Saturday, May 21, 2022

Trends and threats in the esports betting industry

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The last few years – 2021 and 2022 – have been tough for many industries around the world. One of the sectors that was particularly hard hit has been the sports betting industry, with a reduced number of live sporting events.

As a result, the sports betting industry has been forced to turn to esports as esports events have found it easier to continue than virtual / online activities. The dust had settled a bit by the time of the omicron variant and there was a return to normality in the sports industry.

eSports betting has been increasing since 2020. Asia is a region where esports is popular. China, Thailand, South Korea and Vietnam are all reportedly growing. According to Gaming letter in Asia it was a $ 10-15 billion a year market. And some even report that the global esports betting market is projected to exceed $ 205 billion by 2027.

Live betting odds in Vietnam can be found on sites such as Vwin99, a leading sports betting website in the region. So what are the trends and threats affecting the esports industry?

Trends – growing popularity

Due to the pandemic, many users have adopted online platforms as it has been more difficult for sports betting fans to find live sports action to bet on. As a result, some turned to esports.

The pandemic also saw people who had never thought of betting on esports events to review their betting strategies. Initially, some people who played video games were interested in sports betting. Esports is popular with young people, such as those aged 25 and under.

But there is also a group of users between the ages of 25 and 35 and those who are older. This wider audience has encouraged sports betting to schedule more competitive events and extensive coverage. For example, Reports suggest many more esports events have been added in sports betting in recent years.

Additionally, many esports betting fans focus on popular games like Dota 2 and Counter-Strike while some are like FIFA and NBA 2K events. And as we know, the popularity of some esports events has risen to the level of some real-world sporting events.

Threats – unprecedented problems

The popularity of esports and esports betting has increased, but not without its challenges – there are numerous unresolved issues. Some notable ones are:

integrity

One of the biggest problems in the industry is integrity. Some bookmakers haven’t looked for the best gambling licenses, others have been banned by governments in different countries. There was also controversy over match fixing.

Some feel the industry needs to invest better in anti-fraud mechanisms and the like to ensure it can grow.

Lack of understanding

Another central challenge that many sports bettors have to face when betting on eSports is the lack of understanding of the games being played. For example, younger generations and endemic esports fans are the ones who are more familiar with games and their rules and who would win in Dota 2 or games like LoL for example. On the other hand, older generations and fans of traditional sports – in general – can more easily understand the rules and structures of traditional sports.

This is not a criticism of the industry. Instead, it’s a generational difference, and while there is an overlap between esports and sports, there are still many differences.

Final thoughts

The growth of the eSports industry has made the good and bad sides of the industry clear. Industry associations like ESIC aim to improve the professionalism of the room by reducing things like match fixing and doping. If problems like these can be better resolved, the future of the industry looks bright.

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