Esports and sports betting are two industries that have grown tremendously in recent years.
The former, once a niche activity that only appealed to a small segment of the world, is now a mainstream industry in its own right. Meanwhile, the latter continues to grow in popularity and profitability.
However, despite their similarities, the two sectors are distinct entities. So, which of them is worth more in today’s monetary perspective? Is it likely that the situation will remain the same in the future? Read on to find out the answers to these questions and more.
Big money in sports betting
Since the UK became the global leader in online sports betting following the introduction of the Gambling Act in 2005, the industry has never looked back. The UK may have pioneered the practice and continues to be an international pacesetter, but the rest of the world (including the US) is catching up.
Americans’ acceptance of online sports betting means the industry is expected to be worth a staggering $8 billion to the U.S. economy by 2025. For context, the market was worth $833 million in 2019, which shows how quickly it’s taking off. Globally, its revenue is even more jaw-dropping, with a market estimated at $218.5 billion in 2021.
A Rising Industry
How does esports stack up against these impressive numbers? Well, for an industry that’s still in its infancy, it’s no surprise that esports can’t post astronomical numbers like sports betting. Still, Business Insider reports that its viewership is expected to grow 9 percent year-over-year by 2023, when its total value will exceed $1.5 billion. This is an amount not to be underestimated.
At the same time, increased industry awareness and the technological capabilities involved in gameplay mean that esports will continue its meteoric rise for the foreseeable future. Virtual reality (VR) and augmented reality (AR) technologies, which have transformed the live casino experience, are revolutionizing the way people play and watch games online, fueling even greater future growth in the industry.
A match made in heaven?
While it might be interesting to compare the various merits and balance sheets of the sports betting and esports industries individually, the real potential may lie in the combination of the two. In fact, with more and more ways to watch esports online becoming available every day, it may be inevitable that esports will grow in popularity among the betting community.
It can even be said that this method of changing the guard is already in progress. Many online bookmakers and casino sites already offer a whole bunch of esports markets for you to bet on, and as esports becomes more mainstream, the amounts involved are likely to continue to grow.
The sports betting industry still beats the esports industry in terms of current revenues — but the latter is quickly catching up. At the same time, the combination of the two could represent incredible possibilities for the future of these two industries.
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