- Esports Technologies wants to incorporate betting odds via streaming sites for esports competitions.
- The company has applied for a patent to be able to put live prop bets on the events through multiple channels used to stream esports.
- Trillions of hours of esports streaming have been recorded since 2019 and that number continues to rise.
LAS VEGAS – Esports Technologies has applied for a provisional patent that would allow them to integrate betting on the tournaments via the platforms that fans stream them on.
Esports is not something that many states have incorporated into their sports wagering markets but if that were to change in the future, Esports Technologies would have the monopoly on the sport, at least where streaming wagers are concerned.
The stock in Esports Technologies went up on Wednesday as the news broke of the patent. The company has been a part of the stock exchange since April.
“How we watch and bet on sports has changed and this patent-pending technology is the next step. Our technology will allow bettors to stay in the zone, accessing everything they need right there in the browser without ever leaving their streaming environment,” said Aaron Speach, CEO of Esports Technologies. “The industry is ripe for this kind of innovation. This patent filing is the first step for us in our continued journey to enhance the wagering experience for everyone.”
The Demand For Esports Is Growing
Trillions of hours have been spent streaming esports tournaments. Only a handful of states have allowed wagers on the competitions via their regulated sports betting markets.
In 2019, 1.97 trillion hours of the sport were streamed by fans. In 2020, that number jumped to 3.93 trillion hours. Twitch, YouTube Gaming, and Facebook Gaming channels attributed for a combined 27 billion of those hours of viewing in 2020.
With this patent, gamblers will be able to see the odds and their fluctuations throughout the matchups and make prop bets online or via a mobile sportsbook style platform operated by Esports technologies.
What’s Ahead For Esports?
States with esports betting will be able to utilize this new platform should the patent go through. It is expected that more states will open up esports wagering in their industries as the popularity of the sport continues to grow.
Sports betting operators made more than $343 million in profits from wagers on esports in 2020. That number is expected to explode to $862 million by 2024, or even more than that if this patent goes through and more states allow esports within their regulatory industry menus of sports gaming.
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News tags: Aaron Speech | eSports | Esports Technologies | Facebook Gaming | Nasdaq | Twitch | YouTube Gaming
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.