2021 was a record-breaking year for the eSports betting industry in terms of new players and growth This is because it was a milestone year where eSports revenue broke the billion-dollar mark. However, despite its growth slowing down in the last 2 years, eSports Betting Industry will Get Bigger in 2023.
According to a report by the iGB, the global eSports industry continues to grow despite global signs of a recession. In addition, other data by sports betting platform companies also show sign to support the report. Overall, gambling experts expect eSports revenues to hit $1.6 billion in 2023 and growing by an annual rate of 14%.
In return, the eSports gambling industry will thrive alongside the eSports growth of 2023. This is because both industries have a symbiotic relationship that rely on each other. Last year, the Global eSports betting market was worth $671.78 million. This year, industry analysts expect to see it increase at the rate of 26.16% CAGR and be worth $2.71 billion by 2028.
Traditionally, the global eSports betting industry primarily comes from North America, Europe and the Asia Pacific region. However, Latin America is becoming a fast growth region which will become more prominent in 2023.
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eSports Betting Industry will be Bigger in 2023 –Growth Trends
The reason as to why analysts are so confident for the eSports Betting Industry growing significantly in 2023 are many. From an increase in eSports investment to the pop-culturization of eSports and live streaming are all part of it.
In fact, Statista expects to see a 10% year-over-year increase in terms of eSports viewers. Furthermore, the biggest eSports growth sector for 2023 will come from China and generate $445.2 million in revenue.
The largest market segment will come from sponsorship and advertising with a market volume of $894.6 million. In addition, a big share of that will come from the sports betting industry. Thus, it will translate into a significant revenue and player increase for bookies and sportsbooks.
According to PriceperPlayer.com analysts, mobile eSports Growth will also be a significant factor for the 2023 eSports growth spurt. Thanks to 5G technology becoming prominent and an increase in smartphone ownership. The use of Blockchain will also become more prominent in 2023. Thus, it open new markets for not only sportsbooks but also for collectible trading and athlete revenue-share agreements.
In the U.S., the Nevada Gaming Control Board (NGCB )is finally becoming more eSports betting friendly. They have been working on changing the rules so sportsbooks can accept eSport Bets without direct approval from the NGCB. As to Europe, a landmark resolution came into effect to promote investment and growth in the gaming and eSport sector.
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