The fastest-growing sport in the world is esports. Who would have thought that the League of Legends World Championship finals would surpass the Super Bowl in terms of viewership? The size of the world’s eSports betting market, estimated at USD 671.78 million in 2022, is projected to grow at a CAGR of 26.16 percent over the projection year to reach USD 2709.03 million by 2028. Esports betting falls under the umbrella of sports betting. It depends on bookmakers and sportsbooks that provide particular odds for things like ties, scores, etc. Players make a prediction and place a bet on it. In this article, we project essential trends and events likely to impact the esports betting market all year.
There Are No Bounds To Global Crises
Due to global geopolitical, energy, and economic challenges, experts believe many industries, including competitive gaming betting, will experience a recession. Established betting platforms will be able to adjust to the new circumstances while they compel some betting firms to restrict the growth of the esports industry. It is also important to remember that casual players will have less money to wager. As a result, in 2023, many operators will need help to improve their profits.
Hence our prognosis for 2023 is that the global recession may likely see esports betting income stall, fewer new customers signing up, signed-up customers spending less, and some of those financially unstable companies may be unable to make it through the year.
Mobile Esports Betting Year
Mobile is one of the most potential markets in the esports sector. In 2023, the number of people using portable devices to wager on their preferred esports teams will remain millions. It is important to note that the Malaysian market is expanding astonishingly in this area. Mobile esports bettors can expect some good news this year with games like Call of Duty: Mobile, League of Legends Wild Rift, Free Fire, and more.
In 2023, VALORANT Betting Will Continue To Expand Rapidly
League of Legends, CS: GO, and Dota 2 continue to be the “big three” in terms of wagers placed on each sport, and the average value of each bet, but one game made significant progress in 2022 toward gaining a part of the esports betting market. According to sportsbook company Rivalry, the volume of bets on VALORANT betting markets increased by 264% from 2021. The game also rose to fourth place on the list of fun with the highest volume and average bet size of wagers. VALORANT is one of the esports betting industry’s fastest-emerging games, with assistance from its creator, Riot Games, that ought to continue in 2023 as well.
Italian Esports Betting Markets To Launch In 2023
The expansion of esports betting in Europe has lagged mainly in Italy. It will change in 2023 when the Italian government adopts new regulations to allow esports betting to spread and develop throughout the nation. Regarding esports betting, Italian providers have grown at a different rate than other European nations. Easing restrictions and regulations on esports betting throughout Italy will give the industry in the nation a much-needed boost. Europe’s fourth-largest economy is that of Italy, below Germany, the UK, and France. As a result, it is an important market for sports betting businesses primarily based in Europe.
Income From Esports Betting To Rise In Japan
While South Korea and China continue to dominate the East in terms of esports and esports betting, 2023 seems to be a year in which another sizable East Asian market—Japan—has tremendous potential for growth. Japan is an outlier when it comes to esports. Fighting games are more popular among Japanese gamers than the more popular esports games.
The number and quality of these titles, and the burgeoning esports scenes built around them, means that Japan is in a prime position to be a key market in this particular sector. Of course, esports betting companies will realize this is also a potentially lucrative market.
In addition, Street Fighter VI, the first new game in the series in seven years, will be released on June 2, 2023, making Japan an extremely desirable market for esports betting providers in 2023.
Frequently Asked Questions About Esports Betting
"Skin betting" is a form of betting that uses in-game items, also known as "skins," as a form of currency. These skins can be earned or purchased in-game, and can be used to bet on the outcome of esports matches or other in-game items or real money. Skin betting can take place through third-party websites that use skins as a form of currency, or through the use of in-game trading platforms that allow players to exchange skins with one another. The practice of skin betting has been controversial, with some arguing that it constitutes illegal gambling, while others argue that it is a legitimate form of virtual currency trading.
The process of determining odds for esports matches can vary depending on the bookmaker or the betting platform. In general, the odds will reflect the perceived likelihood of a particular team or player winning a match.
One way that odds are determined is through the use of statistical analysis and data. Bookmakers will use historical data on teams and players to evaluate their performance, and use this information to set odds. They will also take into account current events and factors that might influence a match, such as injuries or roster changes.
Another way odds are determined is through the use of public betting patterns. Bookmakers will track the bets that are placed on a particular match, and adjust the odds based on the amount of money that is being placed on each side. This can create a feedback loop, where the odds are influenced by the bets being placed, which in turn influences where people place their bets.
Bookmakers also use expert analysis and predictions from professional players and analysts to set odds. They also take into account the general perception of the teams and players on the scene, their performance on the previous tournaments, and the map pool.
It is important to note that the odds for esports matches can change frequently and rapidly in the lead-up to a match and during the match as well. So it's advisable to keep an eye on the odds and make sure to place your bets at the right time.
In-game items and virtual currencies can play a significant role in esports betting. As mentioned before, "skin betting" is a form of betting that uses in-game items, also known as "skins," as a form of currency. These skins can be earned or purchased in-game, and can be used to bet on the outcome of esports matches or other in-game items or real money.
Skins can also be used to purchase virtual currency, which can then be used to place bets on esports matches. Some bookmakers or betting platforms offer the option to use virtual currency to place bets, in addition to or instead of real money.
In-game items and virtual currencies can also be used as prizes in esports betting. For example, a bookmaker may offer a skin or virtual currency as a prize to the winner of a betting pool or competition.
In-game items and virtual currencies can also be bought and sold on third-party marketplaces for real money. This means that players can earn real money by selling in-game items that they have earned or purchased. This creates a whole economy around in-game items and virtual currencies, which factors into esports betting.
It's important to note that while some sites are legitimate, many are not, and the use of in-game items and virtual currencies for betting can be risky. Players should be aware of the legal and regulatory issues surrounding skin betting, and should only use licensed and regulated platforms.
Yes, here are a few tips and strategies for successful esports betting:
- Research and stay informed: Keep up to date with the latest news and developments in the esports scene. This includes information on teams, players, tournaments, and game updates.
- Understand the game: Have a good understanding of the game you're betting on, including the rules, strategies, and the current meta.
- Use statistics: Use statistics to help you make informed decisions. There are various websites that provide statistics on teams and players, including their performance in past matches and tournaments.
- Keep track of odds: Keep track of the odds for the matches you're interested in betting on, and make sure to place your bets at the right time.
- Manage your bankroll: Set a budget for your bets and stick to it. Don't chase your losses, and never bet more than you can afford to lose.
- Have discipline: Have discipline and control over your emotions, avoid impulsive betting.
- Shop around for the best odds: Different bookmakers will offer different odds for the same match, so make sure to shop around for the best deal.
- Specialize in a specific game or league: It's better to specialize in a specific game or league rather than trying to follow everything.
- Never overlook the underdogs: Don't overlook the underdogs, as they can sometimes pull off an upset, and offer better odds.
- Use a betting exchange: Consider using a betting exchange, which allows you to bet against other players rather than against a bookmaker.
It's worth noting that while these tips and strategies can help increase your chances of winning, there is no guarantee of success in esports betting, and it's always important to gamble responsibly.
Yes, we do offer bonuses for new players, such as sign-up bonuses, referral bonuses, and loyalty bonuses. These bonuses can be in the form of free bets, deposit matches, or cashback.
Yes, many online esports betting sites offer live betting, which allows players to place bets on ongoing esports matches.
The most popular esports to bet on include games like League of Legends, Dota 2, CS:GO, and Overwatch.
