The esports betting market is continuing to grow at a rapid rate across the globe. According to Esports News UK, the global esports wagering market is expected to reach a value of $3 billion by 2025.
In a recent article on Esports News UK, three factors were identified to be the root cause of growth in the esports betting market. The piece said that massive viewing numbers, increased legitimacy, and global involvement have all made esports betting one of the fastest-growing industries in the world.
“With such a large viewing audience, it was only a matter of time before betting sites got involved. While traditional bookmakers were understandably skeptical about the rise of esports, there has now been a wave of fully licensed esports betting sites that now give people an easy way to bet on massive games like LoL, CS:GO, and Dota 2,” it says on the Esports News UK website. “… There has been the development of regulatory bodies like the Esports Integrity Commission to oversee the standards of competitive gaming… The rise of esports betting has gone hand in hand with the widespread deregulation of online betting all over the world. At the moment online esports betting is legal in a relatively small number of countries like the UK, Germany, Sweden, and so on.”
According to research conducted by Market Study Report, the size of the worldwide esports market ($1.1 billion in 2019) is expected to reach $6.31 billion over the next six years. This represents a compound annual growth rate (CAGR) of 24.4% during that period.