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Midnite raises $2.5m to 'develop esports betting' - Will it be as big as sports?
17th January, 20:02Is esports new sports? And is esports betting the new sports betting? - Many analysts and investors believe so. Midnite, a London-based esports betting brand, built from the same team as 'Dribble' a fantasy football app, has raised over $2.5million in funding.
Only a few exclusive esports betting sites exist, but Midnite believes that esports bettors deserve their own platform for betting instead of using a betting giant like Bet365 or Betway.
Previous Midnite backers include Venrex Investment Management, a London Investment firm, and unidentified owners and executives of major gaming firms, including Betfair and VGC. The latest cycle raises the company's contribution to about $4.5 million in 2016.
Remember, although the company has already secured a betting license in the UK (Soon to be in the USA) that Wright says it is the world's largest betting market, even though it existed in an invite-only beta.
He said Midnite is the only dedicated esport betting site serving consumers in the UK and focussing on the regional activity in law-abiding jurisdictions. "We acquire further licenses," he added.
However, Wright says, in spite of the size of the opportunity, that in most sports betting sites, sports is "just one more tab" in their legacy sports betting offerings. "They are an entirely new consumer group and deserve a platform dedicated to them," he says. "This is why Midnite exists."
"In the past, unregulated operators have been offering bets on esports and the unregulated market was several times bigger than the regulated market. Most sports betting outlets are not permitted to play, take responsible gaming or even carry out age checks seriously. This meant that consumers should wager on sports sometimes threatened.
Esports tournament viewership
Since 2016 eSports viewers-both occasional watchers and enthusiasts, i.e. viewers regularly -have experienced a considerable increase. From 2016 to 2017, the year-on-year growth was 19.3%. In 2017, the general audience was 192 million casual visitors and 143 million fans.
Football fans have not been as many on Television as in the previous years to listen to this year's Scoverageuper Bowl. Nielsen reports that the big game attracted around 98.2 million television viewers. CBS said, however, that a combined total of 100.7 million viewers watched the big game across all platforms - including digital and streaming. However, this year's television coverage set new records that helped account for the loss of the TV audience.
In 2018, the growth rate over the course of the year fell slightly to 13.8 percent but still represents a significant increase. 215 million spectators and 165 million fans attended the 2018 meeting. The overall size of the audience, therefore, increased to 380 million.
The annual growth rate is predicted to be around 14% by 2021, in Newzoo. They are also projecting a 307 million increase in the number of casual viewers. The total audience will be 557 million and there will be 250 million eSports enthusiasts.
So you can see that eSport viewership continues to grow, and in the coming years, the trend will probably continue. The increase is not just for dedicated eSports fans; it also appears that there are increasing numbers of people who see it casually. This is probably due to increased awareness of eSport and easy Internet access.
In addition, the growth of their users also shows viewing platforms like Twitch and YouTube. This is another factor contributing to the rise of the eSports audience. Later in this post, you will find out more about these factors.