Sports betting freeze from COVID-19
New research shows us the hit the sports gambling sector can expect because of the COVID-19 shutdown, while also confirming that some gamblers are looking towards alternatives like eSports.
A survey conducted by consumer research agency 2CV and market researcher ProdegeMR has found that 59% of respondents have reduced spending on sports betting, with more than half stopping altogether.
Players are looking for alternatives
The reduced betting is unsurprising as many major sports events have been postponed or cancelled. However, the survey also shows that many players are looking for new things to bet on — with esports being a huge alternative.
36% of players have made a bet on eSports in the past three months, with 30% of those betting on eSports starting only within the last month. One in five players who have not tried betting on eSports said they would consider doing so over the next three months.
A boom for eSports
The mass migration of players from traditional sports betting promises a boom for eSports, and researchers expect the revenue to double from $7BN in 2019 to $14BN this year.
2CV’s research director in technology and entertainment, Martin Bradley, said that COVID-19 “has led to many forms of sports associated with gambling being cancelled or postponed, but is also a big opportunity for esports to get in front of this audience”.
“Short-term growth is likely to come from sport-based games, but there are huge opportunities to make this more long term, as long as consumers are educated properly on esports and what it can offer, as well as considering which kinds of events are best suited to a particular audience.”