More than a game: Esports risk amps up
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In 1972, competitors gathered in a lab at Stanford University to play a video game called Spacewar! The winner walked away with a year’s subscription to Rolling Stone magazine. Today, millions of gamers compete in the Fortnite World Cup. The top prize? $3 million!
Esports, also known as electronic sports, have come a long way. The introduction of a wide variety of game genres, ubiquitous internet and the explosion of social media are just a few of the reasons popularity has surged. Investors are pouring tons of money into the industry and revenue is estimated to be in excess of USD 1 billion in 2020. There are lots of opportunities for insurers, but what are the risks?