Last year, revenue from single Esports tournaments reached over $30 million. Meanwhile, the global sports betting market size and share is expected to reach $155 billion by 2024. Midnite is a startup looking to capitalize on this growth by combining both worlds.
A new player in the game
The London-based company was founded in 2016 and has already raised over $2.5 million in funding led by venture firm Makers Fund. Additionally, executives of popular betting and gaming companies such as Betfair and GVC have also invested a sizeable amount. Altogether, the company already now has around $4.5 million behind it.
The platform allows people to place bets on those playing popular games such as Counter-Strike: Global Offensive, League of Legends, Dota 2, and Call of Duty. Esports fans can watch these games as they happen while making in-game wagers.
Therefore, intricate bets such as who will get the first kill or final kill in a first-person shooter can be made. Bettors are also supported by Midnite’s full tilt stats so they can get up to date intel, whether they’re betting before or during a match.
Best of both worlds
This is a similar approach to how sports betting companies structure their in-game plays. Bets such as the next person to score can be made during a soccer game while the odds continue to change depending on the circumstances.
Despite the similarities, Midnite co-founder Nick Wright recently spoke with TechCrunch about how Esports offers an alternative model from traditional sports.
“What makes esports differ from other sports is the constant action and its highly dynamic nature,” Wright said as reported by TechCrunch.
“This is conducive to a variety of live betting opportunities that you can seldom find in real sports. Users can bet on your standard match winners and losers, but they can also bet on unique selections such as next kill or next objective achieved while matches are in-play.”
A responsible approach
With gambling being such a sensitive activity, the licensed betting company is hoping to create a safe and responsible environment for Esports bettors. Wright claims that previously, bets of this kind were conducted by unregulated operators who weren’t even performing age verification checks.
However, he highlights that his company is taking the process very seriously. It is ensuring that it is compliant with all regulations so that its community is safeguarded. This factor is important, especially as young people make up a sizeable segment of Esports fans.
The Esports market is showing no signs of slowing down. Therefore, Midnite is in a prime position to affirm itself as a major player in the ever-growing industry this decade.
Abundary reached out to Midnite for further comment on its plans. We will update the article with any further announcements from the firm.
What are your thoughts about this model by Midnite? Let us know what you think in the comment section.