The World of eSports Betting and Why the Time is Now

eSports Betting
eSports Betting

Over the last few years, betting on eSports has gone from being something rather niche, to gaining significant traction. It is estimated that the global eSports betting market could be worth over $30 billion by the end of this year.

But that’s not all. You have to consider that at the moment, eSports is still “under the radar” and has not reached its full potential. This means that the future of the sector is destined for great things. Betting on eSports may not have the potential to rival conventional sporting events such as soccer, football, horse racing and tennis, but that doesn’t mean it is not worth your attention.

It’s estimated that 2.7 billion of the world’s population play computer games. Most of these play for fun, but a growing number are playing competitively for big prize money. And of course, where there is big money and competition involved, there is people who want to bet on the outcome.

Millions of fans across the world watch eSports tournaments, often via streaming services. In recent years, big-name TV broadcasters such as ESPN have started showing eSports contents on their channels. 

When it comes to placing bets on eSports tournaments and contents, there are two main types, real-money betting and skin betting.

Real money eSports betting

This form of betting is the one that is most similar to traditional sports betting. Similar to betting on a football match, real money wagers are placed at agreed odds. A payout is made if the selection is correct. Typical bets include winners of individual matches and overall winners of tournaments.

Skin eSports betting

Skin betting or item betting is extremely popular with eSports fans. Modern video games feature in-game virtual currencies and items that can be transferred between players. These items are highly sought after amongst hard-core eSports fans. There are a number of trading and auction sites set up specifically for users to buy, sell and swap items and currency.

There are also sites where players can use the items and currencies to bet. They can bet on the outcomes of games and tournaments instead of using fiat currency and they can use them for other forms of gambling as well. Users can use the items or virtual currency to play games of chance such as roulette.

Other betting types

Another popular form of betting in the eSports community is social betting. Carried out between friends and online contacts, informal wages are placed on the outcomes of bets. These wagers can be real money but they are usually skins or in-game items.

Fantasy betting or head-to-head betting is another popular form of eSports betting. This is where users compete against each other for skins, real money or in-game items. Many gamers organise this between themselves but there are a growing number of professional sites set up to facilitate it.

In terms of the eSports betting industry and those interested in offering eSports betting via their platform, it is real money betting that is the most interesting.

In terms of popular games, there are five that account for most of the market. League of Legends holds around 38% of the market share, followed by CS:Go, Dota 2, and Starcraft 2. Other games make up around 8% of the market.

eSports betting sites

Professional and reputable eSports sites used to be few and far between. Now, as the sector becomes more popular, professional online gambling sites are catching on and starting to offer such services. Some are even setting up stand-alone eSports betting sites to offer odds and take bets.

Due to the current goings-on in the world, the world of online gambling and betting is changing. Most sports events are cancelled and customers are looking for other betting opportunities. We have already seen an increase in requests from clients to apply for regular online gambling licenses and to set up the necessary corporate structures. The same is happening with eSports as well.

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It could be that the Coronavirus pandemic is the catalyst that the eSports industry needed to break out into the mainstream. The time is now and Fast Offshore can help you incorporate, apply for applicable licenses, and assist you with all other corporate matters, in the right jurisdiction for you. Contact us today to discuss your options.

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