eSports Betting is Big Business in China
eSports is very popular around the world and it is especially big in the Asian market. In addition, South Korea is at the forefront of the e-Sports industry with eSports schools and innovations. However, when it comes to gambling on eSports, they are not leading the pack. This is because eSports Betting is Big Business in China and is growing at an enormous pace.
In 2018, the global e-sports market was worth $1.23 billion and gambling analysts expect it to double by 2020. In addition, according to Chinese media, the number of e-sports professionals will also increase to half a million by 2020. Furthermore, a recent report by PricewaterhouseCoopers said that e-sports revenues will reach $212 million this year.
Therefore, it is only natural that the growth of eSports Betting would also take place at a similar rate. In fact, several new gambling platforms for e-sports have begun to make their appearance in the online gambling industry.
Wagering on eSports with Digital Currency
Gambling in China is mostly illegal unless it comes from the state lotteries making betting on eSports illegal. However, eSports betting websites and platforms are widely available and easy to use in China. This is because sportsbooks will claim to be e-sports new or live streaming websites while at the same time having a sports betting platform available.
One of the ways to get around the sports betting law in China is the use of Digital Casino tokens or Digital Currency. Basically, customers will just buy these tokens and use them to place their bets.
For example, Huomao.com is a popular website in China that specializes in guessing the winner of eSports matches and events. Their live-streaming platform and customers are able to bet on the outcome of each match with “cat bean” tokens.
In order to get these tokens, customers must buy them using Alipay or WeChat pay. The “cat bean” tokens are then used to buy gift cards at popular stores and for physical gifts like iPads. Furthermore, these gifts cards are easily sold for cash.
Using cryptocurrency is a also popular method to bet on eSports for those looking to win cash. However, these websites are illegal in China and using such websites can lead to three years in prison.