The esports market is a hot topic in the lead up to ICE 2024. During the Covid pandemic, we saw a surge in esports popularity, with virtuals, Belarusian football, and Armenian ping pong becoming popular forms of live content. Major games like FIFA, Dota2, and League of Legends also contributed to this surge.
However, the momentum of the esports market has not been sustained, and it experienced a decline in 2023, resulting in a plateaued market. This year has been marked by both positive and negative developments in the industry.
Let’s start with the negative news. Entain, a major player in the market, acquired Unikrn in 2021, aiming for global domination in the esports sector. However, the relaunch of the brand in December 2022 did not lead to significant progress. Entain recently announced that it will scale back direct-to-consumer operations within Unikrn, causing speculation about their future plans.
Esports Entertainment Group (EEG) also faced challenges, with a significant decline in revenue in the first quarter of 2023. The company has undergone a radical revamp, including the sale of its Spanish gaming license and shedding its Bethard business. EEG’s CEO, Alex Igelman, remains optimistic about a potential rebound in 2024.
On the positive side, Rivalry, a specialized esports betting operator, has emerged as a success story. The Toronto-based company has exceeded revenue expectations and has a strong presence among Generation Z and millennial users. Its unique approach, targeting a younger audience with relatable campaigns and influencers, has proven successful.
There is also an ongoing battle over esports data between official providers like Bayes and Grid and third-party suppliers. Third-party suppliers offer non-official data, which is cheaper for smaller operators. This has led to legal disputes over the rightful ownership and use of esports data.
In conclusion, the esports market is facing both challenges and opportunities leading up to ICE 2024. However, the full potential of the industry is yet to be realized, and the resolution of issues like data ownership and market growth barriers will be crucial for its future.
GR8 Tech has made a significant impact in the igaming industry with the launch of GR8 Sportsbook. This innovative platform offers a wide range of sports, esports, and 24/7 fantasy sports betting options, providing an unparalleled betting experience. With the capacity to handle over 25,000 daily events, GR8 Sportsbook ensures a dynamic and engaging environment for bettors.
