Sports betting is still one of the major betting industries in the world. Companies have coasted off its success for a while, offering sports enthusiasts a unique opportunity to place wagers on their favorite teams.
The market itself remains strong, e. g. t20 worldcup betting sites. The experts predict that the Cumulative Average Growth Rate (CAGR) is about to reach 9% over the next decade. By 2024, the industry’s revenue is about to reach $255 billion.
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Esports and their Appeal
Investors have always kept their eyes peeled for newer opportunities. The traditional sports betting market becomes solidified and saturated, while some companies have already taken their piece of the pie and established themselves as industry leaders.
The market offers a certain form of competition by putting these companies on the frontier of eSports. This branch of sports has never gained prominence until a few years back. In the past several years, it has exploded drastically. The increase of battle royale games has contributed to the surge in value.
Revenues and Stable Stream of Users
The eSports industry reached almost $670 million in revenues in 2017. This indicator has increased by 50% in 2019, and by 90% in 2021. By 2024, the revenue of eSports is expected to reach $2.4 billion.
The engagement of the audience is on the rise. Thanks to the innovation in game design and execution, the sports books have revolutionized the industry once and for all. Allowing people to earn money for streaming their games is a great chance to achieve the maximum success.
According to the Global Esports Market Report 2021, it has been estimated that the total eSports audience is about $454 million across the world. This includes more than $200 million eSports enthusiasts and $250 million occasional viewers. Absolute engagement is putting the industry at a good point to encourage high revenues.
Challenge of Entering the eSports Market
The eSports industry serves the entrance of gaming companies. Today, the names of Valve Games, Counter Strike: Global Offensive, and Dota 2 speak for themselves. It integrated real money mechanisms where in-game culture such as skins have gotten enormous interest from users.
The problem with these games means that a lot of these skins are illegally sold, while little to no Know Your Customer (KYC) processes are focused on the purchases. Thus, little kids and teenagers are protected from gambling activities.
Today, eSports happens to be one of the most exciting betting categories in the entire betting market.The options for eSports betting include legacy sports books with various offerings and extensive information. Challenges of settling down in a legal are there. But they can be overcome by sports books with professional intentions.
Developing a New Generation of Market Players
The main challenge for betting brands is attracting people who are into eSports. These can be beginners who know nothing to little about eSports and high-rollers who know everything about the given sector.
The problem of the generational gap also can’t be denied. Traditional betting brands will need to resolve the problem of attracting people who were born in the age of the Internet. Google and Apple now remain in the battle for streaming, with Apple Arcade and Google Stadia being their major competitors. By the end of the day, there’s still a lot of work to be done to engage players in gameplay.
An author of Namaste UI, published several articles focused on blogging, business, web design & development, e-commerce, finance, health, lifestyle, marketing, social media, SEO, travel.
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