In 2020, with the pandemic, you likely have been at home more than you ever have before. With movies theatres and restaurants shut down or even unsafe to go to, you’ve had to find new ways to pass your time.
It may come as no surprise that while many industries have suffered this year, the already growing gaming industry has boomed. From classic games like mahjong and freecell, to mobile games and virtual reality ones, the world is playing more games than ever before. All told, it’s an industry that’s expected to bring in $159.3 billion this year alone, which is a 9.3% YoY improvement.
To the eyes of an entrepreneur, this means opportunity. But with the gaming world being so large, where should you zoom in? Here are some of the areas in the gaming industry ripe with possibility.
Fantasy and betting for eSports
In 2018, the Supreme Court struck down a 1952 law that made sports betting illegal in most states. Just two years later, 19 states have legalized sports betting, with more to come.
However, there is still a major gap between wagers made between real sports and eSports. While eSports betting is expected to collect $1.81 billion in 2020, compared to just $24 million in 2015, live sports betting in volume is $250 billion. This suggests that despite the huge growth in eSports today, there is still plenty of room to grow.
Companies like Skillz, which enables betting in games, are successfully taking advantage of this trend. Recently, they announced plans to go public at a $3.5 billion valuation.
Moreover, there has been a wave of innovation in fantasy sports. Companies like FanDuel and DraftKing allow you to play fantasy sports on a play-by-play or game-by-game level. It’s only a matter of time before these