Industries change based on technological and social factors. New technologies often create new social behaviors in people that causes businesses to adapt or die. Many are the examples of businesses that have gone bankrupt because of new technologies. The old video stores like blockbuster were slowly defeated by the new era of Redbox and streaming services. in the betting industry there have also been many changes. Casinos were the ultimate spot for people that wanted to gamble. But now online casinos have taken a big chunk of their customers and are pushing to remove them as the players favorite. In the sports betting industry something similar is happening. While people were used to betting on professional sports events, a new type of sports are taking over the market. Esports are changing sports bets the same way online casinos changed the casino market.
It seems like people betting on sports is a thing of nature. People always want to put their money where their mouth is and risk their money to prove their opinion. That is why there are bets on professional sports. And this happens in pretty much any sport that you can imagine. From soccer to boxing, from horse races ro dog races. And that has happened for as long as people can think. I am sure in ancient times there were bets to see which gladiator was gone to survive the fight. But how far can people go when it comes to betting? Is there anything off limits?
Esports or electronic sports are nothing else but people playing sports video games. While before playing video games was just something done at home for entertainment, technology has come to change that. With the internet and the capability of players to compete online against players from all over the world, a new type of playing began. Players began to get more competitive. With that, different video games like FIFA (soccer video game) began to create tournaments for their best players and give money to the winners. Naturally such competitions began to attract not only the players but also viewers.
Streaming is another result of technology and it simply is when people upload themselves to the internet live while doing a specific activity. Nowadays many people stream for all kinds of things and video game players are not the exception. And while maybe a few years back you would have thought that nobody would be interested in watching someone play video games, today they do. There are many reasons why people like to watch video game streamers. One of them is to learn. Players that stream themselves are usually very good. So people who want to get better in a specific video game watch streamers to learn their techniques. This has been a result of the professional competitions.
Now you understand how the esports concept was born and how it became popular. But, how would that get to the betting stage? People take some sort of joy from trying to figure out who will win and we feel so secure that we are willing to risk our money on it. And since Esports have become official competitions, so have become the bets on them. Esports Entertainment Group is the first licensed online gambling site focused on video gaming. So the same way one day the first online casino was created, this is how Esports Entertainment is opening the door to a brand new market. The company is even registered in the stock market. The stock has a share target of $20. There are multi million companies like fors whose stock is below $10. So just imagine the impact that this company is expected to have.
The pandemic has changed the lives of many people and has also changed businesses. Many businesses have suffered other benefits and others were born. During the pandemic the online casino industry rose as traditional casinos were closed. People were in their homes and online casinos gave them the chance to keep gambling and also to entertain themselves. A similar situation happened with Esports. most of the professional sports have been cancelled during the pandemic. But of course videogames were not affected. For that reason people that would usually bet on professional sports began betting on Esports instead. And while that was something done because of the emergency situation, it seems like the market is here to stay and to compete with regular bets.
Online Casino Up rise
The way the Esports industry was born is similar to how online casinos began to grow. At the beginning the computer games were played just for fun. Until somebody saw the opportunity that making online casinos for real money represented. From the 1990s when the first online casinos were founded to today a lot of ground has been covered. Today online casinos have millions of players and they produce profits in the billions of dollars. With all the changes due to technology and also the pandemic who knows what will be the future. I would not be weird if online casinos start slowly bringing regular casinos off business.
The Esports and online casino industries have many similarities. They were both born as an alternative to traditional bets and gambling. They were a direct result of technological advances. And as if that was not enough, they both benefited a lot with the home confinement caused by the pandemic. Both industries are making a lot of money and it seems like the both have the potential to overcome their originals. After the pandemic it is not clear if traditional casinos will have the same amount of customers after so many people are now used to gambling from the comfort of their homes. And for the Esports industry, that is no longer a game for kids but a real business where real money is involved and the competition and stakes are high.