The Future Prospects of Esports Gambling

1

The emergence of legalized sports gambling in most countries was encouraged by the rise of competitive video gaming or “esports”. In 2022, almost 500 million people worldwide consume esports content. The industry is forecasted to reach 1-2 billion dollars in global revenue.

The situation in esports gambling keeps transforming. It takes new forms by becoming attractive to more people. What does the future hold for esports gambling? Let’s try to find it out!

Legalization of Esports Betting

Dozens of countries have legalized esports betting through new legislation. Much of this development has risen with definitions of “sporting events”, including “esports,” “electronic sports,” “competitive video game tournament,” or other variations of “esports.” A number of countries still impose esports restrictions that limit, for instance, the types of esports games on which enthusiasts can place bets.

Current Esports Gambling Avenues

Skin betting means placing bets by means of in-game assets rather than cash. This provides a largely unregulated avenue for gambling in jurisdictions where esports gambling remains illegal. The missing regulation and verification can lead to rigged odds. It’s hardly possible for enthusiasts to lose great amounts of real money purchasing skins in order to gamble with them.

A number of countries that have legalized esports gambling now offer numerous regulated betting options. Esports fans can use real money to bet on the match or tournament outcomes. If they do so in a legal manner, they will have better chances of making a profit.

Future Innovations

The fast-pacing development of iGaming could help enhance innovation in esports betting markets in the future. Sportsbooks may gain a new function of leveraging game data and offering an even richer gambling experience in which gamblers can place bets on a great number of new betting categories.

While a standard sporting event enables proposition bets and in-game bets, esports competitions allow providers, publishers, sponsors, and other key stakeholders to leverage a great amount of real-time usage. For example, the esports data could allow oddsmakers to provide bets. How many passes will it take for a team to score its next goal? How many times does an esports player press a specific button before securing the next score?

The development of the metaverse and virtual reality innovations could provide esports enthusiasts with the opportunity to virtually sit in and bet on the action. Following a competition throughout the available matches is required to interact with esports enthusiasts. While some traditional esports tournaments will incorporate this technology on a limited scale, the use of these innovations in esports could provide fans with a more connected and engaging experience.

In addition, online casinos and esports bookmakers like GGBET keep exploring the potential of blockchain-based innovations in betting markets. They allow bettors to gamble and win cryptocurrency or digital assets such as NFTs. Esports teams and organizations experiment with NFTs to provide digital collectibles, to achieve membership in a social community, or to reach access to other benefits. Esports enthusiasts tend to be more accustomed to modern technologies, so the industry can adopt these trends efficiently. The related legal risks and challenges happen to be imminent.

Going Forward

Countries across the world have encouraged the formation of efficient esports gambling in the last few years. What is specifically permitted? What activities are acceptable? As new technologies are adopted, the heightened risks of scams will keep enabling regulatory scrutiny and enforcement in the future.
When it comes to the future of esports betting, you should understand the significance of the surrounding processes. Technological advances in different spheres of life affect the developments in esports betting. It’s important to analyze the rapid processes in the regulatory landscape. It remains available for assisting our clients in the formulation of the respective strategies and offerings associated with the emerging esports sector.