The senior consultant at Eilers, Chris Grove, believes that the reason eSports betting has managed to stay under the radar is because the industry’s financial performance doesn’t get much visibility. And that’s not all — there seems to be a cultural blindspot that surrounds the basic concept of this type of betting in general. But thankfully for the fans of gaming, this misconception is starting to go away.
There are several factors that may influence whether the eSports betting market is successful or falls flat on its feet. Currently, the general perception is that it’s a friendly environment for those who are looking for a way to bet for real cash over the internet, especially when it comes downs to demographics, logistics, culture, and technology.
Surprisingly this industry hasn’t managed to assimilate into the gamer community and as a result, it hasn’t taken off as was expected. But, there is good news — the structural barriers that once held strong against this concept are currently weakening. Also, this type of betting is beginning to benefit from positive macro trends in both the general online gambling industry and the eSports niche.
Currently, the eSports betting world is booming and convenient i.e. bettors have their selection of platforms to use. For instance:
** Fantasy eSports can be played by gamers in the USA
** It’s possible to bet on eSports on certain websites
** Game-mediated betting is based on in-game items and events
** Traditional sportsbooks are now taking wagers for eSports
As a matter of fact, there are three 3 startups that must be highlighted because they’ve managed to gain the interest of investors to the tune of ap proximately $30 million:
Their ability to raise this impressive amount of money is a clear indicator that venture capitalists are expecting this market to grow. Thus, it’s recommended that investors have a bullish attitude about this industry.
It’s also important to note that customer acquisition may be something may be a hindrance to this industry, in terms of growth. But, per information in the Eilers reports, the costs associated with attracting clients should be relatively low — just like the prices on the Royal Vegas online casino games. These games promise gamers hours of thrilling excitement as well as the opportunity to win real cash.
Although there has been some skepticism surrounding this industry, there’s also quite a bit of momentum behind it as well. In fact, the Eilers reports suggest that between eSports betting and fantasy eSports, there are millions of paid activities currently available and this number is expected to grow by leaps and bounds. Furthermore, there’s a ton of information that suggests that this growth is sustainable. For instance:
** eSport’s fan base is already quite large and it continues to grow every day, something that improves the odds for bettors. For instance, well over 200 million people either watch or play some type of eSports and experts believe that this number will surpass that of football fans by 2017
** A significant number of viewers and players are already betting. In fact, Unikrn, Vulcun, and Pinnacle have taken tons of eSports bets and are expecting to double their respective numbers within a year.
** eSports viewers and players like to spend money. Don’t think this is true? Consider this: in 2014 League of Legends made over $1 billion dollars on microtransactions alone.
This promising data is wonderful to behold but it should never overshadow the fact the eSports betting is by no means a guaranteed niche. As a matter of fact, Eilers believes that for the eSports industry to be effective, it must successfully overcome certain threats, like game integrity, that it is currently facing.
Still, it’s important to note that the industry is still in its heyday and as such, there are still some things that need to be uncovered and worked out — these blindspots invite ruin and corruption. In addition, the hoopla surrounding gaming regulations may also dramatically affects the ultimate potential of the eSports betting market.
Although the eSports betting industry still has some obstacles that must be dealt with, it’s innate potential cannot be denied. It has made impressive strides especially when you consider that it was a mere concept just five short years ago.