The sporting world as we know it is currently upside down due to the Coronavirus pandemic. We are seeing many events cancelled, suspended, have a date change and various other issues.
With little else to watch, place a bet on and enjoy, many people are beginning to take an interest in eSports. Many people are looking for ways to keep their mind busy, some are turning to games while others are learning about new things such as eSports.
The eSports industry has been around for many years, but against other sports it has always struggled to attract a consistently big audience. Despite that, it has turned into a big industry, with the best players winning millions each year from big events.
We find ourselves in a situation where eSports can take a prominent role right now, can those who run the industry take advantage of that? Will 2020 be the year that eSports becomes mainstream?
How to Keep New Fans on Board
This is the biggest task ahead of those who play major roles in the running of eSports. People are watching now because there is little else to watch and get excited about.
When programming and the sports world returns to normal, how do you keep these people interested in eSports, either instead of what they did before or alongside it?
There needs to be people right now coming up with ideas and innovative ways in which they can make eSports appeal to the masses and continue to look exciting.
We have seen people watch, and some of them are betting, now it is the turn of those in charge to make these people stick around, doing whatever it takes for that to happen.
eSports as a Betting Platform
With no sports currently taking place, betting numbers are down massively. Those who are missing betting are looking elsewhere and one thing they can bet on is the eSports events that we currently have taking place.
These are offering a lifeline to both bookmakers and punters at the moment, giving the bookmakers something to market and the punters something to watch and bet on. Many eSports bookies will offer sign up bonuses to players who join them, so now is a great time to join in the fun.
With players able to play remotely from their own home and the ability to use the internet to link up with any other player around the world, eSports should never need to stop during this pandemic.
More events have been created, and bookmakers are even offering new betting markets for their customers to use. Everything is being done right now to provide a top quality betting service around eSports.
Does eSports Need TV?
The answer to this is probably no, it doesn’t need TV to thrive. We are all becoming accustomed to watching sports in very different ways, from using bookmakers who stream events to buying PPV streams online.
While a big TV deal would of course be excellent for eSports, it won’t be the one thing that takes the industry into the mainstream. This will happen regardless of any TV deal being in place, if indeed it does happen at all.
Fans of eSports are all likely to be interested in gaming, with many playing online themselves. This means they will already have devices and fast internet, both of which allow you to watch online.
If fans are equipped already, there is no need to have a TV deal to give them the ability to watch live, they already have that.
Whether the eSports industry does go mainstream or not is something we will have to wait on. However, it doesn’t need TV like some other sports do, so that won’t be the deciding factor.
How Conventional Scores Are Stopping Most Millennials From Accessing Credit and How One Company Is Changing That
Credit scores are a barrier to entry for just about everything for millennials. Trust Science® is taking new metrics into account to expand access to credit with Credit Bureau 2.0®
What’s Keeping Millennials From Accessing Credit?
The concept behind a credit score seems simple enough. It tracks your credit history to see if you’re someone that a bank or lender can trust to pay back a loan. However, conventional credit scores just don’t account for the way that millennials and Gen Z handle their finances.
Even where a person would be fully capable and reliable in paying back a loan, the lack of an established credit score can prevent them from accessing credit, or at least from getting as much as they should be able to. That leaves millennials without an on-ramp into the modern economy and it can also jeopardize access to other “credit gated” necessities like housing.
The way that conventional credit scores are calculated is complex but boils down to 5 essential metrics:
- Payment history
- Amount owed
- Length of credit history
- Credit mix
- Hard credit inquiries
You can start to see the issue for millennials when you look at what data goes into their credit scores. For one thing, younger people don’t have a long credit history. Even without other factors, simply being young and only having had so much time to build credit puts them at a disadvantage. However, millennials have also been tending to establish credit later in life compared with previous generations, putting them at a further disadvantage.
The most significant issue here is the credit mix. Different types of credit affect credit scores differently, and millennials generally don’t have a favorable mix. While they might have a credit card or two, they generally don’t have mortgages. These are the most beneficial type of credit to have on your credit report, and millennials really have that going against them.
The student loan crisis also plays a big role. Young people today have much higher student loan debts than previous generations, meaning they have a great amount of credit owed. Not only that, but many can begin to fall behind on payments and see that amount grow. This can quickly send a credit score spiraling out of control.
Student loans aren’t the only threat. When young, some people make poor decisions. They could find themselves making credit mistakes very early on and suffering the fact that those mistakes can haunt their score for seven years in general. That means someone at 25 is still paying for a mistake made at the age of 18, even if they’ve been on the up and up ever since.
It’s clear that conventional credit scores weren’t designed with the current landscape in mind and that young people are being negatively affected. But what exactly can be done about this? One company is changing the way that lenders look at creditworthiness to make it possible for millennials to mitigate these issues.
How Credit Bureau 2.0 Fixes Those Problems
Trust Science is an innovative fintech company that has developed Credit Bureau 2.0, a scoring service that acts as an antidote for lenders, offsetting the problems posed by conventional credit scores. Instead of seeing a lack of credit history, a few negative issues from years ago, or a poor credit mix and ending any credit application, Credit Bureau 2.0 considers a wealth of additional data to generate a more accurate credit score.
Credit Bureau 2.0 expands the data used to calculate credit scores, getting the borrower’s consented, permissioned data and/or acquiring Alternative Data in order to reach a more accurate credit score. For example, those applying for credit can use Trust Science’s Smart Consent™ app to divulge their information safely and confidently to Trust Science, which is working on behalf of the lender that is trying to reach a decision about the borrower. By doing so, young people or other people without a credit history in-country can let prudent financial decisions in other areas of their lives demonstrate that they’re trustworthy for greater credit.
The service is available to a wide variety of lenders, including auto lenders, installment lenders, and single-repayment lenders. It’s in their best interest to find more reliable, deserving borrowers to give loans to, so Credit Bureau 2.0 benefits both sides of the transaction.
Trust Science CEO Evan Chrapko says that “Credit Bureau 2.0 isn’t just about giving borrowers access to more credit than they would have had otherwise. It’s about recontextualizing financial data to give both sides–lenders and borrowers–a more accurate and reliable way to enter into loans in the modern economy.”
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