardless of their geographical location.
This increased accessibility has also simplified the organization and promotion of esports tournaments and competitions.
The main challenges hindering esports growth include a lack of sponsorship, which affects teams and product development. Esports is a costly category. Without sponsors, teams struggle financially, and firms may not improve existing products or meet legal obligations.
Additionally, poor entry strategies by firms and varying technological advancements globally pose obstacles. Lastly, underage player addiction is a concern since it might impact society’s growth.
