Key regions: India, Sweden, United Kingdom, Asia, Germany
The Esports Betting Market in Canada is steadily growing due to factors such as the rising popularity of esports, the increasing use of digital platforms, and the convenience of online betting services. Despite a mild growth rate, factors such as government regulations and competition from traditional sports betting may impact the market's growth.
Customer preferences: With the rise of online gaming and the increasing popularity of esports, there has been a corresponding growth in the demand for esports betting. This trend is driven by the younger generation, who are more tech-savvy and have a strong interest in video games. As a result, there has been a shift towards digital platforms for betting, with mobile betting becoming increasingly popular. This is also influenced by the growing use of smartphones and the convenience they offer for placing bets on the go. Additionally, the increasing acceptance of esports as a legitimate form of entertainment has led to a rise in live streaming and online tournaments, providing more opportunities for betting and increasing the overall market size.
Trends in the market: In Canada, the eSports Industry is experiencing a surge in popularity, with a growing number of players, events, and viewers. This is leading to an increase in the demand for eSports betting, as viewers are looking to engage with the sport and potentially profit from it. This trend is significant as it highlights the potential for the eSports betting market to become a major player in the overall eSports market. It also presents opportunities for industry stakeholders, such as betting platforms, game publishers, and teams, to capitalize on this growing trend. However, this also raises concerns about responsible gambling and potential risks associated with underage betting. Therefore, it is important for industry stakeholders to address these concerns and implement measures to promote responsible gambling in order to sustain the growth of the eSports betting market in Canada.
Local special circumstances: In Canada, the Esports Betting Market has seen steady growth due to the country's strong gaming culture and high internet penetration rate. Additionally, the government's supportive stance towards esports has helped create a favorable environment for betting. In contrast, the market in the United States is hindered by stricter regulations and the lack of a nationwide approach to esports, resulting in slower growth and limited opportunities for betting.
Underlying macroeconomic factors: The Esports Betting Market within the eSports Market in Canada is heavily influenced by macroeconomic factors such as the overall economic health of the country, government policies, and global economic trends. Countries with a stable and growing economy, like Canada, tend to have a larger market for esports and esports betting due to increased disposable income and higher consumer spending. Additionally, favorable regulatory environments and government support for the esports industry can also drive market growth. However, challenges such as limited funding for esports and regulatory barriers can hinder market growth in certain regions. Furthermore, the increasing popularity of esports among the younger generation and the rise of online gaming have also played a significant role in driving demand for esports betting in Canada.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the Esports betting market, which comprises revenues from online betting on Esports events. All figures are based on net revenues and exclude agency commissions, rebates, and production costs.Modeling approach / market size:
The market size is determined through a bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as various macroeconomic indicators, historical developments, current trends, and reported performance indicators of key market players. In particular, we consider average prices and annual purchase frequencies.Forecasts:
We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Consumer Insights data is reweighted for representativeness.
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