Regulatory Easing Could See Sports Betting Expanded

NEW YORK, July 29, 2020 /PRNewswire/ -- As the legal system slowly becomes more friendly towards online sports betting, states around the country look towards the young and growing industry to raise tax revenue. For example, a recent report by the Boston Herald indicates that sports betting could expand from online casinos and into restaurants and bars if lawmakers approve two amendments included with a massive economic development bill that also aims to tackle housing, transportation bonds, carbon taxes and more. Fair Play Massachusetts spokesman Ryan McCollum explained that it is a no brainer, especially at a time of a pandemic, "We help out our small, local businesses and we allow more safe and legal access throughout the state, all while bringing in more much needed state revenue." Sports betting is one of several newly developing segments of online entertainment which have become more accessible thanks to an easy to use internet infrastructure. And while online entertainment is a very diverse market, some segments have become clear leaders in terms of growth potential. For example, eSports have also become a popular form of entertainment in recent years. FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS), HUYA Inc. (NYSE: HUYA), Activision Blizzard, Inc. (NASDAQ: ATVI), NVIDIA Corp. (NASDAQ: NVDA), Take-Two Interactive Software, Inc. (NASDAQ: TTWO)

For eSports, the increasing audience reach and engagement activities, formidable investments, grow live streaming numbers of games, and increasing infrastructure for the league tournaments are all key factors driving the market growth. Overtime, the video gaming industry has changed from being a casual hobby to a professional career opportunity. Large eSports tournaments now involve millions of fans, similar to conventional sports. As a result, these tournaments are attracting sponsors and investments from international brands to celebrities resulting in overcrowded stadiums and live streaming. Overall, the global eSports market size was valued at USD 1.1 Billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 24.4% from 2020 to 2027.