The Future of Sports Betting: Esports, Gamification, Inflation
There is a bright future ahead for sports betting in the majority of the world's legalized markets. Even though COVID-19 caused a global slowdown, the iGaming industry has made a lot of progress in the past year, both in terms of market growth and new laws that make it easier for industries that were not regulated before to make progress. Millions of people join the betting community every year, and the revenue increases by the same number.
Because of changes in technology, the sports betting market is also going through big changes. That means the rate at which new technologies emerge will accelerate. Bets are placed differently now that companies can use artificial intelligence, machine learning, and data analytics. Read our article that follows to learn more about the bright future that lies ahead for the iGaming business.
The Inevitable Growth of Esports Betting
Players are stepping into the future due to Esports. The Esports market has expanded phenomenally since the middle of the 2010s. The number of regular video game players around the world has grown as technology has made games easier to play and more fun. As the popularity of Esports continues to rise, there has been a growing interest in making bets on these events. In response to this demand, the need for specialized Esports betting software to create websites for betting has become essential. Fortunately, Uplatform is here to meet this need, providing access to over 300 betting markets, 60+ Esports games, and 9500 pre-match and live events. It's clear that the audience for Esports is only going to continue to expand, with projections showing that by 2024, about 577 million people around the world will be watching these events. With Uplatform's comprehensive offerings, betting enthusiasts can stay up-to-date on the latest games and events, and enjoy the thrill of placing bets on their favorite Esports teams and players.
As "bet on yourself" platforms become more popular and Esports gaming becomes more accessible, the types of people who bet on Esports are slowly changing. Today, people from all walks of life and all levels of skill gamble openly and think of it as a normal thing to do. The core demographic is shifting, and so is the worldwide future of an Esports betting provider. At the moment, it is believed that between 75% and 80% of Esports bets are made by those aged 23 to 25. Estimates show that between 95% and 98% of the people who bet on Esports are men. The numbers are expected to drastically shift, though, with women making about 15% of the total Esports betting population by 2024, according to projections.
Changes are also occurring on a global scale. In 2021, Esports betting and betting industries in general in Latin America and the Caribbean (LATAM) grew by a huge 20%, putting them ahead of Asia and Europe as the world's leaders in the industry. In 2022, the state of New Jersey gave the Esports Entertainment Group a groundbreaking betting license. This started an Esports betting revolution that, in theory, will eventually lead to less strict rules across North America.
Multiplayer video game franchises are the lifeblood of Esports betting. There's a long list of games that fit the bill as "Esports titles," but "The Big Three"— “Counter-Strike: Global Offensive”, "Dota 2," and "League of Legends"—hold sway. A rough breakdown of market share is as follows, as reported by Uplatform:
- 44% of wagers are on Counter-Strike: Global Offensive
- 31% of wagers are on Dota 2
- 16% of wagers on League of Legends
- Bets on everything else make up the remaining 9%
While there is little chance of a shakeup in this industry any time soon, new entrants appear frequently. In the past few years, games like Call of Duty, Overwatch, Valorant, Fortnite, which are included in our Esports offering, as well as PlayerUnknown's Battlegrounds that has been popular for betting on Esports. But even within these games, changes are occurring, and some of these developments have been ongoing for years.
Next-Generation Gameplay: The Path to Gamification
In 2010, digital games made $25 billion, and their success is often cited as a reason why gamification is being used in so many online activities. In recent years, the word "gamification" has come to mean interactive online design that appeals to people's competitive natures by using rewards to get users to act. These rewards can take the form of both monetary and nonmonetary incentives, such as points, payments, badges, discounts, and "free" gifts, as well as status indicators like friend counts, retweets, leader boards, tournaments, achievement data, progress bars, the ability to "level up”. All of these features can be added via platform solution.
Platform is a turnkey solution that provides all the necessary tools and services, eliminating the need for separate contacts with providers and payment systems. Uplatform, sportsbook platform provider, offers all-in-one, ready-to-go, feature-rich, multilingual, multi-device software that is tailored to operators’ needs and markets’ requirements. We provide a comprehensive bonus system designed to increase player conversions and retention, as well as boost loyalty and cut costs and risks. Our system includes various promotional types, such as bonuses and tournaments, which feature highly flexible settings for precise targeting. All our offers are supported by leading providers and have been carefully analyzed for their popularity and potential risks. With Uplatform, you'll have access to a flexible, multi-currency, and multi-device tool that can expand your business and increase profits.
Impacts of Inflation: The Current Gaming Landscape
When the supply of goods and services in a sportsbook offering increases at a slower rate than the rate at which players may earn in-game currency, we have "inflation." This can happen for a number of reasons, such as changes to the way the game works, a rise in player interest, or a change in how easy it is to get to in-game resources.
According to iGaming industry consultant Ron Mendelson, the gambling sector has boomed despite the global economic slowdown and the ongoing inflation crisis caused by the COVID-19 pandemic and the Russian invasion of Ukraine. The global sector was valued at around $61 billion in 2021, set to almost double to $114 billion by 2028, driven by a combination of factors including the pandemic, increased internet accessibility, smartphone usage, and a demand for online entertainment. Here are some key takeaways from Mendelson's analysis:
- Despite global inflation reaching more than 6.7% by the end of 2023, the iGaming sector is showing resilience and continued growth
- The US-based industry brought in more than $5.3 billion in revenue in March 2022, the highest figure in the history of American gambling
- Land-based casinos are moving into iGaming with much enthusiasm
- The UK saw a slight decline in online slot revenue and time spent playing, but industry stakeholders are not alarmed
- Portugal saw a nearly 25% year-on-year increase in online gambling revenue in Q4 2022
- Lithuania reported a 90% increase in gambling revenue during Q1 2022, with most of the revenue coming from online slot games
- There has never been a better time to start an online gambling business
The online gambling sector is becoming increasingly popular, which bodes well for the future of the gambling industry. As more countries legalize online gambling, there is expected to be a further expansion in the market, with an influx of new players and companies entering the industry. Technological advancements like virtual reality have the potential to revolutionize the online gambling experience by providing a more interactive and immersive gaming environment.
The use of cryptocurrencies such as Bitcoin and Ethereum is also gaining traction, offering players a fast, secure, and anonymous way to make deposits and withdrawals. The application of artificial intelligence and machine learning is also predicted to enhance the customer journey and provide personalized gaming experiences.
The growing use of mobile devices for accessing online gambling websites makes it essential for companies to develop user-friendly mobile apps to stay competitive. Additionally, social media platforms are increasingly integrated with online gambling, providing more avenues for players to interact and compete with each other. Overall, the future of the gambling industry is bright, with ample opportunity for continued growth and innovation as companies adapt to changing trends and embrace new technologies.
The Bottom Line
Esports is growing steadily, and the fact that gaming elements are being added to the sports betting market is another sign that the industry has a bright future. iGaming has given fans a new way to get involved with the game, and guessing the results of hundreds of games in a single tournament has grown into a strong community. Each bettor may now test their knowledge and see how they rate in comparison to other players and industry professionals. Sports media is experiencing a period of transition, but it's vital to remember that fans are still out there; we simply have to find new ways to connect with them.
When it comes to online sports betting, Uplatform is future-proof. You can stop worrying because you know we'll help your betting business grow by giving you high-quality, trouble-free sportsbook solutions that are made just for you. Uplatform is the most user-friendly, all-encompassing, and flexible platform available today. You might be able to start a successful business with the help of our large sportsbook, the industry's largest collection of casino games, and our exclusive services. Benefit from our expertise in sportsbetting and the industry's top-tier software.
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