The global gambling industry has come to a point of its development when it needs to make itself appealing to a new type of customers – a more demanding, inquisitive, and digitally savvy type of customers. Millennials, just as any other gambling group, are not that hard to please as long as they are offered exactly what they want.
This particular demographic likes to be entertained in a clever way, to have its skills and knowledge tested, to socialize with peers, preferably through digital means.
Although competitive video gaming may have its roots traced back to the 1980s, it is exactly what seems to be very appealing to millennials. Esports have come to be a multi-million-dollar industry and so has become esports betting.
Major betting operators have recognized the opportunity and have for some time now been offering eSports betting options alongside their traditional products.
In a nutshell, esports betting or gambling is betting/gambling on the outcome of esports events. Bettors can use skins (generally perceived as a virtual currency) to bet as well as real money and cryptocurrency lately.
Millennials are hungry for skill-based entertainment and esports definitely have the potential to offer them exactly this type of experience. In recent years, esports have seen professional leagues being formed, games like League of Legends and CS:GO gaining global popularity, including popularity on the esports betting field, and billions of dollars being generated as a result.
In other words, esports may not be something new to the world, but have been increasingly and successfully proliferated to lure the millennial public. Social media and video streaming have also contributed to the esports market’s growth.
Esport can't live without betting
Esports and betting go hand in hand. It works similarly to the way one bets on a traditional sport. Different types of bets can be placed in the esports betting environment, and these include: Match Bets, Handicap Bets, Map Bets, Round Bets, Total Kills Bets, Tower Killed Bets etc...
Since there have been forms of competition, people have wanted to place bets on them. There is a chance to win big, and participants enjoy the risk. Some gamble because they enjoy the challenge or competition and others just find it fun. Some consumers support teams and wish to place bets on their side in the hope that they will win and know their faith in an organization is paying off.
A Billion-Dollar Worth Industry?
According to data released by different sources, esports has already become an industry worth millions (and possibly billions) of dollars.
As video games competitions continue to gain popularity, betting on these has also been quite a lot of attention.
What is more, projections and research shows that esports betting turnover may reach around $23 billion by 2020 and operators may generate more than $1.8 billion in revenue from this type of offering.
The graph shows the esports betting market wagers worldwide in 2015 and 2020. According to the source, the amounts wagered on esports betting will grow from 315 million U.S. dollars to 23.5 billion in the presented period.