E-Sports: The Boom Continues in 2024 - Virtual Euroleague as role model for future online leagues
- Euroleague
- May 20, 2024
- 3 min read
E-Sports: The Boom Continues in 2024
The e-sports industry has experienced explosive growth over the past few years, evolving from a niche activity into a multi-billion-dollar powerhouse. In 2024, this boom shows no signs of slowing down, with the industry continuing to generate significant revenues and offering substantial prize pools for players across various tournaments. E-sports now encompass a wide array of gaming genres beyond traditional sports video games.
Major tournaments have been pivotal in driving the e-sports boom, contributing immensely to its growth.
Since 2019, virtual sports have seen remarkable progress. By 2024, the e-sports industry has significantly increased its revenue, demonstrating robust growth and widespread popularity. The largest e-sports market remains the United States, generating a significant portion of global revenue. China, Europe, and South Korea are also key players in the market.
A substantial part of this revenue comes from sponsorships of games, tournaments, and events like the annual gaming convention, Gamescom. Market researchers estimate that sponsorship now contributes around 550 million euros to the industry's income.
E-Sports: The Boom Continues in 2024 - Virtual Bundesliga and Virtual Euroleague
In the realm of e-sports video games the boom also continues in 2024 - and two leagues stand out: Virtual Bundesliga (football on EAFC24) and the Virtual Euroleague (basketball on NBA2K24).
Many clubs have approached sports video games the wrong way, opting for formats like 5v5 in basketball or 11v11 in football, where each gamer controls a fictional character. This method fails to foster a connection with real-life clubs and athletes, often turning into a "pay to win" scenario where players can enhance their performance through in-game microtransactions. Additionally, clubs have to pay salaries to multiple gamers.
The Virtual Bundesliga takes a different approach, where one player controls an entire team composed of world superstars. However, this still doesn't fully represent the club.
The Virtual Euroleague on NBA2K24 offers a more modern example. This online league features highly detailed replicas of real teams, including their logos, jerseys, and sponsors. Real professional athletes are controlled within the game, and each team is managed by a single gamer, making it more cost-effective for clubs. Notably, NBA players like Sasha Vezenkov and Euroleague veterans like Bryant Dunston, along with top European gamers, participate in this league. On the league´s website also recommended betting coefficients are provided for upcoming top games.
This league is currently booming, with the Turkish Airlines Euroleague showing strong support behind the scenes. There is also interest from the USA and the game developers, with potential plans to implement a similar concept for the NBA. Highlight clips from these superstars often go viral, making it attractive for sponsors, as games are sometimes broadcast on national and international sports channels. Every match can also be streamed live on YouTube, and "die AmigoZzz" are current partners in the league's internal cup.
Why Virtual Leagues are So Lucrative for Betting Companies
Virtual online leagues, particularly the Virtual Euroleague, are highly attractive for betting companies. The league's website offers recommended betting odds, and all matches are streamed live on YouTube, allowing bettors to watch and place live bets. The dynamic nature and frequent events make it exciting for viewers and bettors alike, providing numerous betting opportunities. Games are shorter, allowing for multiple matches in a single day, unlike traditional sports.
The Final Four tournament is broadcast live from TV studios with live feeds and gamer cameras. Fans can identify more closely with their teams, as real professional athletes play for their virtual clubs. Furthermore, e-sports rank among the most bet-on sports worldwide, alongside football and cricket, making it essential for betting companies to expand their offerings in this area.
Why Betting Companies Must Expand Their E-Sports Offerings
Betting companies should significantly expand their e-sports betting products due to the market's rapid growth and high potential. E-sports offer a dynamic and engaging betting environment with fast-paced and frequent games ideal for live betting. As e-sports gain global popularity, the demand for betting opportunities increases.
Research shows that e-sports viewership has surged, with audiences deeply engaging with the content, leading to high interaction rates. Offering e-sports betting can further boost viewer engagement and provide a new revenue stream for betting companies. Additionally, the unique nature of e-sports allows betting companies to develop innovative products tailored to the specific needs of this audience.
Betting companies can also benefit from the strong presence of e-sports on social media and streaming platforms, enhancing brand awareness and reaching a younger, tech-savvy demographic. Given that e-sports events are often followed internationally, there is an opportunity to reach a global audience and expand market presence.
E-sports are continuously evolving, introducing new games and formats, ensuring ongoing demand for betting options. Companies that invest early and establish themselves as leaders in e-sports betting stand to gain significantly from this growth.
