Esports is growing more popular every single year. Many gambling experts predicted that wagering on this new form of sport would become the next big thing in the sports betting industry. Unfortunately, Esports betting in Las Vegas is failing to bring in as much revenue as initially thought.
This week, several panelists discussed the reasons why Esports betting is failing to gain much traction. Hope is that in time, this new form of gambling brings Las Vegas sportsbooks huge revenue earnings. Let’s look at what gambling experts are saying.
The Esports Industry Continues to Grow
It’s been incredible to watch Esports grow so popular. Just a few years ago, this industry was completely non-existent. Thanks to streaming services such as Twitch and Facebook Live, more people are watching competitive Esports than ever before.
Just a few weeks ago, the Fortnite World Cup took place. The event features a $30 million total prize pool. Several players earned themselves more than $1 million in prize money. An estimated 2.3 million individuals watched the event online.
As you might expect, the Esports industry is extremely intriguing for those in the gambling industry. Sports betting in the United States is more popular than ever before, and many have anticipated that Esports is the next big thing. This doesn’t seem to be the case.
Esports betting in Las Vegas is not generating nearly as much revenue as analysts predicted. It’s surprising, considering this city is home to one of the biggest competitive gaming venues in the world.
Initial reports claimed that Esports gambling would bring in $1.5 billion in revenue by 2020. Based on the way things are going, this is unlikely to happen. Several Esports panelists discussed why they believe this is.
Reasons Why Esports Betting in Las Vegas is Struggling
Gambling operators in Las Vegas want to know exactly why gambling on Esports is failing to take off. As we just mentioned, several panelists gave their opinions on why it’s struggling right now. Hope is that this helps gambling companies to better cater to the Esports community.
One key issue that came up was the age of many Esports fans. It’s well-known that a significant percentage of Esports fans are below the age of 21. In Nevada, you must be at least 21 years old in order to place bets.
Some have also pointed out the limited options for Esports betting in Las Vegas. Panelists Karl Bennison revealed that only three Esports events have been approved for gambling over the past two years.
Bennison claims that many in the Esports industry simply aren’t interested in promoting gambling.
“We’re capable (of regulating events), but we’re not getting the requests for these, so whether the argument is that our hurdles are too high or there just isn’t the drive, the operators aren’t seeing the market out there,” Bennison said. “We’re open to the idea and we’re trying to streamline the process and hopefully, eventually, we’ll make it a sport like any other sport, but there’s a ways to go.”
This doesn’t mean that Esports gambling is dead. This is a very new industry and in time, it’s likely that more people will begin to place wagers on the event outcomes.
Esports Betting Options Around the US
Esports betting in Las Vegas may not be taking off as much as some thought it would, yet many individuals around the country are choosing to place bets on events over the internet. There are a huge number of great US gambling sites that offer odds on every single Esports event. One of the best betting sites right now is Bovada.
There’s a good chance you’ve heard of Bovada. This online gambling website launched years ago and is now one of the most popular internet gambling sites in the country. It’s gained a fantastic reputation for offering safe payment options and a wide range of different odds.
Bovada offers its members to place bets on just about every single Esports event taking place around the world. Right now, for example, this site is offering odds on the League of Legends Master Series.
One of the most popular matches to bet on takes place between Mad Team and G-Rex. At the moment, Mad Team is entering this match as the considerable favorites with odds of -190. G-Rex comes in as the significant underdog team with current odds of +135.
We’ll need to wait and see how much money Esports betting in Las Vegas manages to bring in this year. Stay tuned for more updates!