E-sports betting has developed along with the e-sports industry and is mainly used for entertainment and commercial purposes. Participants use cash or virtual currency to participate. As the e-sports industry has received more and more attention, e-sports betting is booming, and many sports betting companies are also actively developing the e-sports betting market.
Consumers have different attitudes in participating in betting, and they are likely to change quickly in order to obtain a better experience; some are with the attitude of supporting idols, some are with the idea of profiting, and some are only participating because of their friends. In addition, for many consumers, e-sports betting is a new thing. They are not very clear about many issues such as how to participate and whether it is legal. Appropriate explanation will help consumers understand how the service works. Advertising, social media and other publicity channels can also help companies quickly reach consumers. All in all, companies should actively seek and meet consumer needs in order to gain a competitive advantage. According to different types of games, e-sports betting industry include four types and LOL covers the largest market with a market share of 38.07% in 2019. E-sports betting is mainly used for entertainment and business purposes. Among them, commercial use occupies a larger market, with a market share of 70.14% in 2019.
The COVID-19 Restricts the Off-line Social Activities Thus Promote the Development of E-Sports Betting Market Development
Europe was the largest revenue market with a market share of 48.93% in 2015 and 48.22% in 2019, a decrease of 0.71%. In 2019, the Asia-Pacific market share was 38.58%, ranking second. Global E-sports Betting industry concentrate rate is high. The top three companies are Flutter Entertainment, William Hill, Betway with the revenue market share of 24.43%, 7.92% and 5.58% in 2019.
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The new coronavirus not only threatens the lives of people all over the world, causing social anxiety and pessimism, but also affects the global industrial chain. Although the negative impact of epidemic on most industries exceeds the positive impact, the esports betting industry has actually benefited from it. With the development of the e-sports industry, there are more and more events, and various betting platforms are beginning to bet on the field of e-sports. Especially during the epidemic period, traditional sports events were suspended, and the suspension of work and school measures of government have caused most people to stay at home, most public places have also been blocked, and online activities have become a source of entertainment for most people. E-sports betting has attracted many participants because it can operate online. The industry is expected to achieve positive growth this year. Due to the rapid development of the Internet, global communications and exchanges have not been greatly affected. Even in the case of an epidemic, people can still participate in activities through consumer electronic devices, and even have more time to participate than usual; because normal work has to be stopped, allowing people to have more time to spend Leisure and entertainment above. Therefore, the COVID-19 outbreak has little impact on the industry. Therefore, its negative impact on the value chain is weak.
The Development of the Internet and Games Will Promote the Development of E-Sports Betting Industry Market, and Government Policies and Possible Negative Impacts from the Industry Will Become Restrictive Factors
In recent years, with the rapid development of games, the development of the e-sports industry has also entered a stage of rapid development. More and more gamers and investors are vying to enter the hot entrepreneurial field, and the market scale is rising rapidly. It is understood that the State Sports General Administration of China issued the (Notice on Holding the 2018 National E-Sports Open), which listed games such as (League of Legends), (StarCraft 2) and (Hearthstone) as official competition items. Esports is no longer only a private entertainment activity between friends. The event is becoming an industry involving game developers, professional players, e-sports player agents, game anchors and many other stakeholders. The rapid growth of the e-sports industry is an important driving force for the development of e-sports betting. In the Internet age, companies can establish online platforms to gather more participants without being restricted by space, which also facilitates the participation of friends who are not in the same area at the same time, thereby increasing the fun of betting. Online platforms can usually accommodate many game options at the same time to attract players with different hobbies, thereby expanding the target customer base for the company. For example, EGB provides users with more than 10 most popular games in the world. In addition, with the development of science and technology, technologies such as virtual reality, augmented reality and mixed reality can enhance and enrich the participation experience of user, thereby promoting user initiative and loyalty. Therefore, the convenience, interactivity and other advantages provided by the Internet and technology enable the esports betting industry to develop better.
Since an important part of the e-sports audience is still young, most governments are skeptical of the morality of this market. Even in the United States, where cultural exchanges are relatively open, e-sports betting in the United States is illegal until May 2018. The bill prohibits all states except five states from allowing gambling in sports events. There is a delay in government supervision relative to the development of the industry, but with the development of the industry, the possibility of rapid followup cannot be ruled out. Once the regulation becomes stricter, such as improving the compliance of operators, profit margins may be compressed, thus restricting the development of the industry. With the development of e-sports, the e-sports betting industry will become more and more complex. Taking into account the negative social effects it may cause (for example, the black market, under-age participation), there may be a series of changes in policy.
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