PALM BEACH, Fla., Oct. 28, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - Recent reports from industry insiders, Newzoo and Juniper Research, project continuing substantial growth in global eSports universe. The global esports audience will grow to 474 million in 2021, with revenues from competitive gaming set to be just shy of US$1.1 billion by the end of this year, according to market researcher Newzoo. The rise in esports' audience represents year-on-year (YoY) growth of 8.7 per cent. Of that 474 million, esports enthusiasts – recorded as those who watch competitive gaming more than once a month – will account for just under half of the overall figure, up 8.7 per cent YoY to 234 million. Newzoo also expects that the total competitive gaming audience will continue to grow with a compound annual growth rate (CAGR) of 7.7 per cent to 577.2 million in 2024. The study attributes the audience increase to ongoing infrastructure developments in growth markets that encourage participation, as well as the rise of mobile gaming. It said: "The increased engagement will result in more revenue in the esports market. Newzoo anticipates revenues this year to come to just under US$1.1 billion, a 14.5 per cent increase on the US$947.1 million projected last year. Of this year's US$1.1 billion revenue figure, US$833.6 million will come from media rights and sponsorship. Active tech companies in the markets today include: Esports Technologies (NASDAQ: EBET), B. Riley Principal 150 Merger Corp. (NASDAQ: BRPM), Enthusiast Gaming Holdings Inc. (NASDAQ: EGLX), DraftKings Inc. (NASDAQ: DKNG), Elys Game Technology, Corp. (NASDAQ: ELYS).
Newzoo added that: "… the pandemic 'has undoubtedly underlined the resilience of regional ecosystems for the wider market, which may shift strategies and ensure a more secure esports market for the future'. It adds that team organizations are beginning to diversify more, which may also 'foster a more stable market' for the years ahead. In other esports market news, research and analytics firm Juniper Research has estimated that the global esports and games streaming business will be worth more than US$3.5 billion by 2025, up from US$2.1 billion in 2021. Growing audiences have been cited as the main contributor for the jump. The bulk of market value will be driven by subscription spend to streaming platforms and advertising spend over streams. Juniper Research has also predicted that there will be more than one billion esports and games viewers by 2025, up from 800 million viewers by the end of this year.
Esports Technologies (NASDAQ: EBET) – BREAKING NEWS - Esports Technologies Nominated for Esport Product of the Year Award at the Prestigious Europe Gaming Awards - Esports Technologies, a leading global provider of advanced esports wagering products and technologies, has been named a finalist for SiGMA Europe's 2021 Europe Gaming Awards for Esport Product of the Year.
The company's innovative products and technology include its patent pending real-time odds modeling and simulation system, which employs advanced automated models to instantly generate odds and betting markets for broad esports betting use. This system was recently nominated for the 2021 Tempest Esports Business Awards in the Innovative Use of Technology category. A popular new product is its free-to-play Esports Games app, which has over 100,000 downloads on Apple and Google since launching in May 2021. Esports Technologies also has a patent-pending live streaming wagering technology, which allows sports and esports fans to wager in real time across live streaming platforms, in addition to several other innovations currently in development.
The Europe Gaming Awards will be held in conjunction with SiGMA Europe, billed as "The World's Gaming Festival." The awards ceremony takes place at the Hilton Malta Convention Centre in St. Julian's on November 15, 2021. The evening gala will recognize notable achievements in the gaming sector and highlight some of the foremost projects changing the industry landscape.
Joining Esports Technologies as finalists in the Product of the Year category are Betfair, GGbet, and other top brands.
Mark Thorne, CMO, Esports Technologies, said, "We are very proud to be nominated for the SiGMA Europe Gaming Awards. We've invested a great deal of time, effort, and resources into our advanced technologies. It is extremely gratifying for Esports Technologies to be recognized for its innovative efforts to reimagine the esports wagering experience." CONTINUED… READ THIS AND MORE NEWS FOR EBET BY VISITING: https://esportstechnologies.com/news/
In other technology recent news of interest:
FaZe Clan Inc. recently announced it has entered into a definitive merger agreement (the "Merger Agreement") to combine with B. Riley Principal 150 Merger Corp. (NASDAQ: BRPM) ("BRPM"), a special purpose acquisition company sponsored by an affiliate of B. Riley Financial, Inc. (RILY) ("B. Riley Financial"). The proposed business combination transaction (the "Business Combination") implies an equity value of approximately $1 billion for the combined company inclusive of nearly $275 million of cash (assuming no redemptions). Through the proposed business combination, FaZe Clan is positioned to become one of the only digitally native, youth-focused lifestyle and media platforms publicly traded on a U.S. national exchange.
FaZe Clan is reimagining traditional entertainment for the next generation as a leading voice of youth culture. Upon completion of the proposed Business Combination, BRPM will change its name to "FaZe Holdings Inc." The combined company's common stock is expected to be listed on NASDAQ under the new ticker symbol "FAZE."
Estimated gross transaction proceeds total $291 million, including $173 million in cash from BRPM's IPO proceeds held in trust (assuming no redemptions), and $118 million from committed PIPE investments. Net proceeds from the transaction, which will include cash in trust net of any redemptions and PIPE proceeds net of transaction-related costs, will be used to fund organic and inorganic growth as the Company expands its digitally native global multi-platform presence across content, gaming, entertainment, consumer products and the metaverse.
Enthusiast Gaming Holdings Inc. (NASDAQ: EGLX), a media and content platform for video game and esports fans to connect and engage, recently provided an update on the development of its social network for gamers, Project GG. Project GG will be a cross-platform, gaming-centric social network, uniting gaming and esports fans on desktop and mobile. The Company announced that it has deployed an initial invitation-only release of Project GG ("Project GG Alpha").
Project GG will enhance the Company's ability to deliver a more complete fan experience with a targeted, engaged, and personalized product for gamers and customers alike and represents a significant step towards the Company's evolution to becoming a technology-powered, media, esports, and entertainment company.
DraftKings Inc. (NASDAQ: DKNG) and The Mashantucket Pequot Tribal Nation, Foxwoods Resort Casino recently announced that online and mobile sports betting and online casino launched in Connecticut at 6:00 A.M. ET after successfully completing the required soft launch testing which began a week ago. The first wager accepted was $25 on the Los Angeles Dodgers at -180 to beat the Atlanta Braves in tonight's National League Championship game.
Now all customers 21 years of age and older in the state of Connecticut can place a variety of sports bets and play casino games such as slots, blackjack and roulette using the co-branded Foxwoods and DraftKings Sportsbook and Casino app on their mobile device.
The Mashantucket Pequot Tribal Nation and DraftKings will be holding a virtual press briefing at 9:30 A.M. ET today to officially kickoff and welcome online sports betting and iGaming across the state. Mashantucket Pequot Tribal Chairman, Rodney Butler, and DraftKings President, North America and co-founder, Matt Kalish, will be addressing media.
Elys Game Technology, Corp. (NASDAQ: ELYS), an interactive gaming and sports betting technology company, and the New York State Restaurant Association ("NYSRA"), the voice of the restaurant industry in New York state, advocating to further the business interests of restaurant owners and providing valuable support services to members, recently announced the entry into a Memorandum of Understanding ("MOU") that expresses a joint interest in promoting and facilitating opportunities for food and beverage establishments to participate in the State's sports betting industry.
The purpose and scope of the MOU is to create a partnership that provides the cornerstone and structure for any and all future opportunities that benefit members of the restaurant association and the State of New York. Elys and NYSRA will endeavor to work together to develop and establish policies and procedures to advance sports wagering-related opportunities for food and beverage establishments. The joint efforts are expected to include, but are not limited to, collective advocacy on the benefits and security of offering leisure betting entertainment within small business venues, and intent to maintain a product and/or service that meets or exceeds all business and industry standards.
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