The Future of Esports Betting – Market Insights & Expectations
What does the future of esports betting hold? Join us as we highlight facts, figures and trends for the future of esports betting in this featured discussion.
State of Esports Betting in 2024
Before we dive into the future, let’s focus on the present. Of note, for the purposes of this discussion, we’ll do our best to avoid business jargon and keep it as simple as possible.
Firstly, esports betting is already big business, with plenty of potential to grow further. Currently, there is a variety of esports betting sites providing coverage for multiple competitive video games across the scene. Beyond simple betting, esports betting also presents opportunities for live betting, mobile betting, cryptocurrency betting and more.
The growth in esports wagering is directly related with the growth of the esports industry as a whole over the past decade. As an industry based on competition, esports events feature ever increasing viewership and increasingly entertaining experiences for esports betting.
For example, last year, LoL Worlds 2023 featured a peak viewership of 6.4 million as one of the top esports tournaments. Estimates show the esports betting market valuation sits at $841.51 million in 2023, and is expected to grow further as long as there are esports odds available to wager on. Another statistic paired with this is that the industry is enjoying a compound annual growth rate of 25%.
That 25% applies to betting markets, international presence and innovations.+
Leading Esports Betting Markets
Thanks to Abios, we have a more detailed understanding of the hierarchy of the esports betting scene. Here’s a look at the top esports titles for esports betting:
- Counter-Strike – 56%
- League of Legends – 24%
- Dota 2 – 14%
- VALORANT – 3%
- Call of Duty – 2%
With regards to regional growth, Brazil is a breakout region for esports betting. Thanks to the nation creating a regulatory system for sports betting, esports betting took off in 2023. Still, Europe and North America remain the regional leaders and main drivers in this segment.
Moving on to the top esports markets, the most popular types are:
- Match Odds
- Map Handicap
- Total Kills
- Pistol Rounds
- Total Rounds
- Correct Map Score
Of all esports bets placed, it seems that 40% were pre-match and 60% were live in 2023. This figure will likely keep growing more in favor of live betting in the future.
Trends & Innovations in Esports Betting
Beyond a vague “the industry will grow” there are certain trends and innovations which will prove instrumental to the changes in esports betting:
- Co-streaming – has quickly become a major component of viewership for esports events. For example, 45% of media coverage for LoL Worlds 2023 was co-streamed, as quoted by Shikenso Analytics. This accompanies the growing interest in live betting too, especially for co-streamers partnered with betting sites.
- Mobile Esports are taking over the esports scene in APAC, South Asia and MENA. Mobile esports are a new betting prospect that many betting sites have already started covering.
- Fantasy Leagues are already beloved in certain esports like Call of Duty, PUBG and Rocket League. DFS (Daily Fantasy Sports) is becoming more and more popular in esports.
- Player Proposition Bets: considering that esports betting is focused on players as opposed to teams, more prop bet options are definitely on the way. Specifically, player prop bets allow users to bet solely on the performance of an individual player based on a particular criteria.
- Sponsorships and betting partnerships are already present with a bunch of esports teams. From simple sponsorships and odds boost to to intricate fandom campaigns, operators have really pushed the envelope in the last four years.
- Sportbookscreate dedicated newesportsbetting platforms – more traditional sportsbook sites are converting to also include esports betting, creating their own new sportsbook.
- Virtual & Augmented Reality – while we’re a while away, VR and AR could very well offer new and exciting betting environments for esports.
Challenges for the Industry
The first challenge for esports betting is without a doubt regulation. Indeed, esports betting is only viable in a safe and regulated environment.
Considering that legislation and rules change from country to country, getting every region on the same page will take some time. Remember, Brazil only recently burst onto the scene this past year due to some changes in their betting laws. Growth of esports betting offers does come in at a different pace in different regions.
Another challenge is anticipating the growth of the esports audience. For individuals to consider esports betting, first they need to be vested in esports on as a whole. Some esports titles come and go and their competitive scenes vanish overnight. There is only a select few games that have a semblance of long-term stability.
Here at EsportsBets, we’re here to help you navigate these challenges and guide you into the future of esports betting.
