New research by ProdegeMR and 2CV suggests that the number of esports players and related sports betting revenue is expected to double this year. The study claims that the sports betting revenue for this year would be $14 billion, as compared to $7 billion earned in 2019.

Why is the figure doubling?

The biggest reason behind this increase is the coronavirus pandemic. Because of the COVID-19 outbreak, several major sporting events have been canceled, leaving only esports events in the season. There is no guarantee when live sports will be back in their previous form. Consequently, sportsbook operators have to search for greener pastures in esports events.

What works in favor of esports leagues is that they can run smoothly, regardless of shutdowns and mass gathering restrictions. The survey concludes that 36% of gamblers have tried their hands at esports betting in the last three months. Of these, 30% of the gamblers have tried betting in the last month itself. About 22% of the punters have not tried sports betting yet but want to do so in the upcoming three months.

Will esports betting take over?

While the survey brings good news for esports betting enthusiasts, not everyone is convinced that remotely playable sports can compare with live-action sports with thousands of spectators in attendance. About 59% of the sports bettors have reduced the number of bets. About 54% of the polled gamblers said that they have stopped gambling completely.

The survey still suggests that there is hope for people who want to continue betting even amidst the shutdowns and cancellations. However, a majority of sports bettors are trying to save their money during the pandemic. These people may not bet much or may choose to give up betting altogether until sporting events are back to their regular form. However, those who are sitting on the fence and are ready to take new routes will be bringing in more revenues for sportsbook operators as esports betting gains more prominence.