In the last decade or so, esports has witnessed a huge growth in popularity. It is now regarded as one of the major sports globally. Esports has become one of the major players in the gaming and entertainment industry due to the rise of professional players and teams. With the increasing popularity of esports, we have also witnessed similar growth in conjunction as far as esports betting or gambling is concerned.
More and more individuals are becoming interested in placing bets on esports tournaments. This article explores the concept of Esports gambling, its rise in popularity, and the legal and ethical implications it poses. We will also discuss the impact of Esports gambling on the gaming and entertainment industry and discuss its future prospects.
Understanding Esports Gambling
Before understanding Esports gambling, we need to understand Esports. Esports are any sort of competitive video gaming played between individuals or teams. In other words, Esports is organized competitive video gaming. These games can range from popular team games like multiplayer online battle arenas (MOBAs) to single-player first-person shooters and survival battle royales.
Esports gambling means the practice of placing bets on esports competitions just like with regular sporting events. Esports betting might seem different from traditional sports betting, but as you get used to it, you’ll realize that it is just the same as betting on soccer, basketball, or horse racing. CSGOLuck is a perfect example of the unique twist on regular gambling as it revolves around Esports.
Esports gambling offers a huge range of betting options, from simple bets to who wins the game or specific player performances. Over the years, different aspects of esports betting have emerged, ranging from competitive tournaments to Twitch streaming and Skin trading.
Factors Driving the Popularity of Esports Gambling
In recent years, the popularity of esports has exploded like anything, as it has captured the attention of millions around the world. The distinctions between eSports, live streaming, and even influencer marketing have become increasingly muddled. In the pandemic, people were forced to stay at home during the lockdown, so they turned to livestreaming to pass the time. While the eSports industry encountered obstacles during this period, it also experienced significant growth and expanded into markets where there was previously little activity. Look at the Japanese market for example – in 2022, one of the major esports tournaments, Rocket League Championship Series welcomed the Asia-Pacific region for the first time and now there are a number of bookmakers for esports betting in the Japanese market.
There are several factors responsible for the monstrous growth of Esports gambling over the last few years. Some of them are:
One of the major factors that has boosted the growth of Esports gambling is the easy accessibility of Esports. Popular esports games are accessible via mobile gaming, PC, or consoles. Mobile phones have transformed the gaming industry as numerous popular games are accessible as mobile apps.
Increased coverage and viewership
One of the huge factors that have driven the popularity of gambling in the Esports industry is the huge rise in viewership and coverage of the competitions. Professional teams and players are frequently showcased on platforms like Twitch through their personal streams, providing audiences with the opportunity to watch live tournaments and match highlights. Esports tournaments are not only streamed online but are the top discussion threads on social media.
Intensive competition at the global level
Another factor that has contributed to the growth of Esports and esports betting is its highly competitive nature. In esports tournaments, professional players and gamers compete against the world’s top players. The intense competition among teams and individual gamers is thrilling to watch for viewers, and this excitement has played a crucial role in attracting a broader audience.
Legal and Ethical Implications of Esports Gambling
It’s completely legal to bet on esports if it’s legally allowed in the country you’re registering from and you are over the legal age for gambling on esports. However, the legal status of esports gambling does vary in different countries. Some nations have embraced and allowed Esports gambling, while other nations have imposed strict restrictions and sometimes outright bans.
Governments and regulating authorities around the world continue to review and update laws to cope with the ever-evolving Esports gambling industry.
Apart from legal concerns, esports gambling also raises ethical concerns. We have seen examples of underage gambling and match-fixing. To protect minors, esports gambling platforms need to implement strict age verification procedures to ensure that only individuals of legal gambling age can participate.
Match fixing is when players or teams intentionally manipulate the outcome of a match. This particular practice damages the integrity of esports. So, it is the responsibility of stakeholders including gambling platforms, game publishers, tournament organizers, and law enforcement agencies to detect and prevent match-fixing.
Esports gambling numbers and market size
Esports gambling’s global market size has experienced rapid expansion in recent years, drawing the interest of both investors and gamers. According to various industry reports and market research, the figures are staggering. The predicted value of the worldwide esports gambling business in 2019 was $7 billion, and by 2025, it is expected to surpass $20 billion. In 2022, the overall global size of the esports betting market was USD 9747 million. It is expected to grow to USD 35556.36 million in 2031 at a CAGR of 13.7%.
As mentioned above, this explosive expansion of this industry is due to factors like technological advancement, the rise of online gaming platforms, and easy accessibility.
Esports gambling has witnessed huge growth mainly due to the immense popularity of esports, which is driven by advancements in technology. However, this growth has also raised legal and ethical concerns.
Esports is the future of the gaming and entertainment industry. It is going to be the major revenue-generating sector of these industries. So, it is important to ensure responsible gambling practices and address its legal and ethical concerns as a priority.