In recent years, we have seen an exponential surge in the world of esports as it breaks through technological barriers to emerge as a popular and vibrant form of entertainment. With this advent has come a flood of opportunities for online betting, particularly through the use of cryptocurrency. Betting markets for esports have cropped up at an impressive pace, fuelled by the growing popularity of cryptocurrencies such as Bitcoin. This combination of modern trends, casinos, and players’ love for games is shaping a paradigm shift in the online gambling industry.
Esports, or competitive video gaming, has seen a dramatic rise in popularity over the last decade. Stadiums are now being filled with thousands of fans willing to watch professional gamers battle it out live. This intensity has made esports an appealing platform for betting, and with many traditional sports currently sidelined due to the global pandemic, even more attention is being diverted towards esports.
###Soaring popularity of Esports Betting
Esports betting has soared in popularity due to its intrinsically digital nature, making it a perfect fit for many young gamblers who are increasingly comfortable with online betting platforms. These platforms are technologically advanced and use sophisticated algorithms and technologies to ensure fair game-play and greater user experience.
Several sources report that esports betting reached an estimated $14 billion in 2020, and looking at the current trends, this number is set to increase exponentially in the coming years. *1
###Enter Cryptocurrency
The rapid expansion of esports betting happens to coincide closely with the rise of another contemporary trend – cryptocurrency, particularly Bitcoin. Largely anonymous, secure, and universal, cryptocurrencies have become intertwined with online gambling and particularly esports betting.
Cryptocurrency does not suffer from the same volatility and security issues that traditional online payment methods do. Utilizing blockchain technology, cryptocurrency can safely and rapidly conduct transactions across oceans and continents. As a result, it’s becoming an increasingly preferred mode of transaction for online gamblers.
###Crypto-driven Platforms Reimagining Esports Betting
Numerous betting platforms now accept cryptocurrencies providing bettors with a secure betting environment and quick payouts. These platforms have engineered an ecosystem where cryptocurrency and esports betting seamlessly coexist.
Platforms such as Bitcasino.io, Cloudbet, and Sportsbet.io have taken the lead in this niche area by accepting Bitcoin and other cryptocurrencies for esports betting. Players can place bets in games like Counter Strike: Global Offensive, League of Legends, Dota 2, and many other popular esports events.
What separates these platforms from traditional betting sites is the use of blockchain technology. Blockchain ensures transparency, security, and fair results, making it particularly attractive for bettors.
###Regulations and Future Trends
While the growth has been staggering, the rise of the cryptocurrency betting market for esports has not been without regulatory scrutiny. Some regions, especially in Asia, have strict bans on online gambling, and in regions where it is legal, updated regulations are still catching up with these novel activities. Though this creates some obstacles for the industry, it doesn’t seem to be slowing down the growth of esports betting through cryptocurrencies.
In conclusion, the fusion of the digital and physical worlds is catalyzing a revolution in online gambling. The rise of esports betting through cryptocurrency could potentially reimagine the online betting landscape, where decentralized currency and online video games may become mainstream. Until then, the trend continues to surge, carving out its niche in the vast betting market.
Sources
1. Juniper Research: Online Gambling: Casinos, eSports Betting & Lotteries 2020-2021 https://www.juniperresearch.com/new-trending/analyst-xpress-blog/online-gambling-market-to-reach-usd1-trillion-by-2022/51950
2. Bitcasino.io: The future of betting https://bitcasino.io/blog/promotions/the-future-of-sports-betting
3. Blockchain Council https://www.blockchain-council.org/blockchain/the-role-of-blockchain-in-online-gambling/
4. Cloudbet Esports Betting https://www.cloudbet.com/en/blog/esports/14900-esports-betting-a-beginner-s-guide
5. Sportsbet.io: Betting with cryptocurrency https://sportsbet.io/casino/crypto-
