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Esports betting is said to be a rapidly growing industry that allows fans of competitive video gaming to place wagers on their favourite teams and players. With the rise of professional esports leagues and tournaments, betting on esports has become a popular pastime for many gaming enthusiasts and sports bettors alike.
This guide will provide a comprehensive introduction to esports betting, including its concept, terminology, popular esports for betting, and some interesting stories about esports betting.
Esports Betting in 2023
The esports betting market is not just growing; it’s booming. In Asia alone, the esports betting market has apparently exceeded $1 billion in 2021. In the US, legal esports gambling contributed roughly $12.9 billion in total annual wagers in 2020, according to reports.
The majority of esports bets are said to be placed by those in the 18-25 age range, accounting for approximately 80% of all bets. This demographic is particularly drawn to esports betting, indicating that the industry is likely to continue to grow as more young people engage with it.
In 2021, the global esports gambling market generated around $1.81 billion in revenue. By 2024, esports betting revenue is predicted to reach $6.8 billion overall.
Understanding Esports Betting
Esports betting operates similarly to traditional sports betting. Bettors place wagers on the outcome of esports matches or tournaments, with odds set by bookmakers. The odds reflect the perceived probability of a particular outcome, and bettors win money if their predictions are correct.
Why You Should Consider Esports Betting
Esports betting has been gaining traction in recent years, offering a new and exciting avenue for both seasoned bettors and newcomers to the gambling scene. Here are some reasons why you should consider esports betting, along with its pros and cons, and some interesting statistics.
Pros of Esports Betting
Growing market: The global esports betting market has seen exponential growth. From $696 million in 2016, the market is now projected to be worth several billion dollars. This growth indicates a thriving industry with a lot of potential.
Variety of games: Esports betting offers a wide range of games to bet on. League of Legends is the most popular, reportedly accounting for around 38% of total bets placed, followed by Dota 2 with a 20% share of the market. This variety caters to different interests and preferences, making esports betting more appealing to a broader audience.
Accessibility and convenience: With the advent of online betting platforms, esports betting is easily accessible to anyone with an internet connection. This convenience allows bettors to place wagers anytime, anywhere.
Engagement with the gaming community: Esports betting allows fans to engage more deeply with their favourite games and teams. It adds an extra layer of excitement to watching esports events.
Cons of Esports Betting
Risk of addiction: Like any form of gambling, esports betting carries the risk of addiction. It’s important to gamble responsibly and seek help if you feel you may be developing a problem.
Potential for financial loss: Betting always carries the risk of financial loss. It’s crucial to only bet what you can afford to lose.
Regulatory issues: The legal landscape for esports betting varies by country and state. Some regions have clear regulations, while others are still developing their legal frameworks. It’s important to understand the laws in your area before engaging in esports betting.
Esports Betting Terminology
Understanding the terminology used in esports betting is crucial for anyone looking to get involved. Here are some common terms you’ll encounter:
Odds: The likelihood of a particular outcome occurring, usually expressed as a ratio. For example, if the odds of Team A winning over Team B are 2:1, it means that for every $1 you bet on Team A, you’ll win $2 if Team A wins.
Handicap: This is a way of levelling the playing field in a match where one team is heavily favored to win. The favoured team must win by more than the handicap for bets on them to pay out.
Over/Under: A bet on whether the total number of points/goals (or some other statistic) in a game will be over or under a number set by the bookmaker.
Prop Bets: These are bets on specific events within a match, such as who will score the first kill or which team will destroy the first tower in a game of Dota 2.
Popular Esports for Betting
Esports encompasses a wide range of games, each with its own competitive scene. Here are some of the most popular esports for betting.
Dota 2
Dota 2 is a multiplayer online battle arena (MOBA) game developed and published by Valve Corporation. In this game, players control a hero character and work with allies to defeat enemy players and AI-controlled creatures in an open battle. Dota 2’s competitive scene is one of the most lucrative in esports, with major tournaments offering millions of dollars in prize money.
League of Legends
League of Legends (LoL) is another popular MOBA game developed by Riot Games. It has one of the most active competitive scenes in esports, with leagues and tournaments taking place all over the world. The annual League of Legends World Championship is one of the most-watched esports events globally.
Overwatch
Overwatch is a team-based first-person shooter game developed by Blizzard Entertainment. The game features a diverse cast of heroes, each with unique abilities, and tasks teams of players with attacking and defending control points on a map. The Overwatch League (OWL) is the game’s premier professional esports league, though its future at the moment is uncertain.
Counter-Strike: Global Offensive
Counter-Strike: Global Offensive (CS:GO) is a first-person shooter game developed by Valve Corporation. It’s one of the oldest esports around, with a competitive scene that dates back to the early 2000s. CS:GO tournaments are known for their intense matches and large prize pools.
Tips for Esports Betting
Esports betting is generally easy and convenient, in terms of placing bets. That said, it doesn’t mean you can easily win. Here are some tips to help you get started with esports betting:
Budget: Always set a budget for your betting activities. This will help you manage your money and prevent you from spending more than you can afford.
Timing: Timing is crucial in esports betting. The odds can change rapidly, so it’s important to place your bets at the right time.
Diversify: Don’t just stick to one game or team. Diversify your bets to spread the risk.
Future of Esports Betting
The future of esports betting looks bright, with the industry reportedly expected to grow in the coming years. As esports continue to gain mainstream acceptance and the number of professional leagues and tournaments stabilises, more people could get involved in esports betting.
Additionally, advancements in technology, such as the rise of blockchain and cryptocurrency, could also have a significant impact on the esports betting landscape.
Conclusion
Esports betting offers a unique and exciting opportunity for both gaming enthusiasts and sports bettors. Whether you’re a fan of Dota 2, League of Legends, Overwatch, or any other well-known esports game, there’s likely a betting market for you. Remember to always bet responsibly and enjoy the thrill that comes with esports betting. Happy betting!
