Even the mere definition of “conventional” has taken on a new realm of meaning in the golden age of betting. Conventional betting was a term that originally referred to classic casino games and the most notable sports betting markets; however, in the modern age, conventional markets can simply refer to any established sports betting market.
If we use that as the foundation of our question today, then we’re opening up a whole new range of betting markets – and within this definition, betting companies have established a new measuring stick by which the entire sports betting market is measured.
In the modern age, it’s one of several niche markets that could challenge the dominance of conventional sports betting. The market for eSports betting at Bovada highlights the significant scope for this burgeoning market. It notes a series of trends: eSports betting markets are adapting to mobile browser betting, apps, and live in-play options. It’s evolving with the times.
However, does eSports betting have legs, could it challenge conventional betting markets, and if so, how far could it go? Is the sky the limit? Let’s take a look.
The Rise of eSports Betting
To put it simply, eSports betting has established itself as a vast market because it reflects the overarching popularity of professional video gaming. Any sport or game that encourages elite competition, involves some of the highest prizes, and attracts millions via a digital audience will inevitably give rise to a series of betting markets that underpin it.
A decade ago, professional video gaming (eSports) was showing promising signs, but it was still in its early years. The idea that a betting market could emerge from this and prove to be a multi-million-dollar sector on its own accord was something few thought possible.
As video games like Grand Theft Auto V began to generate hundreds of millions of dollars in annual profits by leveraging the power of a digital audience, it became clear that this was the way to go for many eSports companies looking to maximize potential subsectors.
Ultimately, the rise is attributed to the emergence of the internet as a disruptive innovation in the entertainment world. It led to the rise of betting markets, followed by mobile betting. It laid the foundation for everything else, ranging from social media marketers partnering with gambling companies to cryptocurrency becoming one of the most popular payment methods for eSports bettors.
By breaking down these barriers, a vast, growing market emerged, and once this became evident in the market, the success of eSports betting markets was almost inevitable.
Bumps In The Road
Although the last decade has been a period of significant advancements in the world of betting, there are still elements of it that could prove to be a big hurdle for the future of eSports betting. If we examine the key differences in iGaming business models across Europe and North America, some elements don’t align.
Cryptocurrency betting markets, for instance, are still operating largely unregulated. Given that it is such a prominent part of the eSports betting market at the moment, there needs to be concrete legislation that speaks specifically to this area of the betting market that keeps it controlled, within a suitable legislative framework, and allows the industry and the innovators within it to develop their ideas to their maximum potential.
Another issue for the industry is the lack of mass adoption. When discussing conventional betting markets, although the term is subjective, we generally refer to sports like soccer, cricket, and American leagues such as the NFL and NBA, all of which have viewership in the hundreds of millions. In fact, the Super Bowl on its own brought in over 125 million viewers in the US alone this year, and this is a market size that eSports can’t compete with.
Will eSports Challenge The Global Dynamic?
Some are optimistic that the global nature of eSports will eventually push the number higher, but currently, conventional sports have an audience that eSports simply can’t compete with. Fewer viewers mean less attention in the betting markets, and gambling platforms are pushing their attention in this direction to match the viewership and the audience demand.
By integrating cryptocurrency and cutting-edge ideas like VR, eSports stand a better chance of evolving in the market rather than adopting the regimented approach of conventional sports betting.
However, these markets remain so popular and dominant that they do not need to do much to maintain their market share. The onus is on eSports companies and betting platforms to adapt and try to challenge them.
Yes, the generational shift in the market will again assist eSports, as it’s a market that’s more aligned with Gen Z and Millennial bettors. However, there’s still a long way to go before eSports will be viewed as a serious competition to established, conventional, and global professional sports betting markets.
We’re not saying it can’t happen, but several key events are needed to elevate eSports to the same level of popularity, including viewership in the nine-figure range. At the moment, no game’s going to generate that sort of eSports market.