Online esports betting The growth and what the future looks like

Esports betting is a vibrant and dynamic industry that offers great appeal to players as well as those who enjoy the system it provides. From the early days of 'Tic Tac Toe' to the immensely popular esports titles enjoyed by millions today, the growth of this industry has been rapid and impressive. Looking towards the future, the potential for further expansion is limitless, raising the question of what is the future of esports betting?

Esports betting is growing and becoming more exciting with new technologies and increased investment. Therefore, it is important to look at how esports has evolved and what new trends are shaping the future of esports betting.

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Evolution of esports

Esports’, which stands for electronic sports, roots can be traced back in the 1950s as competitive video gaming. Alexander Douglas, who was working on his PhD, invented a computer game called ‘XOX’ or ‘Three Wins’. The game involved players taking turns placing their ‘X’ or ‘O’ marks on a grid until one player had three in a row either horizontally, vertically, or diagonally, thus winning the game. This marked the beginning of computer games as we know them today.

1958 saw the introduction of the first-ever multiplayer game, ‘Tennis for Two,’ allowing two players to compete against each other. The 1960s marked the official beginning of esports with the creation of Spacewar, the world's first digital computer game.

Esports officially began in the 1970s with the first tournament, called the ‘Intergalactic Spacewar Olympics’, hosted by Stanford University that is competed by twenty-four players. During the same decade, arcades and home consoles also became popular. In the 1980s, the first national video game competition with 10,000 gamers was born, paving the way for professional gaming, teams, and leagues.

The turning point

Esports began to develop in the late 1990s and early 2000s. Nintendo saw the potential of esports and created the ‘Nintendo World Championships’. Technology advanced rapidly, and it became clear that competitive gaming would be played on computers and networks. Then, gamers started gathering in small groups to play their favourite games.

This led to the creation of the first esports leagues in the late 1990s. In the 2000s, esports became more professional, and popular games like Counter-Strike became the main focus of tournaments that still happen today. Since then, there’s no telling about how big the future of esports will be.

Rise of esports betting

Esports became a million-dollar industry, and some businesses and investors saw the potential in betting on it. Esports betting emerged as a result, following the popularity of sports betting. In 2010, Pinnacle Sports became the first website to offer odds on Starcraft 2 matches, and other sportsbooks soon followed.

As esports has grown in popularity, so too has the interest in esports betting among millions of players and spectators. With the help of technology and the internet, there has been a surge in official tournaments, events, and leagues within the esports industry. As a result, the esports betting market has become a billion-dollar industry since 2022.

Rapid growth of esports betting market over the years

In 2019, the value of the esports betting market was estimated to be USD 7 billion, and it has since grown to over USD 10 billion in just two years. A study on the industry's growth suggests that the market has significant potential for further expansion and is expected to reach even greater heights in the future.

The COVID-19 pandemic in 2020 triggered a significant increase in the growth of esports betting. As traditional sports events were mostly cancelled or postponed due to strict social distancing rules, there were fewer options for betting, leading to a surge in demand. However, esports were able to continue with online tournaments and matches, which provided a valuable outlet for sports bettors.

The esports betting market is predicted to experience a steady growth with a projected value of more than USD 21 billion by 2027, exhibiting a CAGR of 13.7%. Hence, the market is expected to maintain the same CAGR and be valued at over USD 24 billion by 2028.

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Major driving force of growth

The esports betting industry has experienced remarkable growth on a global scale due to a range of influential factors that have shaped the industry into its current form. On top of this is the continued rise in global popularity of esports.

As new titles are developed each year, a dominant trio of games, known as the ‘big three’ namely Counter-Strike: Global Offensive, Dota 2, and League of Legends, have monopolised the market. These games attract millions of viewers worldwide and generate millions of dollars in revenue for each event. And as the audience grows, so as the potential of the betting market.

Apart from the impact of COVID-19 pandemic, the rise of mobile and smartphone technology has also played a significant role in the growth of the esports betting industry. These advancements have provided a more extensive avenue for both betting platforms and esports bettors to engage in wagering in a more convenient way. The accessibility and ease of use of these platforms have made esports betting more mainstream and available to a broader audience.

Lastly, the seemingly limitless potential for future growth in esports betting can be attributed to the constant stream of technological innovations. Since the early days of esports betting, the market has expanded its demographics and diversified the platforms and methods of play, resulting in a significant increase in its overall value.

Future of esports betting

Although the esports betting industry has already experienced a huge growth, it is still in its early stages. Esports tournaments are becoming more popular, and leagues and teams are gaining more attention, attracting larger audiences to the world of esports. The future of esports betting is full of possibilities, and it will be exciting to see what happens next. Here are some potential developments to watch for.

Use of blockchain technology

The online esports betting industry is increasingly adopting blockchain technology, particularly through the use of cryptocurrencies as payment methods. Online betting poses potential security and transparency risks, and the use of cryptocurrencies helps to mitigate these issues, providing users with improved services and safeguards.

The integration of blockchain technology in the betting process has the potential to enhance transparency, security, and efficiency, leading to a more reliable and trustworthy betting experience for users. Moreover, blockchain could facilitate the development of new betting platforms and revenue streams, contributing to the further growth of the industry.

Virtual and augmented reality

The esports betting industry is also exploring the possibilities offered by emerging virtual and augmented reality technologies. These innovations have the potential to offer users more immersive and engaging betting experiences, making them feel like they are truly part of the game.

Although there is no exact information on the use of these technologies in the betting scene, Virtual reality is seen to be in charge of the creation of the immersive betting environments, while augmented reality is seen to overlay digital information onto the real world, providing users with real-time data and statistics.

Expansion of betting markets

As the esports industry continues to expand with the addition of new titles, the future of esports betting will involve the growth of its betting scene. This will likely lead to the emergence of new game types, bet options, and more opportunities for wagering.

Additionally, as esports gains more mainstream acceptance, it is possible that new audiences may join the betting market. This could result in the creation of new betting markets tailored to casual viewers or fans of specific games or teams.

Surge in partnerships and collaborations

The potential for generating revenue in the esports industry is continuously increasing, which attracts more brands and businesses to enter the market. This trend has resulted in more partnerships between key players in the esports scene, such as game developers, betting platforms, and esports teams. Through these partnerships, brands can explore new revenue streams while offering users with a wider range of betting options.

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Bet on esports at Gamdom

Gamdom is a top-tier platform offering a vast selection of esports titles and hundreds of betting markets to choose from. Whether you're a fan of classic games or new titles, Gamdom has something for everyone. With its user-friendly interface, you can easily find and bet on your favourite leagues and teams.

Plus, Gamdom offers a range of rewards and bonuses to enhance your betting experience. From generous sign-up bonuses to ongoing promotions, you can boost your winnings and maximise your enjoyment of esports betting!

Frequently Asked Questions

Here are the frequently asked questions in esports and esports betting.

What is the future of e-gaming?

The future of e-gaming is bright and full of exciting things! E-gaming is expected to use virtual and augmented reality technologies to make the gaming experience more immersive. Hence, cloud gaming and mobile gaming will continue to develop to make gaming more accessible and convenient

What is the future of esports?

Esports is a rapidly growing industry that is gaining more mainstream recognition as more people follow and participate in esports competitions. The future of esports looks very promising, with new technologies like virtual and augmented reality expected to enhance the gaming experience.

How can I bet on esports?

To start betting on esports, you should first find a trustworthy betting platform like Gamdom. After creating an account, you can select the esports game and event you want to bet on. Then, you can place your bets and watch the game unfold, with the opportunity to win some significant profits. However, always remember to gamble responsibly and within your means.

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