The global esports betting market was valued at $2.2 billion by the end of 2023 and it’s expected to reach $3.2 billion in size by 2027. This competitive betting segment has gained popularity in recent years, driven by the rapid growth of the esports market as a whole. As such, many online sports betting sites have started giving esports betting options to their players to cater to the growing demand.
One of the main factors driving this exponential growth in the esports’ betting market is the growing number of esports events and tournaments that offer enough betting opportunities. The increasing number of esports leagues has also contributed to the market growth. Major esports tournaments like Dota2’s The International and League of Legends Championship attract millions of fans and generate substantial betting activity.
The increasing popularity of esports among youths has also played a key role in the expansion of this betting market. With the youths’ growing interest in competitive gaming and online gambling with sites like Betway sports betting South Africa, esports betting has risen as an attractive avenue for these fans to engage with their favorite games and potentially earn some money.
Here are several other trends shaping the future of the esports betting market in 2024.
Esports Betting Trends 2024
1. Diversification of esports games
The diversity of esports matches available in online bookmakers like Betway is growing rapidly and 2024 is expected to bring a broader range of games in the betting landscape. Current staples like Dota 2, League of Legends, and CS: GO will continue dominating the market, but fans can expect to see new genres gaining traction. As such, fans can expect to see more betting opportunities from new games like Apex Legends, Rocket League, and FIFA.
2. In-play betting innovation
Live betting has gained immense popularity in the esports betting market, but 2024 will bring further innovations in this scene. Esports fans crave real-time engagement and online betting platforms that respond by delivering a more dynamic live betting experience. That includes prop bets tied to specific in-game challenges and events.
3. The rise of esports betting analysis sites
The complexity of esports titles and the volume of data generated in matches present a major challenge for online bettors. In response, esports betting analysis sites will continue emerging in 2024. These online platforms will leverage emerging technologies like machine learning and artificial intelligence to give bettors comprehensive insights, trend analysis, and player statistics. That empowers them to make informed esports betting decisions.
4. Enhanced fan engagement
Esports betting sites are now recognizing the importance of fan engagement and you can expect more enhanced features to cater for that in 2024. That might include virtual goods betting, gamified elements, and interactive experiences that take fans close to the gaming action. The main goal is to deliver a more entertaining and immersive betting experience that resonates with esports’ unique culture.
Esports betting has risen as a lucrative multi-billion-dollar industry and it’s expected to experience huge growth in 2024. This growth is driven by factors like the growing number of esports tournaments, technological advancements, and the market’s popularity among youths. The industry is also expected to keep growing in the coming years, powered by the trends we have discussed above.