Is it plausible for competitive video gaming (esports) to overtake conventional sports betting in terms of popularity and profit?

In the rapidly evolving world of entertainment, esports is making a significant impact, with its fanbase expanding at an impressive rate. According to the latest Newzoo Global Esports Market Report, the industry has been growing in popularity with more than 20% year-to-year growth.

The compound annual growth rate (2018-2023) of esports enthusiasts stands at an impressive +11.3%. This growth is not just a temporary spike but seems to be more than an emergency solution, as the numbers are starting to back it up.

Adults aged 18-25 are much more likely to follow Esports rather than regular sports, with the Esports fanbase having an average age of 27, significantly younger than the average age of traditional sports fans (47). This younger demographic is driving the rapid growth of esports, as well as the increasing popularity of competitive gaming.

The rise of CSGO gambling is a prominent trend within the Esports industry. Many Esports enthusiasts engage in activities such as skin betting and wagering on competitive matches. The average bet size in esports betting ranges between 20€ and 30€.

Until a few years ago, there weren't many options available in terms of offered betting markets for esports. However, due to the pandemic, esports fans now enjoy a wider coverage of esports titles, more betting markets, and almost 90% live uptime. This improved visibility and global popularity have caught the attention of bookmakers, who are viewing Esports as a valuable asset.

The growth in esports betting is sustained even though traditional sports events have come back since the pandemic. Industry experts and market analysts foresee that esports betting could surpass traditional sports betting revenue in the coming years. Although specific predictive quotes or individual names are not provided, the consensus is clear: esports betting is poised for significant growth.

The unusual circumstances created by the pandemic provided an opportunity for esports to reach a new audience. The live betting uptime for esports was around 20-30%, a significant improvement from a few years ago. By 2023, esports enthusiasts are expected to increase to 295.4 million, further solidifying the industry's position in the entertainment landscape.

Bookmakers are not the only ones taking notice of the esports boom. With over 40,000 events on 15 titles now available for betting, it's clear that the esports industry is maturing and becoming a mainstream form of entertainment. As the industry continues to grow, it's an exciting time to be a part of the esports community.

Is it plausible for competitive video gaming (esports) to overtake conventional sports betting in terms of popularity and profit?