Although esports betting is relatively new to gamblers, it has become one of the fastest-growing markets in the gambling industry. The global esports betting market size is expected to reach USD 24,290 million in 2028, opening more opportunities for punters to earn money.
However, many are sceptical about its nature and process. While this is normal in any betting industry, you should identify the truth to address doubts and improve profitability.
The first step to addressing scepticism is knowing the common myths about esports betting. It allows you to make the right judgments and eliminate fears that prevent you from maximising your strategies. Here are some of the common myths about esports betting:
MYTH: Bettors Have to Be Gamers
Some punters want to avoid esports betting as they fear they need to be a gamer first. Although you can try being an esports player, it cannot guarantee successful bets. You do not have to be a seasoned gamer to make the most of the betting markets and win significant money.
It is advantageous to have a comprehensive understanding of esports betting. From knowing the game mechanics to analysing Singapore Pools odds, you can determine which strategies are best. This will allow you to increase your profit, improve your gambling skills, and maintain the fun of your esports betting experience.
MYTH: Matches are Fixed
This myth is often heard in many tournaments. There have been situations where esports fans believed matches were fixed so betting organisations would earn more money. While this is a common misconception in esports industry, this is not true.
The truth is reputable betting platforms have no gains in these anomalies. It is difficult and time-consuming to conduct biased tournaments with many participating teams worldwide. Fixed matches can also harm the reputation of the betting sites, leading to revenue loss and liabilities.
Moreover, Singapore betting sites cannot afford to lose the trust of their participating punters. They must build quality and long-term relationships with clients to maintain their customer retention rate.
You can ensure the integrity of the betting sites by following these tips:
Choose a betting site with a good track record of security
Navigate the site and assess its user interface
Make sure it offers a wide range of betting options
Look for licensing documents or other proof of legality
MYTH: The Odds are Irrelevant
Most punters underestimate the benefits of studying odds. They believe that betting is all about luck and it is unnecessary to consider odds when making decisions. This is one of the common reasons bettors lose money, resulting in bad debts or bankruptcy.
Odds are not just numbers. They are a reflection of probabilities calculated based on several factors. In esports betting, bookmakers set the odds based on team performance, historical data, player’s health condition, and rankings. If you want to know how much money you can risk, you can base your strategies on the betting odds.
Successful bettors know how to leverage odds effectively. Most of them use mathematical analysis to identify which group is more likely to win or lose. In some cases, underdogs often surprise fans and turn the tables around.
MYTH: It is Impossible to Make Money in the Long Term
Believing that you cannot make money in the long run can discourage you from exploring esports betting. If you want to win big, you must change your mentality and focus on long-term goals. Esports betting is not only a pastime but also a business. And like any business, it requires a sustainable model and strategy.
Maintaining a budget and not getting lured into bad bets is one of the critical factors to succeed in esports betting. A good payout comes from balancing and controlling your bets. For instance, if you are experiencing losing streaks, it is advisable to limit your budget. On the other hand, you need to be responsible for your wins and save some for your next bets.
MYTH: More Money Means a Greater Chance to Win
Most punters are tempted to use their real money to bet on their favourite teams. They think that betting with more funds gives them higher chances of winning. However, this is a risky practice.
Earning more money is not a good reason to put much money into betting. Although you can acquire significant profit when placing big bets, there is a higher chance of losing it. To make your betting more profitable, you must play smart and know where to invest your funds. It is advisable to start with small bets and adjust them based on your winnings. Excessive, heavy risk is not worth taking, especially if you are a novice.
MYTH: It Is Not as Accessible as Other Sports
It is valid to think that esports is not as accessible as other sports betting. Horse racing and football betting have been around for decades, covering bigger and more profitable international events than esports.
But things changed as technology advanced. As long as you have a device and a stable connection, you can watch your favourite players and engage in esports betting. Besides, there are lots of online information resources which can help you develop more betting strategies.
MYTH: There are Limited Events
Another concern circulating in esports betting is that there are limited tournaments. However, this is far from the truth. Despite being new to the gambling industry, the esports market has launched many local and international tournaments, attracting punters and increasing viewership. These leagues have introduced esports games to thousands and billions of people worldwide.
According to the 2023 Statista report, the number of esports enthusiasts is expected to reach approximately 318 million by 2025. It implies that more people will partake in esports betting, making it more profitable for punters.
It can be challenging to debunk the common myths about esports betting. However, you can address these by doing continuous and in-depth research. With lots of information on the internet, it is essential to do fact-checking and ensure your resources are credible.
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