This week, the online gambling website Pinnacle announced it has now taken five million esports bets. The milestone serves as further evidence of how big esports, and the accompanying esports betting field, have become.
Pinnacle introduced esports betting to its business repertoire in 2010. While the first couple years didn’t yield spectacular results, the recent past more than made up for it.
The year 2015 signaled some amazing development in esports betting volumes. Pinnacle reached the two-million mark in November 2015. The next million took only six more months. In October 2016, the company reached four million esports bets, an incredible achievement for the fairly young industry.
After reading the company’s impressive development report from the end of 2016, it’s not surprising to see this month’s new landmark reached.
“When Pinnacle accepted the first ever bet on esports in 2010 none of us knew if it would be a one hit wonder or could turn into something bigger,” said Pinnacle CEO Paris Smith. “Five million bets later, our expectations have been exceeded. I think it’s fair to say we’re at the forefront of the most exciting and fastest growing betting markets.”
— Pinnacle (@PinnacleSports) February 8, 2017
As of the end of last year, the company witnessed esports wagering surpass ice hockey bets. Pinnacle’s efforts were also praised during last year’s EGR Awards. It received the Esports Operator of the Year Award, which further solidified its successful path.
“Esports are written in Pinnacle’s DNA, and this landmark … certainly consolidates our leading position,” said Pinnacle Trading Director Marco Blume. “Pinnacle has used its considerable skill in trading sports and successfully translated it to esports. It’s now worldwide phenomenon and last weekend’s milestone just shows how popular esports betting has become.”
If the trend continues, Pinnacle says it could reach 10 million esports bets by January 2018.
The industry’s outlook is positive
The esports industry has grown into a massive global phenomenon, and it celebrated its most successful year ever in 2016. While awareness and popularity of esports keep growing, the wagering industry is also witnessing impressive development.
SuperData, a market research company, has valued this industry at close to $60 million last year. Moreover, experts at Eilers & Krejcik Gaming and Narus Advisors predict cash gambling on esports will reach $16.4 billion by 2020. With roughly $750 million wagers in 2016, this comes to a five-year CAGR of 85 percent, meaning that the market would almost double every year.
Currently, esports wagering represents only about seven percent of the total gambling industry. But established companies like Pinnacle, Betway, Bet365, SkyBet, and others, have already recognized the industry’s potential and have implemented esports betting.
If the recent momentum lasts, the industry and its fans can expect a lot of excitement in the near future.