How much is the esports betting market worth?
The explosion of esports over the course of the last decade has seen major competitions like The International spring up. In less than a decade, elite esports players have become major earners and garnered fame and fortune on par with some traditional athletes. It isn’t just the esports gaming world that has exploded, however. The esports betting market has also taken off and continues to grow each year as gaming increases further. Esports fans can use the Unibet referral code to receive bet bonuses before wagering on the next big tournament.
According to research from betting insiders, esports is the fastest growing sector of the sports gambling industry. Esports’ betting growth has occurred thanks to introducing a section of society to wagering on their favorite games. These individuals may have never wagered on sports previously, but have found esports betting to suit them. Esports bettors can find bet bonuses and tips at this website for the next major tournament before wagering on their favorite teams.
The esports betting segment is set to grow further. NJGames.org claims that the total amount wagered on esports competitions and tournaments by the end of 2020 will be $12.9 billion. The figure shows the incredible growth that esports betting has made in a short time period. In 2016, the reported amount of money wagered on esports competitions was $5.5bn. In just four short years, the esports betting market has increased 134%.
Esports betting experts believe wagering on tournaments and competitions in gaming is underappreciated. While over $12bn will be bet on esports, the number could be even larger if more bettors took a punt on games. Many established bettors and sharps (professional bettors) do not wager on esports as part of their betting strategy. Much of this is down to esports being a newer betting trend and many older sharps stick to sports such as football, baseball, and basketball.
While esports is an ever-growing market in the betting community, it pales in comparison to the world’s most bet on sports, soccer (football). In June 2018, it was reported that the sports betting industry was worth £625bn. It is believed 70% of that figure came from soccer alone. The 2018 World Cup is estimated to have seen $155bn wagered on. The World Cup is a four-week tournament compared to the multiple events in esports that occur throughout the year.
Although esports betting is growing, it still has a long way to go to reach that of soccer. It may have a way to go to beat other traditional sports as well. The United States has given individual states permission to make laws regarding their own stances on sports betting. In addition, more pro sports teams and leagues are entering partnerships with bookmakers. If the opportunities for Americans grows to wager on more traditional sports events, it is likely the percent that esports makes up of the total sports betting industry will decrease.
Regardless, esports’ 134% increase in the sports betting market shows just how lucrative the genre is. It also shows that plenty of individuals who wouldn’t have previously wagered on sports events are taking the chance to bet on esports.
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