Table of Contents
Well, eSports gambling has experienced significant growth in recent years despite being a relatively new industry. The market size experts predict that the esports betting sector will reach by 2023 is a staggering $182.12 billion. Considering the comparatively smaller fanbase of esports gambling than traditional sports, this figure is quite impressive.
It is not uncommon for individuals unfamiliar with esports betting to not know of its existence. Therefore, in today’s article, we’ll dive deeper into eSports and help you understand this new phenomenon from a bettor’s perspective.
You can also go over our list of the best eSports betting sites so you can get started.
What Exactly Is Esports?
Esports, also known as competitive gaming, share many similarities with traditional sports. Fans of eSports follow teams, watch games, and even place wagers on the outcome. One key aspect of esports is the live streaming of events, which attracts millions of viewers from around the globe. This widespread viewership has contributed to the rapid growth of the esports industry, which has become a billion-dollar market in recent years.
There are two categories of esports: those that simulate real-life sports leagues (like the NBA, MLS, and FIFA having their own eSports teams) and classic eSports titles such as LoL, Call of Duty, CS: GO, and DOTA 2.
Platforms like Twitch and YouTube have allowed anyone with a WiFi connection to watch their favorite players and teams compete. In addition, similar to traditional sports, professional esports players can earn substantial salaries. Some of the largest eSports tournaments offer players and teams the opportunity to compete for millions of dollars in prize money.
Betting on Esports
The most prevalent forms of esports betting include:
- Real-money, fixed-odds betting facilitated by an online betting platform.
- Social betting (conducted privately between individuals).
- Skins gambling and loot boxes, typically occur within the game itself.
Certain esports bets are specific to games, such as COD, FIFA, CS: GO, League of Legends, and DOTA 2. For instance, one might place a wager on the “first kill” in a specific match.
Other types of bets that can be made include:
Predicting the winner of a match.
- Predicting the winner of a tournament.
- Betting on the final score.
- Odd/Even bets, where you predict whether the number of games won, players killed, or rounds played will be odd or even.
- Over/Under bets, where you bet on whether an esports team will score more or less than a predetermined amount set by the online betting platform.
Esports Betting History
One of the early instances of an ‘esports’ event occurred at Stamford University in California in 1972. Participants had the opportunity to compete in the video game Spacewar, with the victor being awarded a one-year subscription to Rolling Stone magazine. When examining old photographs, it’s hard not to notice the large square television sets that resemble blocks from the game Minecraft.
Rebecca Heinemann emerged as the victor in Atari’s Space Invader Championship in 1980, which brought together a staggering 10,000 gamers. The extensive media coverage of the championship surprised many and helped illustrate the potential for video games to reach a wider audience.
Only in more recent times has esports betting gained significant traction, with traditional bookmakers and specialized esports betting providers offering odds on esports events.
Regulatory Overview of Esports Betting
Esports betting legality varies depending on the jurisdiction. In some cases, it is considered illegal due to concerns about underage gambling and match-fixing. However, certain countries accept it as a lawful form of gambling with specific limitations.
To operate legally in areas where esports betting is permitted, operators must obtain the necessary licenses to comply with local laws. Regulators are increasingly focusing on preventing match manipulation, ensuring fair play, and safeguarding the integrity of esports tournaments. This underscores the importance of collaboration between esports organizations, betting platforms, and regulatory bodies to promote responsible gaming.
The convergence of the esports and gambling sectors is captivatingly embodied in esports betting. This form of gaming proffers enthusiasts an exhilarating opportunity to engage with their beloved games while potentially reaping monetary rewards.
It is of utmost importance to achieve a harmonious equilibrium between advocating responsible gambling practices, safeguarding the integrity of tournaments, and fostering the sustainable growth of this ever-evolving ecosystem. Such measures are imperative as the allure of esports and esports betting escalates unabated.