Can you remember the competitive video game events from 10 years ago? Nobody thought of them as real competitions and many people said that eSports isn’t actually a sport.
Fast forward to today, and the eSports market has grown into a billion-dollar industry, with special teams, athletes, schools, and scholarships. It is one of the fastest-growing trends at the moment, and the best thing is that the industry doesn’t show any signs of stopping.
But what is fueling this parallel growth? Well, there are several factors, and I’d say the biggest one is the change of generations and younger people showing interest in new electronic sports.
However, there are also other things like strategic partnerships, which pump money into the industry required for growth. Since we are talking about eSports partnerships, have you noticed a trend recently in the brands that sponsor such events?
We can spot a lot of crypto casinos diving into the world of eSports. It is a strange phenomenon since we are talking about two quite young industries that somehow support each other. One brings the audience, and the other one brings the money, which sounds like the perfect combination.
But is there more behind crypto casino and eSports partnerships?
Let’s find out.
Why Crypto Casinos Dominate the World of eSports?
If you are new to the world of online gambling, you are probably wondering, what the heck are crypto casinos? Well, you don’t need to be a tech wizard to find out. Simply put, we are talking about online gambling platforms (casino games), where instead of using FIAT currencies they have cryptocurrencies like Bitcoin or Ethereum.
When it comes to the games, most of them are pretty much the same as traditional online casinos, maybe with a few twists, but the main difference is in the payment processor and currency.
Well, some eSports events are already more popular than some sports that have existed for hundreds of years.
It all comes down to viewership. eSports events are already outranking popular sporting events like the NBA by quite a lot. More viewership means more brand deals, right?
Well, the average live viewership for an NBA game sits around 1.6 million views, and League of Legends World Championship got over 6.4 million views. That’s a lot less than eSports, and the industry is growing rapidly.
Now, it makes a lot of sense why crypto casinos target eSports teams for marketing purposes. On top of that, eSports events have the perfect demographic of young and tech-savvy people who are most likely to be interested in crypto gambling websites like Evo. You can find more information here: https://www.evo.io/
What Are The Main Driving Factors For the Growth of Crypto Casinos
Increased Crypto Adoption
Cryptocurrencies are becoming more and more popular, and they are already used by millions of people worldwide. This is a trend that is quite strong, especially in regions like North America, and Europe. Since cryptocurrencies are becoming more popular, it is quite obvious that crypto casinos will move with the same dynamic.
Enhanced User Experience
Cryptocurrencies eliminate the hustles of the traditional banking system. They usually offer seamless transactions that also have lower fees. Plus the traditional payment methods have huge delays in the verification processes and it can take up to a week and more to get your money.
A week? In today’s generation? Almost impossible. Younger people now want things instantly, that’s why crypto and esports go well together.
Esports target the right audience, and crypto casinos offer the perfect service to suit their demands.
Security and Transparency
Blockchain technology, the backbone of cryptocurrencies, offers unparalleled security and transparency. This is a huge draw for esports bettors, who want to ensure that their transactions are safe and fair. Smart contracts, in particular, are being used to automate and enforce betting conditions, reducing the risk of fraud.
Integration of AI and Personalization
Artificial Intelligence (AI) is playing a pivotal role in enhancing the betting experience. AI algorithms analyze betting patterns and user preferences to offer personalized recommendations and bonuses. This not only makes the experience more engaging but also increases user retention.
What’s Coming in 2024?
- Explosive Market Growth: The market for crypto esports betting is set to explode. Analysts predict that the value of this market could double by the end of 2024. This growth will be driven by the increasing popularity of both esports and cryptocurrencies, as well as improvements in blockchain technology.
- NFT Integration: Non-fungible tokens (NFTs) are expected to make a big splash in the esports betting world. These digital assets can represent anything from in-game items to virtual real estate in metaverses. By integrating NFTs, crypto casinos can offer unique betting opportunities and rewards that traditional platforms cannot match.
- Regulatory Developments: As the market grows, so does the need for regulation. Expect to see more countries developing comprehensive frameworks to govern crypto gambling and esports betting. While this might add some red tape, it will also provide much-needed legitimacy and protection for players.
- Gamification and In-Game Rewards: To keep users engaged, crypto casinos will increasingly incorporate gamification elements such as challenges, leaderboards, and in-game rewards. These features not only make betting more fun but also encourage continuous participation.
