What is esport?
Esports is the term given to playing video games at a competitive level. More recently, the term has gravitated towards big-budget tournaments with sponsorships and audiences. With the rise of online multiplayer and video streaming, the industry has grown exponentially, reaching a much wider audience.
One of the most interesting (or potentially confusing!) elements of the esports world is some of the language that is used. Sometimes you hear a word that seems made up, and at other times, you may hear a word you know, but it’s being used in a way that isn’t familiar. Learning the lingo might help you understand what people are talking about.
Why is it growing attention?
Heavily established teams in traditional sports have jumped on board with the trend, hiring their own group of players. Players can be given professional coaching paired with in-depth strategies, mimicking the training process of traditional athletes. Like professional sports players, esports players build their own followers and fans via social media channels
Although video games themselves have been around for a long time, there has however, been a rapid advancement in networking technologies in recent years which has contributed to the growth. The entry point to competitive gaming is now easier than ever, giving online communities a simple platform to refine their skills.
This growth has also influenced games developers who have started to tailor features to accommodate competitions at a higher level. Publishers are seemingly making larger investments to ensure their presence in the competitive scene.
What sort of games can be an esport?
There are lots of esport games including fighting games, first-person shooters, real-time strategy, sports, racing, and multiplayer online battle arena.
What are esports players competing for?
Generally for both cash prizes and glory. International competitions can come with huge prizes, plus sponsorship deals for the teams involved, and many leagues now offer regular salaries and player’s rights. By remaining in competition, and not getting knocked out, players will receive a guaranteed salary, while winning competitions can earn greater rewards.
Celebrities and the esports industry
Some of the biggest names in traditional sports are putting their money into the next generation of team esports competition, these include people like: Michael Jordan, Shaquille O’Neal, Kevin Durant, Steph Curry, Mike Tyson, Steve Young, Odell Beckham Jr, Marshawn Lynch, Michael Strahan, Jerry Jones, Stan Kroenke, Alex Rodiguez, Fernando Alonso, Christian Fuchs, and many more.
Athletes are not the only ones interested in enjoying the advantages of the growth of competitive gaming, stars including Ashton Kutcher, Rick Fox, Drake, The Weekend and Will Smith, have apparently got a key interest in the esports industry.
Esports and Gaming
Following the introduction of regulations in the Isle of Man players can now deposit, gamble, and withdraw virtual items and digital currencies in addition to cash under the regulations, bringing the world of esports and gaming together.
How we can help you
The Isle of Man is setup to help esport businesses develop and grow. Peregrine can assist with many aspects including:
- Structuring opportunities for those involved in the esport space;
- The facilitation of corporate administration, compliance, secretarial and accounting services, which is administered by an experienced team, for as long as you need it;
- Assist with licencing requirements to comply with esport gaming legislation;
- Access to a network of professionals locally and internationally to ensure all aspects of the project are met; and
- Assisting with those looking to relocate to a low tax jurisdiction with world class technical infrastructure.
Peregrine Corporate Services Limited is licensed by the Isle of Man Financial Services Authority.