Once a niche activity that only appealed to a small portion of the world, esports has emerged as an industry in its own right. Now These days, the sport is as big as ever in South Korea, dominating the internet, eSport surely changes the landscape of how betting is done. On the other hand, sports betting has consistently grown in both popularity and profitability. With thousands of legal sportsbooks around the world, it’s no wonder that many people are investing in the industry.
Yet, despite their similarities, these two sectors are distinct entities. So, which holds greater financial value today? Is it likely the scenario will remain the same in the future? Read on to find answers to these questions and more.
Big Money in Sports Betting
Ever since the UK emerged as a global leader in online sports betting following the introduction of the Gambling Act in 2005, the industry has not looked back. While the UK may have pioneered the practice and remains an international trendsetter, other parts of the world, including the US, and many Asian countries are catching up.
Americans’ embrace of online sports betting suggests that by 2025, the industry will be worth an astounding $8 billion to the U.S. economy. For context, the market was valued at $833 million in 2019, illustrating its rapid ascent. Globally, this revenue was even more staggering, with an estimated market value of $218.5 billion in last 2021.
eSports:An Industry on the Rise
How do esports compare to these staggering numbers? Well, for an industry still in its infancy, it’s not surprising that esports aren’t posting astronomical figures like sports betting. However, Business Insider reported that its viewership is expected to grow by 9 percent year-over-year in 2023, surpassing $1.5 billion in value—a figure not to be underestimated.
With all the international electronic sports competitions held around the world, it’s no wonder that the profit from that industry, betting skyrocketed.
Concurrent with this, the heightened awareness of the industry and technological advancements involved in gameplay suggest that esports will continue its rapid ascent in the foreseeable future. Virtual Reality (VR) and Augmented Reality (AR) technologies, which transformed live casino experiences, are reshaping how people play and watch online games, fueling further growth in the sector.
A Match Made in Heaven?
While it’s intriguing to compare the individual merits and balances of sports betting and esports betting industries, the real potential might lie in their combination. As more people tune into livestreaming available daily, it’s becoming inevitable that esports will gain traction within the betting community.
In fact, this merger is already underway. Many online bookmakers and casino sites now offer numerous esports markets to bet on. And as esports become more mainstream, the amounts involved are likely to keep increasing.
While the sports betting industry still outpaces esports in terms of current revenue, the latter is rapidly catching up. Together, they present incredible possibilities for the future of both industries.
Sports and eSports betting can be profitable for some people, but it also carries inherent risks like any other form of betting. To increase your chances of profitability, it is important to do your research and have a solid understanding of Sports or eSports games and teams you are betting on.
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