Esports betting has been gaining traction in recent years, and it is poised to become the next big thing in the world of online gaming. The rising popularity of esports competitions, combined with the increasing availability of online gambling platforms, is driving the growth of the esports betting industry.
Esports, known as electronic sports, is a type of competitive video gaming in which professional players and teams compete in various games. Tournaments and leagues have been around for decades, but only recently they started to attract a wider audience. In fact, some of the biggest esports events have drawn millions of viewers across the globe, with some even surpassing traditional sports events in viewership.
With its rising popularity, it is expected to become the next big revelation of online gaming. As competition heats up in the esports betting market, we can expect to see more innovative products and services catering to players’ and operators’ needs alike.
Offers Guaranteed Data Integrity
The rapid growth of esports betting has relied heavily on the understanding that access to information is crucial for success in the gambling industry. Bookmakers require the outcome of an in-play bet to be transmitted to them instantaneously, as any lag between the event and the market could lead to devastating financial losses.
Spectators attending live sporting events exploit this information gap through a practice called courtsiding, where they witness an event unfolding in real time and immediately bet on it before the bookmaker receives the result. This enables them to game the system and cheat the bookmaker.
While the manual nature of traditional sports betting makes it impossible to eliminate such delays entirely, Esports betting’s digital nature and instantaneity mean that those placing bets can be assured of up-to-the-moment, accurate information and avoid such delays. Luckily, with esports betting software from BetConstruct, businesses and users can receive official data instantaneously through data extraction that’s automated and unique distribution technology.
Delivers Highly Accurate Odds in Real Time
Esports, heavily reliant on technology and generating massive quantities of data, can greatly benefit from machine learning. There are two significant advantages to this.
- Firstly, the more esports tournaments that occur, the more precisely bookmakers can price the pre-game odds in the future.
- Secondly, algorithms built into the system can readily update in-play odds by the millisecond as events unfold.
Many characteristics that can be considered while running the algorithm, such as player health, need tracking and quantifying in traditional sports. However, this unique ability opens up new horizons for esports bookmakers to build an incredibly accurate picture of future outcomes.
Machine learning is a crucial driving force behind the growing appeal of esports betting, resulting in a significant rise in the industry’s international revenue.
Allows for Advanced In-Play Betting
Unlike traditional sports, in-play betting for esports can reach a more complex level without becoming difficult for bookmakers to track and report outcomes. This is because bookmakers have instant access to all game-related data, making it easier for them to offer diverse in-play bets with minimum effort.
In-traditional sports, there are few other aspects, apart from the team’s win, that one can bet on that makes sense. Therefore, the simplicity of traditional sports and the complexity of esports gaming have made the latter a preferred choice for gamblers worldwide.
Because of the massive audience of more than 500 million people and prize money in the millions, esports betting is an ever-evolving space expected to grow exponentially.
Provides New Data-Driven Customer Experiences
The emergence of game-related data has opened up many opportunities for data-driven customer betting experiences. One such possibility is the use of visualizations to augment the betting experience. For example, informational widgets enable gamblers to track the game at a granular level, while map schematics provide real-time movements of players on a virtual map.
However, prediction trackers are the most meaningful visualizations for betting purposes. Leveraging machine-learning models, these trackers predict certain real-time outcomes, providing gamblers valuable insights.
Additionally, comparison graphs offer at-a-glance comparisons between different teams, equipping gamblers with the necessary information to make informed betting decisions. With these data-driven visualizations, the betting experience is no longer just a game of chance but rather one of informed decision-making.
Will the Rise of Sports Betting Continue?
After a popularity surge during the COVID-19 pandemic, the future of Esports betting looks bright. With the esports industry projected to grow rapidly, – a global audience of over 700 million in 2023 is not an easy feat -, the profitability of esports betting is expected to follow suit.
As technology advances, so too does the level of immersion available to players and spectators, making the esports experience increasingly akin to traditional sports. But, while regulatory framework remains a challenge for some regions worldwide, the global trend towards esports legalization indicates a positive future.
In conclusion, the esports betting industry shows no sign of slowing down and is set to be a key player in the global sports betting market.
Source: https://esportsjunkie.com/news/why-esports-betting-is-the-next-big-thing-in-2023-and-beyond
