- Esports became a huge sports betting attraction on sportsbooks when regular sports went on hiatus because of the Coronavirus Pandemic.
- Market revenue crossed over into the billion-dollar threshold and the odds that they continue on that path over the next three years are high.
SEATTLE – Esports has seen tremendous market growth with the Coronavirus Pandemic and lack of live sporting events for bettors to gamble on.
That growth is projected to continue even after major league sports return.
The esports industry became the saving grace of many sportsbooks when regular sports were suspended due to the outbreak of COVID-19.
Gamblers began to take an interest in wagering on these technologically inspired gaming events out of a lack of other options for things to put money on.
The Current Status And Future Of Esports
When it first appeared on the scene, esports appealed to a younger demographic. Gamers start at a young age as it is which is why some of the best professional esports players are teenagers participating in such high stakes’ competitions.
But when major professional sports and almost all other sports had their calendars wiped because of the virus, online sports betting sites began to offer esports games inspired by the real sports games that bettors were missing out on.
These included NBA 2K and FIFA which quickly gained widespread popularity.
The industry has a trajectory that shows it will only get bigger as the years go on. But the sports-centric titles may decline once the actual sporting events that these games are based on come back.
However, it is expected that titles like Counter-Strike and League of Legends will continue to increase their fanbases and no longer be grouped together but as standalone games, the way that the MLB and NFL are major league sports but are individualized.
In two years’ time, the revenue from esports jumped from $776.4 million in 2018 to a projected $1.059 billion for 2020 that is estimated to go up to $1.598 billion by 2023 according to reports.
Esports Is No Longer In The Shadows
Prior to the Coronavirus, the market for esports was seeing spurts of interest among those engaging in the competitions and gambling on them. But the outbreak catapulted the industry from being a caterpillar to a butterfly as it found its wings on legal sports betting platforms and becoming a popular choice with members.
Esports should make a sound investment for those looking to invest their money in something new with a positive increase in profit margins expected to occur.
Bettors have grown to enjoy the pastime making esports not just a fallback game when there is nothing else to bet on anymore. On a global scale, the 2016 League of Legends final has 43 million viewers beating the 2016 NBA Finals Game 7 that only had 31 million viewers.
And that was with a pre-pandemic world.
But that was also the start of esports gaining a wider fanbase. Post pandemic numbers will be much higher as so many more people have begun to enjoy the games and betting on esports.
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.