Esports Is The Fastest Growing Millennial Industry
In order to move forward, learning best practices from around the world and from other industries can be decisive. This time we look at Esports and have Ultraplay and its CEO, Mario Ovcharov took the time to share their insights and best practices.
In his interview Mario underlines how fast growing the esports industry is – as fastest growing industry in the millennial demographic – and what role Blockchain may play. ´Since this emerging customer group and technology are becoming more and more relevant also for other industries, we are very excited about this interview. Thanks Mario.
In a very dynamic technology world we are living in, 10-year-olds are not only well aware of but also greatly involved in gaming and eSports. It’s the new generation’s entertainment that is growing on an exponential rate year by year. Esports is the fastest growing industry that is engaging the Millennials like never before. The main reason for that is the highly developed ecosystem of organizations and players, game developers, hardware provider, media professionals, marketers. Viewership and prize pools are way above expectations, which is well connected with the overall hype the eSports scene is experiencing in the last few years.
We try to face all challenges with an innovative approach and deliver the best possible experience to the end user through UltraPlay’s all-in-one solution covering a wide range of betting options – from traditional sports and eSports odds, online casino, virtual sports, to wagering with cryptocurrencies. The progress of the technology itself has been huge and it allows software companies to create outstanding products.
It is a very dynamic market in general and has developed a lot in the last few years, one of the fastest growing ever. The audience is very broad and there is a huge number of different products that are connected to the industry, like laptops or phones designed for gaming as well as consoles and on top of that you can bet on your favorite team or support your favorite streamer. In terms of betting on eSports, where UltraPlay has been a pioneer, the increased number of games that can be offered with pre-match and live odds has increased drastically over the last 5 years. Now, UltraPlay is able to provide 28 titles, and more than 200 markets bettors can choose from like first map winner, decider map player, home/away team to win at least one map and many more. Back in 2014, when UltraPlay was the first company to provide live odds on CS: GO, there were only 20 markets available for players to bet on and three titles in general. We are seeing that gambling operators’ turnover has been doubling year-on-year when it comes to the eSports betting vertical. Bigger turnover equals bigger profit – an industry trend.
All of this comes with the years of experience backed by a solid eSports ecosystem enabling companies to enhance their offerings to the end users. The lesson here is that the social element in that ecosystem is crucial and the communities around it are very strong and loyal, which can be a huge factor for the business.
I think the main challenge still remains the number of transactions that it can handle in order to be able to cater big operations. There are some projects around that tried and some look quite promising to a certain level. Also, Blockchain even though being popular around the gambling industry and in the technology circle, the mass user is still very far away from understanding or using something like that on a daily basis no matter how simple it may be.
We put our efforts, in terms of the development of our software products as well as in enhancing the betting models we are offering to our clients so that they receive the best from us. The work done in the last 12 months for UltraPlay was concentrated in opening new perspectives for eSports betting, optimizing the platform and expanding to new markets, which also paid off in receiving 7 international awards for our eSports betting provision for 2018.
Through the constant desire of shared knowledge, experience, and cutting-edge technology we help many businesses worldwide to step confidently into the eSports betting sector and make it profitable. We keep on strengthening our positions on the global gambling map by offering high-quality solutions incorporating the breakthrough spirit of UltraPlay.
I don’t think there is a certain category of partners or customers we wish to work with. We are open to working with anyone willing to enter the sector. Established operation or well-organized startup makes no difference for us as long as they are serious in their venture.
It should be all a matter of balance between the right business plan, execution and the people involved. If all that is clear and the end goal is known then there is nothing that shouldn’t be done apart from over evaluating your own idea before the rest do.
I can’t say much about books. I think nowadays everyone should have a smartphone, a strong pc or laptop and something for entertainment like a console or VR goggles.