Esports Betting Will Boom As Florida Sports Betting Remains Dormant

Written By JR Duren on February 2, 2022 - Last Updated on August 15, 2022
Esports Betting Booms as Sports Betting Stays Dormant In Florida

In November, all seemed well with the Florida sports betting universe.

Sports wagering was live in Florida, thanks to the Seminole Tribe of Florida and Hard Rock Digital’s sneaky launch. The Tampa Bay Buccaneers were headed toward the playoffs. Not only that, but you could actually bet on their Super Bowl chances.

Sadly, FL sports betting shut down just two weeks after it launched. To compound the misery, the sports betting industry continues to boom. Among the forces driving the growth of sports betting in the US is esports.

Esports Technologies anticipates $70 million in revenue from sports betting.

While the NFL, NBA, NHL, MLB, and March Madness account for the lion’s share of sports betting in the United States, esports is gaining traction.

Leading esports betting provider, Esports Technologies, projects $70 million in revenue from December 2021 to September 2022. The company operates several sportsbook and casino brands:

  • Karamba
  • Hopa
  • Griffon Casino
  • BetTarget
  • Dansk777
  • Generation VIP

Those six companies have more than 1 million deposited customers in more than 15 countries, according to an Esports statement.

“As we begin a successful 2022, we remain committed to increasing our operational and financial performance,” Esports CEO Aaron Speach said in the statement. “We expect to deliver consistent cash flow for the remainder of 2022 by growing esports revenue in regulated markets, as well as continued growth from our portfolio of online sportsbook and casino brands.”

The company filed for a trio of patents this past year to prep for what may be a big 2022:

  • Technology that generates odds models based on artificial intelligence
  • Live streaming technology
  • Statistical modeling for multiplayer battle games

“Data analytics is a key competitive differentiator for our company,” Esports COO Bart Barden said in a statement this past November. “This patent could significantly elevate the state of the art in esports wagering.”

New Jersey a model for Florida?

New Jersey could serve as an example of what Florida’s esports betting market could look like.

The New Jersey Division of Gaming Enforcement awarded its first esports license earlier this month. Esports Entertainment Group, an operator working under a license from Bally’s Atlantic City, only accepts bets on esports. The company is conducting intermittent regulatory testing as it plans for a full launch later this month.

Florida offers fantasy esports games

While Florida may not allow sports wagering on esports competitions, those in the Sunshine State can sign up for daily fantasy esports contests. For example, FanDuel offers a wide variety of League of Legends competitions with entries ranging from free all the way up to $50,000. Team scoring is based on the following structure:

  • Baron: 3 points
  • First blood, dragon, and win: 2 points each
  • Turret: 1 point
  • Games not played bonus: 15 points

Individual scoring gives 3 points per kill, 2 points per assist, -1 points per death, a 0.02-point creep score, and a 20-point games-not-played bonus.

FanDuel provides contests for Counter-Strike: Global Offensive, GO, ENASCAR, Rocket League, Call of Duty, and Valorant, too.

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JR Duren

J.R. Duren has covered the gambling beats for more than a dozen states for Catena Media since 2015. His past reporting experience includes two years at the Villages Daily Sun, and he is a first-place winner at the Florida Press Club Excellence in Journalism Contest.

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