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The sports betting market before the advent of esports betting
Before the concept of esports betting emerged, when did betting games on what we now call “sports” begin?
Following its footsteps, we can trace it back to the ancient Roman and Greek eras before Christ, and according to ancient Roman literature, it is said that from that time on, bets on predicting winners through events such as the ancient Olympic Games began.
Then, after the Middle Ages, the value of ‘sports betting’ was specifically recognized in 17th century England as laws were created to prevent cheating, and it was not until the 19th century that sports betting companies emerged and a certain level of system was established .
What we just mentioned about the organization of betting houses in the 19th century is quite significant is that it was at this point that the professional leagues of the sports we are talking about, the traditional sports, began to emerge.
- Football: English Football League (predecessor of the EPL) – 1888
- Baseball: Major League Baseball (MLB) – 1869
- Basketball: NBA (merger of BAA and NBL) – 1946
- Volleyball: FIVB (International Volleyball Federation) – 1947
- Rugby: Rugby League – 1895
- Tennis: Origins: 19th century, professional leagues launched in the 20th century (men’s/women’s)
The above sports are currently among the most popular sports across all sports betting companies, and this means that the emergence and development of various sports, including ice hockey, are intertwined with the development of the betting market .
The development of the internet in the 1990s and the emergence of smartphones in the 21st century have significantly increased accessibility, leading to a significant increase in the size of the betting market. As of 2024, the global sports betting market (North America, Europe, and Asia) is expected to reach $70 billion (KRW 90 trillion).
However, just a few years ago, there was a factor that led the sports betting market to grow at a rate far exceeding previous expectations: the emergence of e-sports .
The rise of esports and the rise of the betting market
Let’s first define esports as follows:
Short for Electronic Sports, it is a sport created by combining competitive elements with video games or online games made up of electronic equipment and technology.
The actual concept of eSports emerged in the 1990s, when video games became popular worldwide, and many competitions using competitive games such as the Street Fighter series were held.
But until then, the public perception was that game tournaments were considered club activities or hobby activities, and no one would have considered them sports.
However, if you think about the fact that traditional sports, even without the physical contact and sweat like soccer or basketball, were based on play , I think it is safe to say that e-sports can also be considered a sport.
Anyway, since then, with the spread of the Internet, people from all over the world, not just local areas, are now connected, and with the emergence of online games, the global e-sports market has begun to grow gradually.
As Blizzard’s ‘Starcraft’ and ‘Warcraft’ series, which pioneered the RTS (real-time strategy) genre, gained worldwide popularity, many professional leagues were created starting in Korea, and as they became hugely popular in Korea, the concept of e-sports began to be imprinted on the public, rather than simply being a ‘game’ .
The e-sports market has been growing steadily, with the participation of various sponsors, the increase in the scale and level of competitions, broadcasting support through broadcasting networks, and the influx of numerous fans . However, there was one group that did not respond much: sports betting companies.
Why Betting Companies Didn’t Pay Attention to Esports at the Time
The esports betting market opened in 2006, three years after the launch of the StarCraft Pro League in 2003, which was a huge hit at the time, so it feels like it came on the scene a bit late.
Even then, only a very small number of companies supported it, and the betting options were very limited, so at the time, very few people were aware that esports betting was even possible. (I didn’t know that either.)
Here’s why betting companies didn’t pay attention at the time:
- Eligibility Issues for the StarCraft Pro League
Although it was a competition that helped foster e-sports culture in Korea, StarCraft Pro League was not properly recognized by the game company Blizzard.
Therefore, despite having a broadcasting system, it did not receive attention as a ‘sport’, and this lack of awareness of copyright ultimately led to the betting market’s delayed intervention.
- Lack of experts who can hold dividends
As I explained in the post on how to use e-sports betting, at the time, all the experts who set odds at betting companies were only proficient in traditional sports, so there was virtually no expert who could set odds for the new concept of e-sports.
- Preferred game genres vary by continent
Unlike Korea, where the e-sports craze was fueled by RTS genres like Starcraft and Warcraft, the most popular genre in North America and Europe at the time was the FPS genre like Counter-Strike, and Korea’s sports betting market was not particularly active, making it even less conducive to e-sports betting in the country.
The rise of League of Legends and the golden age of esports betting
Due to unexpected incidents and accidents that occurred on the gaming scene in the late 2000s and a decline in popularity caused by competing games, the heyday of StarCraft came to an end, and the game that took its place in the early 2010s is ‘League of Legends’, which has held the number one spot in domestic online game market share for over 10 years .
The fact that anyone can play the game for free, the appearance of various playable characters (champions) with excellent visuals through constant updates, and the need to strengthen the social function as teamwork is the most important factor in winning have attracted many gamers, and as a result, the leagues and competitions have also become very popular.
Since the 2010s, sports betting has been recognized globally as a form of entertainment, and regulations have been greatly relaxed. In addition to League of Legends, games with excellent gameplay and graphics have been released, leading to the expansion of the esports betting market .
With games like CS (Counter-Strike series) in North America , Overwatch and Dota 2 in Europe , and League of Legends in Asia (China and Korea) all gaining explosive popularity on each continent, the esports betting market was bound to be busy.
Referring to the previously summarized e-sports market size, it is currently estimated to be worth approximately 3 trillion won as of 2024, accounting for 3% of the sports betting market size mentioned above, and its size is expected to grow further due to technological advancements and Middle Eastern money investment .
Is eSports Betting Really Better Than Traditional Sports Betting?
We can now see that many sports betting companies are offering a wider range of esports betting options and higher quality broadcasting environments than before .
So, is esports betting as beneficial as betting on traditional sports like soccer or tennis? If so, what advantages does it offer? We’ll explore these points now.
However, the esports betting market still has a short history.
As mentioned in paragraph 1, it is no exaggeration to say that the history of sports betting has actually grown in step with the history of the respective sports .
That period has now spanned well over 100 years, and as such, there are many experts who analyze the game and provide appropriate odds based on the vast amount of data accumulated over the years for each sport .
However, the e-sports market, which has a short history, has great potential, but at present, compared to traditional sports, it lacks specialized human resources and statistical data necessary for analyzing games.
That said, the analytical and judgmental abilities of e-sports oddsmakers (experts who set odds and benchmarks) are still questionable, and in reality, there are often cases where the predictions of the majority of game users and the odds boards differ significantly .
Therefore, if you are a user who has a great interest in the game you want to bet on and enjoys it, you may be able to make better decisions than the experts who give out odds, and since it has a reputation as an e-sports powerhouse, it can be said that even beginner bettors will be able to adapt more quickly than in other sports .
Have few competitors
Although e-sports now show higher market value and growth potential than most sports, their proportion in the broad category of sports is still not that large (compared to soccer, basketball, baseball, etc.), so the number of people participating in betting is relatively small .
For example, in soccer, even a single round of a famous league, such as the World Cup or the UEFA Champions League, or even if it doesn’t reach that level, a significant number of bettors flock to it.
That’s why it converges to an honest dividend based on statistics and current power, following the law of large numbers .
On the other hand, in the case of esports, since it is not an international tournament where bettors from all over the world gather, there is a possibility that the betting option you thought of will be given a higher payout than expected because there are fewer people competing in the game .
This can be a significant advantage when betting live , and is especially advantageous in games with many variables like LoL.
Easy to check player condition
The most important thing for athletes is to always maintain optimal condition and avoid injuries.
Because it’s a profession that actively utilizes physical abilities, the saying “body is your asset” is aptly applied. This also ties into the actual money earned as a professional athlete. (That’s why some athletes hide their injuries.)
Therefore, the condition of professional players is managed quite strictly , and it is quite difficult for the general public to check their physical condition unless the team, management, or the player himself speaks up .
Let’s say you’ve placed a bet on an overseas match. Would you be able to visit their practice facility to check their condition? Realistically, it’s impossible. Even if you could, star players would be difficult to approach. Ultimately, it’s nearly impossible to judge unless you’re an insider.
However, in the case of esports, the only injury that can actually occur is hay fever caused by excessive fatigue (which of course has a big impact on professional gamers), and it can be overcome with sufficient management before the season begins, and anyone can immediately access the game data center site to check the player’s record and check the player’s condition.
ex) League of Legends recommended record check site
Taking League of Legends as an example, you can fully understand the performance of each champion, whether they are adapting to the changing meta, etc., and this becomes the most valuable data that can be analyzed when betting on esports .
These are the advantages that esports betting has over traditional sports .
eSports Betting Precautions
However, the above-mentioned points are merely the merits of e-sports betting compared to ‘traditional sports’, and do not mean that e-sports betting itself is easy.
As games develop and grow in scale in real time, experts are gradually entering the industry.
Therefore, in order to compete with them in terms of analytical skills, a certain level of in-depth understanding and skill of the game is required , and the specific criterion for judgment is rank (tier).
Taking League of Legends as an example, you need to be at least Diamond rank (top 2-3%) to be able to make strategic bets by taking advantage of the high volatility of LoL’s odds.
You might say that the tier standard is too high, but given the nature of online games that have balance patches and updates in a rapid cycle, the players themselves must be able to adapt to and understand the new meta in order to conduct proper analysis, so the Maginot Line was set.
However, since both the bettor and the oddsmaker rely on the same small amount of statistical data, I think that if you accumulate a lot of betting experience, you will be able to maintain a good hit rate .
A good post to read along with the benefits of esports betting.
