Last year, the eSports market was worth $1.44 billion and analysts believe it will reach $5.4 billion by 2029. Therefore, it is no surprise to know that eSports betting is blowing up in popularity amongst players and sports bettors. While it makes sense to see gamers bet on eSports, why is Betting on Esports also becoming popular amongst gamblers?
Esports is a rapidly growing industry, with millions of people watching their favorite teams and players compete against each other. Furthermore, the current eSports market is growing at a CAGR of 21% and the eSports betting market is following suit.
Most Sports betting websites now have betting odds on eSports but is still does not explain the growth of it. Thus, let’s explore the key factors driving its incredible growth.
A huge Fan Base is the Main Reason
First off, the main reasons for the popularity of esports betting is simply the popularity of esports itself. This is because games like League of Legends, Dota 2, and CS:GO have millions of fans worldwide. In fact, many of them have already been investing in the outcomes of matches and tournaments.
Wagering on esports is a natural extension of this fandom. This is because it allows fans to put their knowledge and expertise to the test and potentially make a profit. Furthermore, this phenomenon is nothing new as it has been the case for any sporting event that has ever taken place.
Other Reasons Why Betting on eSports is becoming Popular
Another key factor driving the popularity of esports betting is the accessibility of the medium. This is because anyone can bet on eSports online as most sportsbooks give out betting odds on esports. While not all of them will have regional events to bet on, they will at least have most major eSports tournaments available. Hence, it easy for fans to place bets while allowing bookmakers to reach a wider audience.
Esports betting also offers a level of excitement and engagement that’s hard to match in other forms of betting. With live streaming and real-time updates on odds and scores, bettors can stay engaged with the action in real-time, making it feel more like a shared experience than simply placing a wager.
One of the most significant advantages of esports betting is the sheer volume of events and tournaments that take place throughout the year. Unlike traditional sports, with only a few major events per year, esports has a full calendar of tournaments and competitions.
In addition, eSports has new games and events happening every week. Therefore, eSports is more dynamic and engaging medium for both fans and bettors alike.
Finally, the rise of esports betting can also be attributed to the general growth of the esports industry. As investors and companies pour more money into it, the prizes get bigger which create more high-profile events. In turn, it attracts bigger audiences and more interest from bookmakers and betting enthusiasts alike.
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