What makes sports so lucrative?
It could be many things--the tension of the contest as players put their efforts into the competition. The skills it takes to get there. The number of people who spend their freetime watching, and the money companies can make from getting their attention.
Certainly there is a lot to the game itself, but it pales in comparison to the amounts wagered.
For example, the NFL’s budget is dwarfed by the amounts spent betting on the NFL.
According to a Forbes article, $95 Billion USD was wagered on football, more than $3 Billion on the superbowl alone. The NFL revenue for 2015 was a comparatively paltry $13 Billion.
Competitive video games that make up eSports will not be immune to this process either.
The eSports phenomenon is fueled by a love for the intricacy of modern video game mechanics and the talent it takes to perform well under pressure, and betting can back it up.
According to the eSports Betting Report, the total amounts wagered is already being measured in the billions. In 2015, they reported $4.2 Billion.
That’s one reason why SKARA plans on implementing betting options using their new token, the SKARAT.
“The opportunity is there to connect this successful market into the game, to help players more directly--and also the developers,” said SKARA co-founder Cesar Ortega. “We think it’s a great way to even the odds out for those who put their sweat and time into actually making the game happen.”
The SKARAT betting platform is still a ways out of becoming a reality, but the SKARA team says they are actively working with a partner to make sure they get it right.
One aspect of that is making sure the timing is right.
“Good bets are very time dependent,” explained SKARA CTO Victor Moreno. “If the feedback is too late, the wagers would be wrong, thus jeapordizing the market. By connecting it into the game, we eliminate that concern.”
SKARAT owners should be excited about the potential.
“Using our own token will help facilitate SKARA’s eSports league development,” said SKARA CEO Pablo Rodriguez. “Players will get more rewards which they can cash in at their leasure. Betting will enable non-competitive players to be more directly involved and in a way that isn’t harmful.”