Introduction
eSports is a competitive sport in which people play many competitive video games. In the traditional early days of eSports, players would compete physically against each other on game consoles, with one game being played at a time. In recent years, state-of-the-art technology has allowed gamers to compete across the globe through the internet and with games projected on large screens for spectators to enjoy. The rise of eSports has escalated through streaming sites that allow people from all backgrounds to view live gameplay and commentate it for others worldwide.
Although the craze of online gaming has been popular for quite some time, it was not until recently that the concept of eSports betting with crypto became more publicized and a recognized form of recreation. This is largely due to recent technological advancements, specifically in eSports tournaments requiring significant funds.
The emergence of eSports crypto betting and gaming is largely due to the increased popularity of eSports tournaments and the growing interest in virtual currencies. The legitimacy of the technology and its exchanges have greatly contributed to the success of cryptocurrencies.
The traditional gaming market, like video games, exchange-traded funds, real estate, and other options, already proves that cryptocurrency is here to stay. Similar to sports betting with crypto, eSports betting will join this group as crypto popularity grows.
Traditional eSports Betting Sites
Traditional sports, in general, tend to operate the same way as eSports operate. Most leagues have teams and players who compete against one another. Each player will have a position on their respective team, which will dictate how they play. Traditional sports are generally organized by a central authority or league that executes all rules and regulations and sometimes oversees the competition itself. Most traditional sports leagues do not allow betting, as it is deemed a form of gambling rather than actual competition; however, it may be allowed at certain competitions or events.
Using fiat currencies for transactions and centralized platforms for eSports gaming and betting is an important distinction when comparing eSports to traditional sports operations. In traditional sports, using fiat currency for transactions would be unacceptable unless used for expenses like travel or marketing materials. The centralized platforms that deal with betting and eSports are the norm within these industries. Betting on eSports games is similar; both are centralized platforms that act as a middleman for players and spectators.
In any case, eSports is one of the fastest-growing industries in the world, with a global revenue of more than $900 million in 2017 and more than 380 million viewers. Although not very old, the industry has grown exponentially over the past few years; eSports has increased by an estimated 41% annually since 2010. It is anticipated that by 2020 eSports will have an estimated 580 million viewers and a whopping $1 billion in revenue.
The industry is booming because it has become increasingly popular in North America and Europe relative to other games such as soccer or golf. The population of potential eSports players is expected to reach 1 billion by 2022.
Over the last few years, while traditional eSports gaming has seen a meteoric rise in popularity, it is also subject to some current challenges that are not often seen in more traditional sports: high transaction fees and lack of transparency.
High transaction fees
eSports currently takes at least $700 mln each year in bets, but with a transaction fee of up to 8.5%, much of the profit is being taken by betting platforms. As such, eSports betting is significantly more expensive than traditional sports betting.
Lack of transparency
In addition, eSports gaming isn’t as transparent as many would like it to be. Since its inception, the sport has become heavily influenced by highly organized gambling rings with links to organized crime and even terrorism in some cases.
Crypto eSports Betting Sites
Crypto betting at eSports events is a relatively new but rapidly growing market. Many facets of the industry make up the gaming ecosystem, such as decentralized platforms, crypto eSports betting, and more. As a result, Crypto games have already developed into a booming market, with hundreds of game developers coming on board every year.
eSports is one of the fastest-growing industries in the world. In just a few short years, competitive video gaming has become a spectator sport watched by millions worldwide with the help of the best esports crypto betting sites. If you are not already playing video games for money, then chances are you have been kicking yourself for missing out!
In 2017, the industry generated an estimated $696 million in worldwide revenue, with recent estimates putting it closer to a $1.5 billion industry. That number is expected to reach $2.3 billion by 2020. It’s not hard to see why so many people are making money off eSports these days: it’s growing at an astronomical rate and attracts millions of viewers yearly. Why? The answer is simple: because it’s fun.
When it comes to ensuring how eSports operates, it is important to understand the main objective of cryptocurrencies: to provide digital cash or digital money for transactions without the need for a third party or central authority. Cryptocurrencies such as Bitcoin and Ethereum have been designed to help improve security, lower fees and make transactions safer, faster, and more secure. Everything is taken care of by network nodes that are spread across the entire world, and there’s no single point of failure.
Crypto games and eSports betting have a lot in common. The idea behind crypto eSports gaming is using decentralized platforms, crypto game tokens, decentralized payment platforms, and cryptocurrencies for transactions.
In addition to creating currencies out of thin air, blockchain levels the playing field by providing an open and transparent market that allows everyone to participate, regardless of whether they are huge corporations or small private individuals. This will provide more accessibility to capital markets and a true meritocracy where anyone can generate revenue from their cryptocurrency earnings.
Crypto eSports gaming is an exciting new trend with a lot of potential. Several advantages may sway you toward this new form of entertainment right away. Here are a few of them:
Low transaction costs
One of the main advantages of this method is that you pay smaller fees to transfer your money than if you were to transfer it via a bank. This is mostly because the companies issuing these cryptocurrencies are very small, and they only want to make enough money to sustain themselves, meaning you won’t be dealing with a bunch of regulations and red tape that takes up a lot of time and effort on both your part and theirs.
Greater security
Most companies operating within the cryptocurrency realm are relatively small, so they don’t have to report to as many regulatory bodies as banks do. This means that your money is safer with these companies than using banks.
Transparency
Because the companies issuing these cryptocurrencies are very small, there’s no way they can maintain secrecy on where your money is going and what your identity is. This means you can easily track how much money each tournament winner makes and ensure that all of this information is publicly reported.
Comparison of Traditional and Crypto eSports Betting
Crypto eSports is vastly different from traditional eSports gaming due to its technical and global nature. Due to this highly technical nature, it will require some time for traditional gamers to adjust. This section explores the similarities and differences between traditional eSports gaming and crypto eSports gaming about technicalities and market adoption.
Traditional eSports Betting vs. crypto eSports Betting: Key Similarities
- Both sites typically require players to predict the winner of a match or event.
- They are generally regulated and require a minimum age.
- They both have a growing audience and market size.
- Players can access both online and accessible to a large audience.
Traditional eSports Betting vs. crypto eSports Betting: Key Differences
- Traditional eSports betting typically uses fiat currency, while crypto eSports betting uses cryptocurrency.
- Crypto eSports betting offers more anonymity and security in transactions and personal information.
- Traditional eSports betting may be subject to higher transaction fees, while crypto eSports betting usually has lower fees.
- The use of decentralized technology in crypto eSports betting can offer more transparency and fairness in the betting process.
As the crypto-gaming industry has grown, the crypto space has become popular. The industry’s short history has only been around for a decade.
Conclusion
The emergence of the eSports industry in recent years has led to new opportunities for people from all walks of life to become professional gamers. This demand for video games as a sport has led entrepreneurs to try and cash in, making various attempts to legitimize games like Counterstrike: GO and Madden NFL as real sports.
While this is not entirely untrue, it is slightly misleading. Traditional eSports gaming falls short compared to crypto eSports gaming because it relies on outdated centralized structures that are vulnerable and inadequate for future demands. It’s time we look at crypto eSports gaming and how important decentralization will be for its growth into adulthood.