The Rise of Cybersports and its Impact on the Gambling Industry
There was a time when the gambling industry consisted of only land-based casinos. This was as far back as the previous century. However, many changes have occurred in the betting landscape since that time. Recent developments have emerged. We’re talking about virtual casinos, crypto casinos, and iGaming. With these additions, online casino real money 2023, the chances of winning for players have increased. Not only have they made the gambling industry much more competitive in nature, they’ve significantly boosted the annual market valuation.
According to experts, cyber sports betting generated about a billion dollars in 2021. They speculated that the iGaming industry would achieve a market valuation of $92 billion by the end of 2023. Just when you thought the figure was crazy, it’s nothing compared to the forecast that it will double in a few years.
To fully appreciate the rise of cybersports and its impact, let’s define it and look at its origin story.
Just in case the name confuses you, another term for this word is eSports, and it’s called electronic sports in full. It’s a video-game-oriented competition that involves the participation of professional players who may compete against each other as individuals or teams. It shot up in popularity when online casinos incorporated betting on cybersports into their content offerings. Furthermore, it allowed casino players, many of whom were avid followers of such contests, to place bets on individuals or teams they predicted would win a certain contest.
The History of Cybersports
Competitive video games have become a staple among players as far back as 1972. This was when a lot of homes acquired gaming consoles. The activity laid the foundation for what we know today as cybersports. Eight years later, the first competitive Space Invaders tournament was hosted. The contest had a participation strength of 10,000 people. It also became the first of many more video game tournaments to follow.
A year later, another competition named the Donkey Kong Tournament took place, and it attained similar popularity. In came the 90s era, which saw video game contests such as Street Fighter and Mortal Kombat attain cult-like popularity. They gained massive recognition worldwide.
We daresay the 90s were the golden era of conventional video gaming. In 1998, the Starcraft 2 tournament was held. It had a participation strength of 7 million gamers and was viewed by over 50 million people around the globe. The trajectory of events clearly shows the exponential growth in the popularity of competitive and multiplayer video games.
Then came the early 2000s era. It was as if the entrance of the 21st century brought the imminent domination of cybersports with it. The niche market of gaming saw a significant boost with the introduction of the World Cyber Games, which hosted the first major league gaming event. Another significant event that happened during this period was the eSports World Cup.
In 2006, the world witnessed the first broadcasted video gaming contest, and the growth of cyber Sports has been on a bullish run since then.
The Impact of Cyber Sports on the Gambling Industry
Now that you have an idea of cybersports and how it came to be, you should back it up with the impact of this phenomenon on the gambling industry. Who knows, perhaps it can encourage you to bet on cybersports in online casinos and have a real experience.
Seamless Gaming Sessions
Due to the popularity of cybersports in the industry, many virtual casinos that want to stay relevant and compete at the top of the food chain will seek to incorporate cybergames into their content library.
By doing so, they will attract several professional cybergame players and offer glitch-free and seamless playing sessions. This is the perfect recipe for growing their user base while simultaneously improving customer retention in monetary terms, which translates to more revenue. It also takes the competition within the industry to another level.
Rapid Growth in Market Valuation
As you’ve seen in the early part of the content, the iGaming industry is worth many billions of dollars. The recent integration of eSports content into casino game libraries shows that the gambling industry is becoming one of the key investors. The win-win business relationship makes iGaming more prominent and elevates the field’s value. In summary, the growth of the industry will directly trigger a rise in global market value.
Improved Communication Between Professional Players
We can’t discuss cybersports in gambling and overlook the social nature of this phenomenon. They’re one and the same. Cybersports events have brought several professional video game players from different countries together. A strong, solid, and closely-knit community has been formed amid competition and entertainment.
Online Casinos Leveraged Cybersports to Boost Their Revenues
Cybersports have provided online casinos with the best payment options as an additional way to generate income, not just by incorporating eSports content into its game library but also by advertising cybersports events and tournaments. The online traffic generated can bring good business to the casinos.
Improved the Decision-Making Skills of Players
Playing eSports competitively is a test of skill as the players go head-to-head with each other. Continuous participation in such activities will strengthen an individual’s skills and improve their cognition and decision-making abilities. This can also positively affect their choice of online casinos and games to play.
The iGaming industry is just getting started. The influx of technological solutions indicates that things will get more advanced in the coming years. Cybersports will rise to a more prominent position in the gambling industry and yield unspeakable profits for all stakeholders involved.
To recap, the impact of cyber Sports in the gambling industry includes growing the valuation of the market, expanding the decision-making skills of players, building a community of professionals, and creating seamless gaming sessions.