Sports betting is not the only gambling vertical that is on a roll in the United States market. eSports betting is also proving to be a formidable contender for the top spot when it comes to online gambling in the country This also applies to other parts of the world where eSports events have seen a massive surge in popularity.
Competitive video gaming is not a new concept and considering how long it has been around, it is not surprising that betting on the activity is now a big deal. Just like in the case of traditional sports betting, operators and various jurisdictions have taken note of the sector’s potential.
Today, more states have gotten into online betting than ever before. eSports betting is now the next frontier and the interest in the sector is quite impressive. Legal frameworks across many of these states are already being adjusted to allow eSports betting to thrive. One of the most recent developments in this regard is the move by New Jersey to legalize betting on competitive video games. The state’s operators can now accept wagers on several popular eSports markets.
Next up is Connecticut where betting legislation aimed at legalizing eSports betting has been proposed. In addition to making legalizing and regulating eSports betting, Connecticut’s HB 6451 also acknowledges eSports as an official form of sport.
The Revenue Speaks for Itself
While eSports betting is still certainly in its infancy, it is performing very well. Recent reports and market studies estimate that the sector is worth up to a whopping $66 billion. That is, without a doubt, an indication of how fast the sector has matured. It is also a sign that there is more to come for the sector.
According to Grand View Research, a popular market research firm, the massive jump in eSports betting’s popularity can be attributed to the massive demand, especially from the young adult population. It is also a result of all the developments that have been going on in the iGaming industry such as partnerships, sponsorships and acquisitions.
“The key participants are entering into strategic collaborations, partnerships, and mergers & acquisitions to expand their business footprint and survive the highly competitive environment. Moreover, service providers are spending considerably on research & development activities to incorporate new technologies in their offerings and develop advanced products to gain a competitive advantage over other market players,” reads a statement from Grand View Research.
Now with more regulatory efforts being aimed towards the sector, legalized eSports betting is set to grow even bigger than it already is.