Many sports are on hold as the Coronavirus epidemic continues to wreak havoc across the world. The absence of sports has also had a drastic effect upon the word of sports betting. For example, companies like PointsBet and William Hill have seen a reduction of more than 70% to their value over the past month. Even companies still performing well have seen nearly a quarter of their value disappear. How can these companies address such deficits? With esports betting.
Esports betting in New Jersey
New Jersey is one state that is constantly looking for new things to bet on. Now lawmakers are proceeding with a proposal to increase wagering on competitive video game tournaments. This would allow for betting on esports provided the events don’t involve high school teams or have a majority of participants under the age of 18.
Current legislation on sports betting is quite vague when it comes to esports. State regulators green lit a one-time approval in November 2019 for betting on the League of Legends World Championship tournament in Paris. The new legislation would allow more widespread betting across esports events in both professional and collegiate circuits.
How other companies have evolved
Legal Sports Report recently secured an interview with Rahul Sood, SEO of esports betting operator Unikrn. They asked a number of questions specifically relating to the industry of esports. While sporting events are on hold temporarily, many individuals are seeing the opportunity for betting on video game tournaments.
Esports is viewed as a game of skill, which makes it a big opportunity depending on state legislation. According to Sood, virtual games can be categorized as traditional esports betting. They’re finding double the usual number of sign-ups from normal.
Some folks have chosen to try and game the system by betting on themselves and throw the system. But in majority of cases, this hasn’t proven successful. Sports fans are now finding themselves at home playing video games to pass the time. So many folks now also have the opportunity to re-examine esports betting as a possible outlet in the absence of traditional sports betting.
Movements like New Jersey and the changes Unikrn is seeing show the opportunities that exist within the world of esports. This goes beyond simple spectating and allows people the opportunity to make money on video game matches.