Even though it is still quite a fresh phenomenon, we can easily speak about the history of eSports betting. Find out how everything started, what were the first forms of betting on eSports and where this industry will go in the future.
The times when eSports were considered a thing of a future that not many people understood are long gone, and nowadays this phenomenon is just as widespread as some regular sports are. Thanks to its popularity, the number of punters that chose eSports for their betting is also growing considerably with each year that passed, and it’s about time that someone made a history of eSports betting. If you are curious to find out where it all began and how we reached the moment when a significant eSport tournament has prizes of millions of euros, keep reading.
Inception
eSports betting started soon after eSports established itself as a definite form of competition for the traditional sports. Even so, when betting on eSports began, things were uncertain because the level of trust in eSports matches was quite low due to possible arrangements and rigs. Another problem that eSports betting had to overcome in the early phases was the fact that this type of entertainment appealed to youngsters, mostly under 18 years old which made them ineligible for legal gambling. So, the history of eSports and eSports betting had quite the shaky start, and there was a lot of issues to overcome.
Regulations and Huge World-Wide Competitions
eSports were already enjoying quite some popularity among bettors because it was a new market and curiosity was the main reason why many of them tried their luck at the beginning. South Korea recognized eSports as a sporting discipline in 2000, a moment that would prove to be the beginning of a revolution in eSports betting. Soon after that, the trust in eSports as a valid form of betting started to grow, and bookmakers began to include eSports events in their betting offers. But even so, the difficult times for eSport gaming weren’t over as the bookmakers weren’t capable of analyzing the events and all the variables in detail as they would with a football match, for example. This made calculating the odds quite tricky and, as a result, the first betting odds for eSport events were quite low and unattractive for punters.
This final aspect changed when the first big eSports competitions started to appear. With a stable structure and organization, these competitions helped bring eSport betting to the level it is today. Since these contests already had considerable prizes and big sponsors were getting involved, the bookmakers started to make efforts in understanding the phenomenon and delivering better, more competitive odds for the fights.
The Bitcoin Era
Another critical phase in the history of eSport betting was represented by the rise of cryptocurrencies. Most of eSports fans are young people that are very interested in technology so that lead to a natural connection between Bitcoin and eSport betting. Several sites allow Bitcoin payment and offer you eSport bets, table games as well as no deposit slots. Thanks to the blockchain and the anonymity it provided, Bitcoin helped eSports betting develop even further and grow in popularity.
Expectations for The Future
Being able to predict where eSports betting will go from here is quite a difficult task, however, judging by its fantastic history and the rapid development we have witnessed, it is safe to make some assumptions. Things will continue growing until eSports betting will actually compete with the king of sports, football regarding betting markets and revenue. Another predictable move for eSports gambling shortly is to grow the range of sports that are available for betting and add a few more titles to the ones that are in use now: Starcraft 2, DOTA 2, CS: GO, League of Legends or Rocket League.