Te change in landscape has exposed weaknesses and highlighted opportunities. Te drastic reduction in worldwide sporting events at the early stages of the pandemic delivered significant losses and sportsbooks were left behind. Online gambling has spiked, while online betting through virtual horse-racing and the industry driver, esports are transforming the market.
Gambling has been exposed to the virtual world and the advancement of technology is opening up a whole new market filled with diversification and innovation. New technologies like VR (Virtual Reality) have transformed the gambling market with VR Casinos and VR slots, providing players with the most engaging and immersive experiences.
Te pandemic exposed the gambling industry to the new, virtual space that eGaming and esports have created. Te industry outlook for the gaming sector is proving to be very exciting and the future is hinting that any companies that have not entered the virtual world, offering creative innovation and seamless accessibility through multiple online channels will not only
appear dramatically outdated, but risk ceasing to exist.
Esports, whilst still emerging and gaining exposure, is at the forefront of the gaming sector and is a lucrative market valued at over US$950m. Te industry is growing exceptionally and the potential is estimated by Statista to reach over $1.6bn by 2023. However, the global esports gambling and betting market is making significant inroads; it is worth over $14bn and gained 30 per cent new gamblers in one month alone, according to ESTNN. Te industry performance improved over the pandemic; esports betting provided consumers with an extremely similar alternative to traditional sports betting; players are able to
The introduction of the
payment method, In App Purchases (IAP), allows
gaming companies to create revenue whilst the gamer is
playing. Gamers can purchase virtual goods such as tokens or coins which they can trade or win off each other, which increase their game level. Gaming companies are also using subscriptions as a new payment method.
wager on matches of their choice. Te esports industry is providing consumers with vast amounts of diversification, such as Jackpot games that have products such as sportsbooks for players to bet on matches and events. Countries with competitive fiscal regimes and a
NEWSWIRE / INTERACTIVE / MARKET DATA P75
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