Online gaming platforms have opened up the ability to play with people all around the world, expanding the audience of video games to a much wider market. With the increasing popularity of esports, the gaming industry is booming, and more people have access to video games than ever before.
Interest in eSports keeps on growing on a global scale. Shortly after the appearance of video games in which players pit their wits against each other, the idea of betting on who will emerge victorious started to loom.
Currently, eSports betting is one of the hottest trends among people who love video games and gambling at the same time. It is not only the fan base that increases… in 2019 news agencies reported that the eSports betting industry was worth more than $1 billion.
Industry insiders, at that time, believed that the eSports revenues might exceed $2 billion within three years. Actually, they were way off base. A report from Market Insight Reports said that the global eSports Betting market size is expected to gain market growth in the forecast period of 2020 to 2025, with a CAGR of 13.1%% in the forecast period of 2020 to 2025 and will expected to reach USD 13.05 billion by 2025, from USD 7983.2 million in 2019. According to SportingPedia, the eSports betting industry keeps on growing exponentially.
Currently, competitive video gaming is among the most preferred pastimes all over the world. The fan base also keeps on increasing. In 2018, a survey revealed that the frequent eSports viewers are over 170 million and the occasional viewers are 222 million. In 2020, it was reported that these figures significantly increased. Up until now, the frequent viewers are approximately 220 million and the occasional viewers are over 270 million.
The report said: “Even though the sports betting industry witnessed a significant slowdown due to the Covid-19 pandemic that led to the cancelation of many sports events, the eSports market continued its rapid global growth.
According to a recent report released by the UK Gambling Commission, the eSports industry marked an incredible year-on-year growth of 2992%.
The SportingPedia article continued: “Industry insiders believe that the future will open new horizons for the eSports industry development. New games with better quality will appear on the scene to cater to the constantly growing demand for new more engaging games. Some experts even consider that artificial intelligence will also find its place in eSports.
In addition to that, more jurisdictions will regulate the eSports betting market. Recognizing the big potential of the eSports industry, a growing number of casinos started to accept wagers for eSports competitions. In 2018, Luxor Casino made the headlines after it was announced that the casino is ready to open the first purpose-built eSports arena on the Las Vegas Strip. We expect that this trend will continue and other land-based casinos will build such an arena.”
The agreement grants Esports Technologies an exclusive license for the majority of Colossus’ extensive cash-out patent portfolio for esports applications, enabling Esports Technologies to improve its cash-out user experience across all of its products thanks to Colossus’ leg-by-leg cash-out options.
Bart Barden, Esports Technologies Chief Operating Officer, said, “We believe our alliance with Colossus will herald the arrival of industry-leading cash-out technology, both in free-to-play and real money formats in one platform, helping us grow to become a broader ‘best in class’ esports offering.
The exclusive patent license bolsters our offerings with strong IP protection and customization, resulting in a potent package that spans across data, technology and product, particularly in the context of our North American Business-to-Business ambitions. We look forward to our continuing partnership with Colossus to provide our customers with the best possible experiences on our platforms.”
Eva Karagianni-Goel, Colossus Chief Operating Officer, said, “We are excited to join forces with Esports Technologies to unlock the value of our patents for esports audiences. Their IP-led approach mirrors ours and presents us with an exciting opportunity to marry our know-how with what is probably the most forward-looking content area, esports. By marrying our two technologies we believe we are able to create truly best-in-class experiences for bettors, and we look forward to our continued partnership.”