How strong are sports betting in Canada? The industry is growing and is expected to be worth $1.5 – $2.4 billion by the end of this year. Globally, sports betting and lottery make roughly US$218 billion. In Canada, sports betting was legalized as early as 1985, which paved the way for healthy growth in the years that followed.
Esports betting progressed even further with the popularity of blockchain technology. The development elevated industry practices and improved player rewards, bonuses, and more. In eSports, blockchain games feature play-to-earn, move-to-earn, or free-to-play-to-earn modalities. The industry is projected to grow even more robust by combining esports and gambling with better security features and economic models. Online sites like lucky7bonus canada offer a variety of esports betting options and bonuses, ensuring players can easily find the best offers to maximize their winnings.
What is esports?
Professional esports began in the early 2000s as a competition between professional gamers, individually or in teams. Since then, it has inspired new technology and business innovations. In 2022, the esports audience ballooned to 532 million people worldwide. Statista says the industry is projected to reach 640 million viewers by 2025 and earn as much as $1.87 billion.
There are several reasons why esports and online gambling continue to capture the hearts of a wide audience. These include:
Video games are entertaining. People can play for hours and not feel tired or the least bit bored. This is one of the reasons why gaming quickly became a popular form of esports. Like basketball games or boxing matches, it entails skill, expertise, strategy and talent. The betting part almost came naturally and effortlessly because the audience naturally favoured a particular player or team. With technological improvements, the esports betting industry has become even more sophisticated.
Variety of Betting Options
Esports betting provides a variety of options for gamblers. There are standard bets such as who will win, what team is favoured to win, how many points or kills each team can achieve in a match and so on. Aside from these, players can also wager on specific in-match events. This means that they can bet on a game’s “health meter” or the number of lives left for each team at any given time.
Accessibility and Convenience
One of the best things about esports betting is its online component. This means that gamers can place bets from anywhere around the world. They no longer need to be in a physical location or even have access to a computer, as most games are available on mobile phones. This makes it easier for people to join and participate in tournaments without leaving their homes.
Compared to traditional sports, esports offers even greater opportunities for socializing in person Online games allow people from different parts of the world to meet, play and connect with each other. In virtual arenas, players can form true friendships while playing esports games that are team-oriented, requiring teamwork and communication for success. In the competitive gaming world, these skills are highly valued and essential.
A Sense of Belonging
Over the past few years, video games have gained significant popularity and become increasingly prevalent, even though sports like football and basketball have always been deeply ingrained in people’s interests. Esports has become as big as traditional sports, with a fandom culture similar to that of sports. Fan clubs and news sites exist, and people can buy merchandise from esports teams and games. The growth of esports has resulted in the formation of a passionate community and exponential growth in the industry.
How esports transforms the gaming industry
The growth of esports has naturally influenced the online gaming industry as a whole.
For one, game designers and developers are creating more esports-oriented games. They are also quick to make fixes and adjustments to the design to make it more interesting and engaging to players. The games are designed such that teams or groups can play against one another, with or without monetary bets.
For players, esports and gambling have opened up multiple revenue streams. Aside from cash prizes during tournaments and live gaming events, some shares from the betting pool, players can also earn from crypto and NFT elements.
Moreover, the industry is also seeing a huge influx of sponsors from different industries. Aside from tech companies, you can now find automotive, sportswear and lifestyle brands queuing up to get on board with esports teams. This creates more job opportunities for people in the gaming industry as well as related fields such as marketing and creative design.
The intersection of esports and gambling has opened numerous opportunities for players to earn money and have fun. It has also created a safe, secure, and legal platform for people to bet on their favorite teams or players without fear of repercussions.
With the increasing popularity of eSports, gambling companies are now looking into how they can collaborate with esports organizations and players to create even more exciting and unique experiences for their customers. There is no doubt that the esports and gaming industries are on the rise, and with them, too, is the potential for more innovative betting opportunities.