The popularity of online betting has grown significantly in recent years, with one particular area, esports betting, experiencing significant growth in the last five years.
In a rapidly growing industry, it's crucial to choose an exceptional data provider, one that can cater to your audience in the most optimal way.
This article will help you choose the right eSports data provider and will also cover points such as:
- How big is esports betting?
- What should you look for when selecting an esports data provider?
- Data integrity
- What games do they cover?
- What is the delay in the data?
- How is the data captured?
- Is there data integration and day-to-day support?
How Big is eSports Betting?
Esports betting has grown to become a major part of the gambling market. The size of this market is continually increasing, with many people showing interest in placing bets on esports events.
The global esports betting market size is expected to reach around USD 24 billion by 2028, up from USD 9.7 million in 2021, with a compound annual growth rate of 13.7% between 2022 and 2028.
What Should You Look For When Selecting an eSports Data Provider?
Esports betting has become a significant and expanding part of the gambling industry and is expected to expand as esports becomes more widely accepted and the number of esports competitions is on the rise.
Considering the enormous sports betting market potential, an increasing number of sports data providers are entering the field. Since small companies are jumping in with innovative solutions, it is obligatory to look for several important factors before selecting an esports data provider.
Data Integrity
As the esports market continues to grow, sportsbooks must be watchful in ensuring that the data they use is accurate and up-to-date. With new tournaments and teams being formed on a regular basis, it is crucial for data providers to have the ability to quickly adjust their algorithms and formulas to reflect the latest changes in the industry. Failure to do so can lead to inferior odds and lost revenue from bettors who notice the discrepancy.
The use of data is essential in the current era of online sports betting and sets apart different platforms from one another. The more comprehensive the information you have access to, the more accurately you will be able to reflect the market trends in your betting odds.
What Games Do They Cover?
When choosing the right eSports data provider, it is necessary to consider not only the integrity of the data but also its scope. Confirm that the provider can provide detailed info about the games you plan to feature in your sportsbook. An ideal provider would be one that not only facilitates your entry into the market but also allows for growth in the esports industry.
What is more, a trustworthy provider should possess accurate and superior quality data on the most well-known esports games, such as Dota 2. Having data on extra games can be a bonus, as sportsbooks with a variety of offerings are more attractive to bettors than those with restricted options.
What is the Delay in the Data?
The speed at which data is received and verified is an important factor in the sports betting market, as it impacts the ability to update odds for ongoing matches as fast as possible. With the fast-paced nature of today's information flow, delays are not typically a significant concern. Yet, the faster the data is accepted and verified, the more beneficial the whole process will be.
Also, consider that minimising delays in data may come with a cost. Hence it is crucial to balance the cost and the intended use of the data in the sportsbook. A minor delay in verifying results and settling wagers may not be an issue. However, a delay in updating live odds could be a major problem.
How is the Data Captured?
The time it takes for data to be delivered is affected by how companies handle big sports data. Some businesses rely on manual data input, but it's best to choose a company that uses automated systems to collect and enter data. In this field, relying on human input can be a costly and unreliable method, as errors can occur and valuable time is lost. An automatic system ensures accuracy and efficiency in data input.
In the esports betting industry, the ability to quickly process data and convert it into valuable insights through machine-learning applications is not just important. It's a necessity.
It is vital to find a dependable source of information that is swiftly updated to contain the most recent changes and then use it to update the odds for ongoing matches.
The faster and more reliable the data is gathered, the simpler it becomes to examine and utilise the data to create up-to-date odds.
Are There Data Integration and Day-to-day Support?
You can have the answers to the thousands of questions asked by your players. But if you fail to deliver an accurate answer to only one question, you put your iGaming business at risk. A trustworthy eSports data provider is one that is with you 24/7 and is willing to provide you with complete support instantly. So, make sure your eSports data provider is equipped with real-time, multichannel support.
Moreover, a reliable eSports data provider should be available 24/7 and able to deliver prompt assistance. To ensure the safety of your iGaming business, choose a provider that offers real-time, day-to-day support.
Conclusion
The past few years have seen a massive rise in esports betting. The esports betting market is witnessing a steady increase as a growing number of people are becoming interested in placing bets on esports matches. Moreover, a number of must-have betting products promote the process of growing betting businesses in their turn.
Without a reliable data provider, your business is open to a tremendous amount of risk. However, finding a data partner which meets all your goals may help you speed up your time to market without the hassle of looking for tech experts.