Esports is already on the verge of becoming a billion-dollar industry. Esports has moved ahead and is at par with the other popular sports like NFL, soccer, etc., and have demonstrated the potential of surpassing every obstacle and emerging as the ultimate winner.
According to statistics, the revenue collected from esports globally has surpassed USD 1 billion in 2020 and is still growing. Maryland is a state well known for its betting abilities and betting opportunities. The online gambling market in the province has excelled enormously and esports played a major role in it.
The gambling industry is closely associated with esports and its operations. They are like two sides of the same coin which need each other back to operate and generate revenue. Legalizing esports and gambling fronts in the province has actively improved the participation of bettors. This has led to the simultaneous growth in local and global revenue generation along with the enhancement in users’ interest in online sports.
Incorporation of Esports in Maryland
Maryland is one such state in the United States that happily hosts esports events and tournaments. Sports betting in the province of Maryland is also being welcomed in recent years. With virtual and augmented reality taking an upper edge, new sportsbook apps have started complementing strategies for incorporating new trends with esports.
For instance, FanDuel offers a large selection of sports to wager including esports. The esports Act was passed in Maryland on 30th April 2019. The act described esports as a contest that involves strategy games, multiplayer online battle games, video games, and so on.
Since the enactment of this act in Maryland, various events and tournaments have been staged in the United States. Not only Maryland, but other states have also welcomed esports as not only a revenue-generating source but also an entertaining reference and employment stimulator.
Factors Contributing to the Growth of the Esports Industry
2021 has also been a constant year for the growth of the esports industry. With the changing times, experts have said that the esports market will be growing in the future as well.
According to insider intelligence, the entire esports viewership will approximately grow at a 9% compound annual growth rate from the year 2019 to 2023, from 454 million in 2019 to 646 million as expected to be in 2023. Various factors will contribute to the growth of the esports industry.
Live streaming in the domain of esports is a recent trend that will pick up the pace very soon. This would not have been possible without the emergence of various online streaming platforms which allows both amateurs and professional gamers or tournament operators to stream their content virtually. This not only creates brand value in the digital world but also generates profitable earnings and provides an opportunity to showcase new talents.
Increment in Prize Tools
The major motorists of the esports industry in the world are the prize tools and the rewards. With the constant increase in viewership and content consumption, an increase in the prize tools is actually the need of the hour. Gamers have always yearned for a potential sum of money by acing any tournament, be it an individual or a group event.
Also, an increment in prize tools is another step taken for deriving them of their deserving benefits and opportunities in the field of their interests. Esports has majorly been a dominating domain and people can revise the strategies only if they are dedicated to doing so.
Technology has paved a lot of opportunities in every sphere globally. Esports has also witnessed multiple tech innovations all around the world yet they are untouched in many domains. These need to be covered in order to expand the esports segment universally.
Some of the technologies that can be adopted are machine learning, artificial intelligence, and big data for measuring and gathering information on an athlete’s performance, their gaming journey, and communication with the audience through the support of esports. The tech solutions also assist in enhancing the ultimate user experience and aid in conceptualizing better tactics to boost the esports mechanism.
Support from Corporations
The esports sector is gaining immense attention at the global strata owing to its growing recognition. Various esports firms from the external market are forming tie-ups with the local market to evolve and expand, featuring increased investments.
Esports is one of the most dynamically growing markets in the world, which welcomes various corporations to collaborate and expand their bases. This shapes a brand name and enhances the monetary growth of both the sports firm and the corporation globally.
Esports stands as a platform to convert amateur players into professionals from distinct parts of the world and also give them a chance to highlight their latent talent. One should start taking advantage of esports and explore the various fronts of it not only in Maryland but across the world. To know how esports has developed in every untouched sphere of Maryland, one needs to get back to what esports constitute.