With the recent legalization of sports betting in Canada, Canadians have been given one more pastime activity to enjoy. Nowadays, they can bet on the outcome of Wimbledon 2023 matches and sit around hopeful that they have made the right prediction. However, Canadians can now take their sports betting days to a whole new level, as they have the opportunity to bet on Esports – multiplayer video games that are typically played for spectators by professional gamers.

The rise of Esports betting in Ontario has been a quick one, and we are now been able to clearly distinguish the opportunities, but also the challenges that come with it. Take a look to decide whether this form of betting is something you want to venture into. 

Keep in mind that we are going to cover the challenges and opportunities that concern every member of the Esports betting world – the players, the viewers, and the companies in the industry. 

Opportunities that come with the rise of Esports betting in Ontario

Whether you are a newbie or an experience Esports bettor/player, it’s safe to say that you will be entering a territory that is filled with immense opportunities. Take a look at what you can expect to experience, whether you are reading this from a bettor’s or player’s viewpoint. 

The rising popularity and a wider audience

Esports, as a concept, is relatively new. But that doesn’t mean that it has humble beginnings with only a handful of people interested in it. Canada is estimated to have 22.8 million gamers, plus a huge number of people who like to gamble for fun.

Keep in mind that the most enthusiastic gamblers and gamers don’t mind spending time on their favourite pastime activity. From reading reliable reviews on websites such as Time2play to researching the newest games on the market, you can always count on them finding enough time for their number one hobby. This passion is likely to translate to the world of Esports betting, as it combines the two things a huge number of Canadians like – gaming and betting. 

For companies and gamers, this rise in popularity leads to a wider audience. And for the bettors themselves, it translates to diverse betting opportunities that are able to satisfy all of their needs. 

Diversification of the industry

The betting industry is already full of diversity. Not only can you bet on the outcome of the games, but also on the success of individual players, such as Jalen Hurts. And while sports betting is always active and in demand, there was one moment in recent years when all sports betting became redundant – during the Covid-19 pandemic. With no matches and tournaments being played, there was nothing and no one that people could bet on. That problem is non-existent with Esports. 

Since all the games are played by holding a joystick in the hands of the participants, there are no worries about them being postponed or cancelled due to unforeseen circumstances. Thus, this form of betting will always be available to you. 

Significant investments in the industry

Companies in the betting industry were quick to recognize the rise of Esports betting in Ontario, which has prompted them to make more investments in the quality of the games and the diversity of the offer. While this favors everyone, there’s one party that particularly stands to benefit from this – the players.

The prize pools for Esports tournaments are higher than ever, with some reaching incredible figures. It should be sufficient to say that some prize pools go over $40 million, so you can only imagine the profit that awaits the most successful professional gamers. 

The challenges that come with Esports betting in Canada

It’s difficult to say whether the challenges surpass the benefits, as we believe that the industry can overcome them. However, it’s always a good idea to be aware of all the potential problems that await and act in accordance with them. 

Limited availability 

The Esports betting market in Canada has come a long way since its inception. However, when compared to traditional sports betting, its availability is still somewhat limited.

This can present a challenge for every party in the industry, but it’s especially inconvenient from a player’s point of view. They are the ones who might have a problem betting on their favourite Esports events and tournaments, such as Rocket League. Ultimately, this can also become a huge issue for professional gamers, as they need an audience for which to play. 

Limited understanding

While the industry has grown exponentially in the last couple of years, there’s no doubt that it’s still somewhat unfamiliar to a huge number of Canadians. Many people aren’t familiar with the concept of Esports, let alone how it works and what you stand to gain from it.

That makes it difficult for them to engage with the industry, as they first need to learn the basic things regarding it. Luckily, with a bit of education and continual awareness efforts, this is a problem that can be fixed and mended. 

Lack of proper regulation

While online gambling and sports betting are two activities that are legal and regulated in Canada, the same does not go for Esports betting.

While completely legal, the market is still largely unregulated, which presents a huge risk for bettors. The issues they face can range in nature, with the most serious challenges being related to fraud and fixed matches. They might also experience issues with responsible gambling which is supposed to keep a serious addiction at bay. 

The bottom line

The Esports betting industry in Canada is going through a massive rise. There’s an abundance of opportunities for every party involved, and professional players depend on bettors – and vice versa.

And while there are plenty of benefits to playing these games, there’s some need for caution, as the market isn’t fully regulated just yet. Still, the rise of Esports betting in Canada is quick and undeniable and the only question that remains is whether you want to give it the time of day.