The recent advancements in mobile technology, internet connections, and time spent indoors due to the lockdowns introduced fans and players to the joy of esports. We look at an industry growth report and its knock-on effect on esports betting.
An interesting report by leading market research and consulting firm Cognitive Market Research has reviewed the recent growth in the esports sector, along with device usage stats, regional engagement, the development of cloud gaming services and even mainstream brand engagement with the gaming sector to extrapolate its potential over the next seven years.
Join us as we delve into this in-depth report to highlight some of the critical factors that could see competitive gaming and the esports betting sector triple in size in less than a decade!
What is the Current Esports Benchmark?
According to the study, the global esports sector is worth approximately $1.4 billion, which means that in order to reach the projected $4.47 billion valuation, it needs to grow by 17.8% year on year from 2023 to 2030.
The company presented the following 2022 baseline stats:
The significant finding of the market as it currently stands was reported as follows:
According to a global report by Market Growth Reports, the esports betting sector is expected to grow by an estimated 10.6% annually. With both segments forecast to show incredible growth over the next seven years, they are set to become marketing leaders in their respective fields.
An Overview of 2030 Revenue Projections
While it is impressive to imagine the esports sector reaching a $4.47 billion valuation by 2030, there are several adjacent sectors that will be growing alongside it. The report provided several insightful projections by delving into these other markets:
Overall, the annual revenue figures for these various market segments all show a year-on-year increase that ranges from 9.2% up to 19.7%.
Who Are the Biggest Regional Contributors?
Interestingly it is not North America which rules the roost in terms of driving the advancements of esports. The Market Growth Reports study highlighted the importance of the Asia Pacific region, which currently accounts for nearly 32% of the global participants and audience for esports events.
The top three esports markets are:
It was interesting to note that these are also three regions with some of the world's highest internet penetration and mobile device usage.
Online gambling is also gaining ground, specifically in North America and Europe, which will see these teams pick up increased investment and gain a wider audience as fans are able to stake their preferred teams and share in the highs and lows of wins and losses during esports competitions.
Prominent Video Game Developers in the Esports Sector
Much like with online casinos, the esports sector's success requires investment and game developers' support. While we are yet to see casino game developers launch esports titles, here are the biggest names in gaming who provide competitive titles:
The Savvy Gaming Group get an honourable mention in this section as a future big player. The company agreed to purchase the ESL Gaming division of the Modern Times Group for a staggering $1.05 billion.
Leading Esports Betting Software and Platform Providers
MarketWatch reviewed some of the biggest iGaming names in esports growth and development. Here are five of the most recognisable developers on this list:
These gambling software and betting platform providers are also often at the forefront of promoting licensing and regulation, which is excellent for the legitimacy and widespread adoption of esports-related gambling.
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