Esports betting is rapidly gaining traction. Sweeping advances in video gaming technology over the past decade have generated far more opportunities for competitive gaming, something that has reached somewhat of a zenith in the burgeoning esports world. As context for its extraordinary rise in global popularity, the Olympic Esports Series is set to launch imminently. Professional gamers will be licking their lips at the opportunity, and so will esports bettors who are enjoying this monumental new gambling niche.
The statistics don’t lie. Esports betting enjoyed a vast 170% growth over 2022, and many global operators are now focusing strongly on this exciting new wagering area. Cryptocurrencies and esports have long been linked, but we’re recently seeing a notable expansion into the burgeoning esports betting industry. Sportsbooks are increasingly making the effort to tailor their services to crypto fans to avoid missing out on customers.
This is truly shaking up the market, with bettors enjoying faster transactions, increased safety and overall better esports betting integration at crypto gambling sites. Keep reading for a discussion of how cryptocurrencies are disrupting traditional sportsbook platforms and what this means for the future.
How cryptocurrency is trying to disrupt the esports industry
Various cryptocurrency businesses and tokens are seeking entry into the esports industry in 2023. We have already witnessed a significant expansion in the area over the past several years as companies have sought out partnerships with platforms such as Twitch and world-leading esports teams. Arguably one of the biggest events was Susie Kim launching her SUSIE coin. As one of the biggest esports personalities out there, this caused a seismic impact within the two industries, bringing them closer than ever before.
The SUSIE coin is different from many other mainstream cryptocurrencies. It’s designed exclusively for people to use in private Discord chats, granting fans clout and also providing potential financial rewards further down the line. Ultimately, it’s aimed at popularizing cryptocurrencies among gaming fans with the eventual goal of making in-game transactions quicker and easier.
In fact, this is one of the most pertinent areas in which cryptocurrencies are disrupting the esports industry. As we’ll see later in this article, modern video gaming has shifted to a free-to-play model where players buy in-game expansions instead of spending significant money on the game itself. Cryptocurrencies and blockchain technology are perfectly poised to streamline the process here, so it’s no surprise the industry is aligning itself closer and closer with esports.
Original purpose blockchain
The origins of blockchain go back further than 2008, but this is commonly regarded as the breakthrough moment. The mysterious Satoshi Nakamoto published their white paper, giving rise to Bitcoin and the state-of-the-art original purpose blockchain technology. This is a decentralized public database that exists across a vast network of nodes. It grants unparalleled data security and doesn’t allow anyone to change the information once it is stored in the blockchain.
Blockchain technology has the power to dramatically transform various areas of modern life for the better. There are numerous possibilities for how it could enhance esports, especially in the burgeoning betting industry.
A major shift in gaming
Games such as Fortnite and League of Legends have caused a major shift in the way people now play games. These titles are free to download and play, relying on in-game purchases to generate income. Players can buy anything from new outfits to new weapons, providing a perfect domain for crypto purchases to flourish.
Free games also grant much better accessibility, ultimately increasing the number of players worldwide. As a result, esports tournaments using titles such as DOTA2 or Rocket League have become immensely popular.
Combining crypto & esports betting
Esports betting is big business. Millions of bettors place wagers on renowned esports tournaments or leagues, and crypto sportsbooks are often the best places to do so. These platforms benefit from the close relationship between esports and cryptocurrencies, often enjoying exclusive partnerships or promotions.
What companies have entered the blockchain esports betting area?
The blockchain esports betting niche is rapidly expanding, with companies such as Stake and Sportsbet.io enjoying significant success over the past few years. You can read all about esports betting sites at expert platforms such as Bitedge, which are committed to helping players find the best platforms. We highly recommend doing so to find the best bonuses and esports betting sites available.
Forming and providing teams
Blockchain technology isn’t just pivotal for esports betting. It’s also helping esports clubs form teams and pay their employees via smart contracts. This is yet another area where the close relationship between esports and cryptocurrencies is enhancing the industry.
The future of esports betting looks extremely bright. Crypto-specific platforms are rapidly gaining traction, with exclusive promotions and forward-thinking functionality helping to spread the word.