Esports Gambling Trends Expected to Grow in 2023
Since it became possible to place wagers on esports, the market surrounding such activities has grown on this year 2023, developed, and seen significant changes.
Many professionals in the field, however, see 2023 as a watershed year. How will the esports business react in 2023 in the face of a worldwide recession and the struggles of some prominent companies?
What other changes and developments in the esports business can we expect to see this year, both locally and internationally?
The purpose of this essay is to look forward to 2023 and make some educated guesses about the major trends, challenges, and events that will likely impact the esports betting business that year.
So, let’s begin with a concept that is likely to undergird the entirety of esports betting in 2023 and have far-reaching societal effects.
The Esports Gambling Industry Will Collapse Around the World in 2023
In November 2022, The Economist predicted that political, economic, social, and energy problems would cause a worldwide recession in 2023. As we enter the first weeks of the New Year, it appears that their concerns were not unfounded.
The global economic downturn, coupled with the widespread cost-of-living problem in a number of nations throughout the world, will lead to fewer people betting on esports than before.
One being said, esports betting companies will lose more than just that revenue stream as a result of the worldwide economic downturn. Previous investors in the esports business, particularly esports betting companies, may be unwilling to do so in 2023 due to tightening budgets.
Worryingly, esports betting firms may see fewer investors, fewer consumers, and a decrease in spending from the remaining clients. Others, like the Esports Entertainment Group’s properties, are already on shaky financial ground, but have the potential to weather the storm better than others.
Therefore, we anticipate that in 2023, esports betting income will stagnate as a result of the global recession, fewer new customers will join up, existing customers will spend less, and certain organizations that are on weak financial foundation will likely struggle to make it through the year.
In 2023, this problem will undoubtedly still be at the forefront of many CEOs’ concerns. While this is certainly cause for concern, there are pockets of the esports betting market where forecasts for 2023 are more optimistic.
Esports betting has been increasing rapidly in popularity in the US
Many more states in the United States have legalized some sort of gambling in the previous few years, with sports betting taking the spotlight in many cases.
The state of Kansas became the 50th to approve such gambling only last year. Missouri is expected to pass legislation legalizing sports and esports betting in the United States in 2023, joining its neighboring state of Kansas.
Sports betting is legal and actively taking place in 32 states and the District of Columbia at this time. Another four states have passed legislation legalizing sports betting but have yet to begin offering it. In the near future, sports betting will be allowed in five states according to current legislation.
There are now just nine states without any sports betting laws.
But just 12 of those states additionally allow esports betting in addition to traditional sports betting. It’s obvious that there is a spot where the government and esports betting alike can further their causes.
We should expect this trend to continue across the country, with more and more states following Missouri’s lead and explicitly include esports betting inside their legislation for sports betting generally.
It’s becoming increasingly apparent that when the United States embraces sports betting, millions of its citizens will also have easier access to esports betting. In 2023, this industry is expected to be a major one for esports betting providers.
In 2023, Italy will allow bets on esports
Betting on esports has been increasing across Europe, but Italy has been slow to catch on. This is expected to change in 2023, when the Italian government plans to approve new legislation legalizing esports betting and allowing it to develop throughout the country.
While esports betting has expanded rapidly across Europe, providers in Italy have lagged behind. With the recent loosening of limitations on esports betting in Italy, the industry is poised to receive a much-needed boost.
Italy’s economy is the fourth largest in Europe, behind that of Germany, the United Kingdom, and France. Therefore, it is an important market for European-based sports betting firms.
Growing Interest in Esports and Esports Gambling in Brazil and Latin America
Latin America and Brazil demonstrated the world’s highest rate of expansion in esports betting in 2022, and this trend is projected to continue into 2023.
Many variables are at play here. Most esports betting experts agree that the Latin American and Brazilian markets have the most room to expand. Several major partnerships between esports organizations and businesses have already taken place in this region.
And with more and more South American esports teams making waves, especially in mobile esports games, the scene is looking good for those in the esports betting sector hoping to grow into this expanding market.
The Growth of Japan’s Esports Betting Market
While South Korea and China continue to dominate in the east when it comes to esports and esports betting, 2023 shows promise as a year with significant development potential in another enormous east Asian market: Japan.
If you look at the global landscape of esports, Japan stands out as something of an outlier. Among Japanese gamers, fighting games are more popular than other esports.
Japan is poised to become a crucial market in this area because to the quantity and quality of these games, as well as the blossoming esports scenes that are being established around them. Naturally, esports betting organizations will see the potential profitable nature of this market as well.
In addition, on June 2, 2023, Street Fighter VI will be released, marking the first new installment in the franchise in seven years, making Japan a potentially lucrative market for esports betting operators.
While South Korea and China continue to dominate in the east when it comes to esports and esports betting, 2023 shows promise as a year with significant development potential in another enormous east Asian market: Japan.
If you look at the global landscape of esports, Japan stands out as something of an outlier. Among Japanese gamers, fighting games are more popular than other esports.
Japan is poised to become a crucial market in this area because to the quantity and quality of these games, as well as the blossoming esports scenes that are being established around them. Naturally, esports betting organizations will see the potential profitable nature of this market as well.
In addition, on June 2, 2023, Street Fighter VI will be released, marking the first new installment in the franchise in seven years, making Japan a potentially lucrative market for esports betting operators.
As we move through 2023, mobile Esports betting will increase in popularity
Without a question, the mobile esports business has been one of the fastest-growing segments of the esports market over the past several years.
Mobile esports is predicted to see rapid expansion, particularly in developing countries like India, because of the widespread availability of mobile devices and the comparatively inexpensive price of games in the genre when compared to their PC or console-based competitors.
Mobile esports have a thriving ecosystem with games like Shadowverse Champions Battle, Call of Duty: Mobile, Clash: The Gathering, Mobile Legends: Bang Bang, Free Fire, League of Legends Wild Rift, Arena of Valor, and PUBG Mobile, and a thriving esports betting market.
Future Predictions Show VALORANT Betting’s Explosive Growth Will Persist Throughout 2023
While League of Legends, Counter-Strike: Global Offensive, and Dota 2 continue to dominate the esports betting industry in terms of both the total number of bets placed and the average value of those bets, one game made significant headway in 2022.
The amount of wagers placed on VALORANT betting markets at Rivalry, a sports betting company, grew by a massive 264% beginning in 2021, the company announced.
The game also rose to fourth place in both the list of titles with the most bets by volume and the list of games with the largest average bet amount.
Among the newer titles in esports betting, VALORANT stands out as one of the most rapidly growing. That trend, backed by developer Riot Games, is expected to continue in 2023 as well.
Insights on the Prospects for Esports Gambling in the Year 2023?
Many esports betting businesses may expect a challenging year ahead against the backdrop of the global recession and difficult market circumstances.
To survive the difficulties of 2023, we anticipate that sites will need to be well-established, financially sound, and provide a variety of markets in addition to esports betting, such as sports betting and/or casino gaming alternatives.
For businesses that don’t have a rock solid foundation, 2019 is shaping up to be a more challenging year. It appears that even with a new CEO in place, the EEG group has a steep uphill battle to maintain viability in the current economic climate.
However, esports betting organizations still have a chance to expand their markets thanks to the multiple development prospects across different regions across the world and throughout different segments of the esports betting business.
Although 2023 may be a challenging year for the sector, there are still many chances for growth and development in the methods discussed above.
Despite challenging economic conditions, 2023 will not be completely disastrous for esports betting sites.
Sports lovers in Ohio, whether they follow the pros, the colleges, the horses, or the video games, will be eager to see how the new year begins with sports betting.
