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We all have witnessed the wonders of the esports and the sports betting industry. Within a short span of time, both industries have witnessed massive and incredible growth. In the year 2018, the esports industry had hit a mark of $1.43 billion and in the year 2017, the sports betting industry had reached the number of $104.31. In addition to this, the sports betting industry is expected to grow by $155.49 by the end of 2024. But it doesn’t end here. Another aspect that’s making all the headlines is that of esports betting.
Esports betting is still quite new but it has gained extensive popularity just within a few years. Several sportsbook businesses and sports betting websites are making the shift to render esports betting services to punters. The COVID-19 Pandemic has contributed to the growth of this bankable industry and most prominent online sportsbooks have already introduced esports betting to their platform and have started reaping the profits.
In this article, we’ll be covering everything you need to know about esports betting, esports betting market, its benefits,
how does esports betting works, esports genres, most popular esports games, types of bets, etc. But before we dive in, let’s take a look at the basics.
What is Esports?
Esports is short for Electronic Sports and it’s described as an organized, competitive video gaming in which competitors and teams from around the globe participate to compete with each other to win huge cash prizes. Popular games are played in big arenas and the event is witnessed by millions of fans and gamers. Popular games with a huge fan following such as Fortnite, Overwatch, StartCraft, Dota-2, Rocket League, Call of Duty, Counter-Strike, League of Legends, etc are played and several live streaming apps like Twitch, YouTube Gaming, Vimeo, etc are used for watching the action live.
Esports events are followed and watched by millions of people all around the world. According to Newzoo, approximately 380 million watch esports worldwide out of which, 165 million people are frequent watchers and esports enthusiasts that belong to countries like China, South Korea, and North America.
Now that we know what esports is, let’s understand what is esports betting.
What is Esports Betting and How does Esports Betting Work?
The world of video games is competitive in itself. Players compete to win rewards, prizes, coins, upgrades, etc. And when money gets involved, things get pretty serious.
Esports betting has been one of the most talked-about topics in 2020. And more and more businesses have invested in the industry this year to maximize profits.
Esports betting is almost similar to placing wagers on traditional sports such as football, volleyball, basketball, hockey, horse racing, etc. The odds are provided to the punters and after analyzing them, bettors place bets on the teams they think will win. Punters usually use diverse online sportsbooks for placing bets and since esports is played by players present worldwide, the format of the odds vary.
Scope Of Esports Betting Market
Almost every industry has taken a hit by Covid-19. But there are few industries that have remained unaffected and there are also some that have witnessed immense growth. Esports betting is one industry that has established itself as one of the most lucrative as well as promising industries in the year 2020.
Esports betting market size has also seen a massive amplification. According to marketsandmarkets.com, in the year 2017, the industry was worth around 694.2 million dollars and by the end of the year 2023, the industry is expected to grow by 2, 174.8 million dollars.
The main sources of revenue for esports betting include sponsorships, merchandise, tickets, publisher fees, and advertisements. The increasing awareness about the industry, increasing viewership, and the huge prize pools are also contributing to the growth of this advantageous industry.
Perks of Esports Betting for Sports Betting Businesses
Esports not only appeals to modern punters but also brings several benefits for the sports betting platform owners as well. Below are some of the benefits rendered by esports betting to the sports betting sites.
Esports already has a huge fan base. Millions of people attend live events or watch live streaming and esports betting can effectively boost viewership even more of the games. Punters who bet on sports usually watch the whole event to know the results. Betting on esports can help event organizers skyrocket viewerships as people who will bet on esports will be also interested in watching the event.
More Deals and Sponsorships
Popular esports events not only attract more viewers but also better deals and sponsorships. Sponsors look for events that are popular to invest and offer better deals as marketable events give the sponsors a better opportunity to reach audiences.
Better sponsorship translates to bigger prize money, which means better salaries of players and bigger prizes for winning teams which eventually attracts more viewers.
Several punters prefer betting with cryptocurrencies as these cannot be traced. This enables punters to protect their identity and also helps platform owners maintain security.
Esports comes with diverse games with several stages, various characters and so much more. Esports always have something to offer which hooks the players as well as viewers. This not only enables sports betting platform owners to reach more audiences but also helps them enhance engagement.
Diverse Esports Genres and Games
There are five main genres in esports around which games are designed. Below is a brief description of each genre.
FPS is short for first-person shooter games which include combat games. The most famous FPS games include Counter-Strike Global Offensive, Battlefield, Halo, and Overwatch.
MOBA is short for the multiplayer online battle arena and involves players grouped into teams, who compete against each other to win. Some of the most famous MOBA games include Smite, Arena of Valor, Strife, League of Legends, etc.
Casual games are designed for casual gamers and are easy to understand and play. Players do not need much skills or experience to play and win these games. Some of the most popular games include Hearthstone, Clash Royale, etc.
Fighting games include virtual combat. Some of the most popular games include Mortal Kombat, Streetfighter, Tekken, Dragon Ball Z, etc.
Simulation games are more realistic and emphasize on realism. Games might vary in this genre. Some of the most popular games include Madden NFL 20, FIFA, Superball Mega Baseball 3, NBA 2K20.
Major Esports Tournaments Leagues
Thousands of esports events, tournaments, and leagues take place each year that attract millions of spectators to the stadiums. In the year 2010, 700 esports tournaments took place and today, this number has skyrocketed.
Below are some of the most thrilling as well as exciting tournaments and leagues punters love to bet on.
The Overwatch League
The Overwatch League or OWL takes place from early January and extends till the month of July. The league comprises 12 teams, 250 matches and 4 stages, which makes it an excellent choice for betting. The event is witnessed by international audiences which also brings in great sponsors.
Dota 2 – The International
The Dota-2 world championship is a 10-day long event that takes place every year, typically in the month of August. The tournaments are organized by Valve which is well-known for its huge prize pools. In the tournament that was held in the year 2018, the total prize pool was around $25.5 million. 18 teams from all around the world participate in this tournament.
League Of Legends MSI
League of Legends MSI where MSI is short of mid-season invitational is one of the most prominent League of Legends tournaments. This tournament involves 14 strongest teams that compete with each other. The tournament is known for opening doors to several betting opportunities.
Cs:Go Eleague Major
Counter-Strike is one of the most loved esports around the world. And so is the Counter-Strike Global Offensive world Championship. The championship is organized by Valve and comprises 24 teams that compete with each other in 3 stages in two and a half week-long events. The championship involves the tournament winners, map winners as well as overall match winners which makes Cs:Go esports betting an excellent choice.
League Of Legends World Championship
League of Legends world championship is one of the most-watched championships which makes it ideal for esports betting. League of Legends already has a huge fan following of around 100 million monthly users. The event is organized by Riot games and the tournament lasts around seven weeks. 24 teams compete against each other for the huge prize pools and punters can place bets on events such as the first team to kill Baron, the first team to successfully destroy inhibitors, etc.
Diverse Ways to Bet on Esports
The best part about esports betting is that it gives punters plenty of ways to place bets. Below are some of the diverse ways in which bettors can place wagers.
Esports Real Money Betting
Esports real money betting is almost the same as traditional sports bets. Just like bettors place wagers on traditional sports such as football, basketball, volleyball, soccer, hockey, etc, punters place bets on esports, Money bets are placed after analyzing the odds and punters get paid if their prediction comes true.
Skin betting is extremely popular among esports enthusiasts. Virtual properties such as currencies, gears, weapons, etc are exchanged between players and since these are considered highly valuable by serious and committed players, these can be seen on trading sites or auction websites as well. Several online platforms also allow punters to place wagers and use these properties for gambling, When someone wins the bet, they acquire the property instead of money.
Challenge betting also goes by the name of the head to head betting and gamers compete with one another for skins, money, or virtual properties. The wagers get placed before the start of the contest and conclude at the end of the game. Some of the online platforms provide these services where games can enter by paying the entry fee and challenging each other.
When punters start gambling in their own group which involves friends or family, it’s known as social betting. This can involve either real money or virtual properties.
What Bettors Look for in Esports Websites
There are some key parameters every gamer, every punter looks for in an esports betting platform. Missing even one of these can result in lost business. Below is the complete list of factors bettors consider before opening an account on the esports betting platform.
Getting a secure platform for punters and providing them a safe environment is crucial for every betting business in the industry. Platforms that earn the reputation of being unreliable lose customers quickly whereas trustworthy platforms gain customers through referrals.
The second is reputation. Punters prefer platforms that are reputed and popular. There are several esports betting sites that use marketing methods such as affiliate marketing, content marketing, run social media campaigns, email, and mobile marketing campaigns to boost their brand awareness and recognition.
Coverage of Tournaments and Events
Events and tournaments are the heart and soul of esports betting as these attract massive viewership and also keep gamers and punters engaged. Tournaments and events add to the excitement of gaming and betting and bring more and more audiences to the platform.
Variety of Bets
Rendering several betting options not only gives punters several choices but also allows amateur bettors to explore diverse styles of betting and find the one that suits them.
Bettors read the odds and then place the wagers. Having best-in-class odds on your website helps the punters on the platform predict the outcome better.
Number of Payment Methods Available
Having the most popular payment gateway is not enough. It’s crucial to render diverse as well as flexible payment options to the punters. Bank transfers, debit cards, credit cards, diverse payment gateways, etc are some of the most common payment methods found in the online esports betting platforms. Apart from these, several platforms have also moved to cryptocurrencies for increasing security on the platform.
Winning is an exciting, thrilling, and fun experience, but waiting for withdrawals can be a huge turn-off. Hence it’s vital for esports betting platforms to provide quick withdrawals to punters. Quick settlements boost the engagement of the punters and encourage them to participate more.
Punters prefer platforms that are easy to understand and simple to use. These factors help you not only attract but also retain bettors. Clean design, clutter-free look, and easy navigation are critical features of some of the most successful esport betting platforms on the web.
Bonuses and Rewards
Last but not the least, bonuses and rewards. Bonuses and rewards are a great way of acquiring new customers and maximizing customer retention. Most esports betting sites provide loyalty programs to their customers. Not only these help gamblers get started but also help businesses promote themselves and expand effectively.
Now that we have a clear understanding of esports betting, let’s take a look at the 5 best esports betting sites.
5 Best Esports Betting Sites in 2020
Though almost every sport betting business seems to be moving towards esports betting, there are only a few that sit on the top of the list. Below is the list of 5 best esports betting sites that are providing best-in-class esports betting experience to the users in 2020.
22 Bet belongs to Marikit Holdings Ltd and is one of the most interactive sites on the web for esports betting. The website provides several diverse options to betting as well as gaming communities and various opportunities to place bets. The website attracts customers with its lucrative welcome bonuses. The website offers a 122% matched deposit bonus to get new registrations started and also renders several deposit as well as withdrawal options to the punters that make transactions easy.
Another name on the list is that of GG Bet that is known for its best-in-class esports betting services, competitive odds, variety of games, and free live streaming services. The website is licensed by Malta Gaming Authority, consists of reliable customer support teams, and consists of only reliable payment gateways. The website allows punters to bet on some of the most loved esports such as League of Legends, Dota-2, Counter-Strike, etc, and supports diverse betting markets.
Bet365 has not only made a name for itself in the sports betting industry but is also ruling the esports betting industry. Established in the year 2001 by Dennis Coates, Bet365 today is one of the most reliable, trusted, and prominent betting services providers. Why do punters love Bet365? New customers receive £100 on sign up to get started. The website allows users to bet on popular esports such as Overwatch, Dota-2, FIFA, WOW, Rainbow Six Siege, Hearthstone, PUBG Smite, etc, and also supports several betting formats such as pre-match betting, live betting, etc.
There is no doubt that Mr. Green had humble beginnings, but today, it’s one of the most comprehensive sportsbooks on the web. And to stay ahead, Mr. Green was quick to include esports betting on the platform. The platform gives punters plenty of games to place bets on esports such as StarCraft-2, League of Legends, CS:GO, Dota-2, etc, and also provides special offers that can be used for esports betting. To ensure punters can access the platform, the website has a mobile app and for easy payments, the website provides several options such as Neteller, Skrill, Ideal, Bank transfers, Mastercard, and more.
Betway is another name that has not only ruled the betting industry but is also making headlines in the esports betting. Just like every company on the list, Betway also supports popular games such as CS:GO, League of Legends, Dota-2, StarCraft, and many more and also supports diverse bet types which include outright, correct score, Win/Draw/Win, Handicap, totals, etc. Betway also provides several options for making deposits as well as withdrawals and also provides Android as well as iOS applications for seamless esports betting experience.
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