eSports are quickly gaining a lot of traction and becoming one of the most-watched sports events in the US. People are also betting on eSports online.
As per the researchers, it is estimated that online betting on eSports competitions will touch the graph of $13 billion. It is also projected that over 600 million people will be watching eSports.
What Are eSports?
eSports is a short form of electronic sports. These are competitive sports where players vie against each other on a video game platform.
Video games have been around since the 1980s. It has gained a lot of traction since 2019. Different types of video games are played in eSports. There are several types of game strategy games, first-person shooter games, and battle royale games that are popular.
In the last decade, tournaments have started appearing with larger amounts of prize money. The first eSports establishment was formed in South Korea in 2000, where professional gamers are licensed.
Revenue from eSports
With the growing popularity and participation of people at large, betting on eSports is also increasing. It is estimated more than 600 million people will be watching eSports. The total revenue that eSports will generate will be $1.5 billion by 2024, which accounts for a 35 percent increase in revenue. Sponsorships will also be a great source of revenue for eSports.
Betting on eSports
With the growing revenue, people are wagering more amount of money. Although it is tough to determine the exact amount of money people are wagering, there are some signs a considerable amount of money is riding on eSports. In early 2018, it logged its 10-millionth bet, which is an exponential rate of growth.
The viewership of eSports is also increasing. Although the money fans are betting is still lagging, experts predict as the tournaments get bigger, and the prizes grander, the bets will increase. As the majority of eSports bettors are young, they are increasingly flush with disposable income. All this money will push eSports betting higher.
It’s quite evident that eSports are quite trendy games and are not going to die down soon shortly.