July 8th, 2021 | Updated on June 25th, 2022
The world’s first esports event took place in 1972, when Stanford University hosted the Spacewar! videogame competition, awarding an annual subscription to Rolling Stone magazine to the winner along with free beer.
Since then, esports has evolved into a global industry worth an estimated $1 billion.
The esports landscape has evolved rapidly in recent years. Astonishingly, viewership of the League of Legends World Championship matches that of the Super Bowl today, and growth in the sector shows no sign of abating. According to predictions published by Newzoo, the sector will continue to maintain an annual growth rate of circa 15%, generating around $1.6 billion in revenues by 2023.
Leading global betting company 1xBet recently entered into a partnership with esports tournament organizer WePlay Esports, agreeing to support all tournaments hosted by WePlay Esports in 2021. The first tournament 1xBet will be involved with will be the inaugural WePlay Ultimate Fighting League season, which will incorporate competitions in SOULCALIBUR VI, Tekken 7, and Mortal Kombat 11.
Speaking on behalf of WePlay Esports, Valentyn Shevchenko indicated that the collaboration could facilitate the creation of new products within esports and beyond, explaining that the partnership was about moving the industry forward. A spokesperson for 1xBet acknowledged that the partnership with WePlay Esports should have a positive impact on the industry, taking the interactive aspect up a notch and driving new content trends, fuelling the interest of the audience in new disciplines, and expanding into new regions.
Sponsorship revenue is predicted to be a pivotal factor in terms of driving the future growth of the esports industry, according to Newzoo. World-leading brands such as Levi’s, IBM, BMW and Marvel Entertainment all entered the esports arena in 2020, a trend predicted to intensify in years to come as the industry grows in both size and legitimacy. New monetization trends are also predicted to gain momentum, playing a bigger role in terms of generating revenue.
2020’s 495 million-strong audience is predicted to surpass 646 million by 2023 according to Newzoo, representing a year-on-year growth rate of 10.4%. According to analysts, as audiences flourish, so too will the trend towards greater diversity. The past few years have seen the creation of numerous new organizations and initiatives to promote gender-inclusivity in esports such as FemaleLegends and Women of Esports, as well as events such as For the Women.
About 1xBet
In the world of esports betting, 1xBet is a market leader, providing wide coverage and top odds across multiple betting markets. In addition to the betting company’s collaboration with WePlay Esports, 1xBet also partners with ESL Gaming Esports organization.
1xBet’s esports betting service provides live-streamed coverage of the most important fixtures, as well as offering an esports betting calendar to enable users to keep track of events.
In terms of deposit and withdrawal options, 1xBet is one of the most versatile bookmakers in the industry, offering around 200 payment methods to enable customers to instantly top up their accounts.
In a review by LiveEsportsBetting.com, the betting specialist touted 1xBet as one of the top destinations for esports betting enthusiasts, combining strong live betting offers with live streaming, covering hundreds of betting markets, and offering top odds for most matches.
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1xBet operates across 20 different markets and abides by all relevant regulations in every jurisdiction in which it offers its products and services.
1xBet is committed to supporting responsible gambling and its policy sets out its commitment to minimise the adverse effects of problem gambling and to promote a positive, responsible experience for its customers.
1xBet does not offer its products and services to customers in the UK.
