Esports Betting Market
While you are probably already well aware of just how popular online betting has become over the last 20 years or so, some aspects of it might not be as clear as others. One area of the betting marketplace that has exploded in popularity over the last five years or so has been esports betting. In this article, we’ll tell you all about the esports betting market and its recent growth. The esports betting industry is now a significant and growing part of the gambling marketplace.
You will also discover that the term esports betting market has another meaning, though. It is a term that is used in gambling frequently and you need to know what it means before you can begin betting with confidence.
What is Esports?
Before we go any further, it is a good idea to tell you exactly what we mean by esports. Esports is competitive video gaming, where teams and players take each other in matches and tournaments. Fans can watch the matches via streaming platforms like Twitch and YouTube, or in the actual venues where the matches
What is the Current Esports Betting Market Like?
A snapshot of the way that the esports betting market has grown in recent years can be seen by the fact that gross gaming revenues (GGR) generated by esports betting across the world were expected to grow from $343 million in 2020 to $862 million by 2024. That latter figure, taken from data provided by H2 Gambling Capital, would put esports into the top five sports for betting in the world. The esports betting market size is therefore pretty significant.
That figure is equivalent to a 3.2% share of global sports betting GGR, if you take out horse and greyhound racing. In May 2020, GGR for esports came close to the £4.6 million mark ($6 million). Around 40.7% of the sector’s GGR is generated in Europe, where it is estimated that 16% of the esports fans in the world live. This is due to the more liberal laws around online sports betting in Europe when compared to those in the USA. The USA is estimated to have around 12% of the world’s esports fans but generates just 11.8% of the sector’s GGR.
Is Betting on Esports Legal?
It is legal to bet on esports wherever online sports betting is legal, so you need to be aware of the local laws that apply to betting in the country in which you live. If you are resident in the UK then you can bet on esports in the same way that you would bet on more conventional sports like football or rugby league.
If you are resident in the USA then betting laws tend to vary quite considerably from state to state. The situation in Canada is also a little confused, but most Canadians can safely bet online at sites that are based outside of Canada. We would always advise checking your local laws before you place any wagers on an esports betting market
Where Can I Bet on Esports?
If you’ve been wondering what is an esport market then you’re probably also wondering where you can bet on esports. The answer is that the growth of the esports betting market means you have an ever-increasing range of options. Mainstream bookmakers like Betway and Bet365 are now taking esports very seriously and providing punters with plenty of markets for esports games like CSGO, Dota 2, and NBA 2K.
There is also a growing number of esports specialist bookmakers out there that you can use to wager on games like CSGO, Valorant, and Dota 2, among others. GG.bet and Unikrn are well worth considering. It can also be a good idea to explore what Pinnacle can offer as another possible option.
How does Betting Influence the Esports Market?
As with other mainstream sports, the betting industry is beginning to play a significant role in shaping the esports scene. It is now becoming more common to see betting operators sponsor teams or competitions. One example of this is the fact that Betway has a number of partnerships with esports teams in place, the most prominent being their sponsorship of the Ninjas in Pyjamas team.
These sponsorships can help to boost the profile of teams and esports more generally. Bookmakers are also increasingly beginning to make their presence felt by contributing to prize pools too. What is becoming clearer as time goes on is that betting industry operators are identifying the esports betting market as a real place of opportunity. We would expect to see this relationship progress in the coming years, especially if COVID-19 restrictions remain in place for audiences for conventional sports.
What does ‘Esports Betting Market’ Mean?
So far, we have dealt with the esports betting market in an industry context, showing that esports has become a hugely popular part of the contemporary online betting scene. If you are beginning your adventures in esports betting, though, you might not know that the term esports betting market also has another meaning. We’ll look at that next for you.
What is a betting market?
As you explore the betting world more you are bound to come across the term ‘betting market’. Although it might confuse you at first, in fact it is a concept that is easy to understand. When someone refers to a betting market they mean a specific type of bet to which odds have been given. So an esports betting market might be something as simple as ‘Ninjas in Pyjamas to win’, or ‘Natus Vincere to win at least two maps’. It is literally the bet that you are going to place.
Types of esports betting market
There are a number of different types of esports bets that you can place. While there is some variation given that different esports games offers players and teams different challenges to meet that are specific to the games, the broad types of betting market that you will see are common to almost all esports. If you already have some experience of normal sports betting then you will already be familiar with some of them.
Outrights are a very simple form of betting market where you attempt to predict which team or player will win a league or tournament. It is just like betting on which team will win the Premier League or the World Series at the beginning of a season.
This is another very simple type of esports betting market that will be familiar to anyone who has done any other kind of sports betting. With this type of betting market, you are simply attempting to predict which team or player will win an individual match, just as you would in soccer, tennis, or ice hockey.
Handicap betting markets
Handicap betting is where the bookie sets odds based on how many points they think a team will win or lose by. So you might see FaZe Clan given a handicap of +2.5 maps in a CSGO match against Team Liquid, whose handicap is -2.5. This means that you will win your bet if FaZe Clan wins by more than 2.5 maps. If you bet on Team Liquid then they can lose and you will still win your bet, but they need to lose by less than 2.5 maps.
Bet on the number of kills or maps won
You might also see esports betting markets offered on events like the number of maps a team will win or the number of kills that a player will make in a match. To be successful in this type of esports betting market requires good knowledge about the ability of individual players and teams.
Live betting markets, sometimes called in-play betting markets, are markets where you are placing bets on events in a match while it is actually taking place. This form of betting is well suited to esports, but you do need to be watching a live stream of a match to do it. It is fast-moving and requires excellent esports knowledge, so we recommend that novices steer clear until they have gained some experience on conventional betting markets.
The esports betting market is growing in size all the time and has become a significant presence in the general sports betting market. It is now possible to find a great choice of esports betting markets at many bookies, and the range of esports games on which markets are offered is increasing all the time.
Esports Betting Market FAQs
An esports betting market is, to all intents and purposes, a bet that you can place on esports. The term ‘betting market’ essentially is another way of referring to a specific bet. So you might see a betting market for Astralis to beat Godsent with a price, or odds, of 3/1.
A betting market is a specific bet, for which odds have been awarded. You will find esports betting markets for things like which team will win a tournament outright, which team will win a match, or which team will record the most kills during a match. The odds on a betting market reflect the probability of something happening as well as what you stand to win if your bet is successful.