*By Carlo Versano*
There are three legs on the esports stool, and each one is crucial to the sector's development and maturation, according to ESL CEO Ralf Reichert: athletes, fans, and partnerships.
"It's most important that the athletes, after all, are happy," Reichert said in an interview with Cheddar from the Barclays Center in Brooklyn, where the ESL One tournament took place over the weekend.
Then come the fans, who now view tournaments more as "mini-festivals." That is perhaps why organizers like ESL are pouring resources into the fan experience. There are "massively upgraded activations" around ESL One, Reichert said.
Finally, there are corporate sponsorships, in combination with the media.
Partnerships, such as Mastercard's ($MA) recent deal with League of Legends and ESL's streaming partnership with Facebook ($FB), are key to taking esports to the next level. This also includes deals with venues like the Barclays Center ー what Reichert called the "most beautiful" tournament setting ー which add a layer of professionalism.
As esports mature and take on new cultural relevance, ESL is settling into a role as an elder of the industry. In business since 2000, ESL has been a pioneer in the field, though Reichert says there's still plenty of pioneering left to be done.
"It's still an educational journey we're on," he said. "We don't have the answers yet, but we're going to continue to try."
For full interview [click here](https://cheddar.com/videos/the-future-of-esports).
The Federal Trade Commission has begun notifying people that they may be entitled to some claims from Fortnite after a settlement from alleged deceptive business practices.
The Federal Reserve continues to meet over monetary policy but is expected to hold rates steady.
Eli Lilly is suing 10 medical spas, wellness clinics and compounding pharmacies across the country for allegedly selling cheaper counterfeit drugs.
Brenda LaManna, founder and president of Damselfly Flowers, and Warren Schorr, senior vice president with Crayola, joined Cheddar News to discuss how and why the famous Crayon company is launching an online flower business.
Ed Egilinsky, managing director and head of sales and distribution and alternative with Direxion, joined Cheddar News to discuss how short-term traders are preparing for any forward-looking guidance from the Federal Reserve about any potential rate hikes. Egilinsky also discussed how traders are looking at the overall banking sector for the short-term.
Mark Spoonauer, global editor-in-chief with Tom's Guide, joined Cheddar News to get a sneak peek at some of Apple's new products that are set to be released to the general public, including the iPhone 15 and Apple Watch.
Stocks rose Wednesday ahead of the Federal Reserve's continued two-day meeting on its monetary policy.
Kraft Heinz said Tuesday it's recalling more than 83,000 cases of individually-wrapped Kraft Singles American processed cheese slices because part of the wrapper could stick to the slice and become a choking hazard.
California regulators on Tuesday ordered one of the country’s oldest bottled water brands to stop using some of the natural springs it has relied on for more than 100 years to market its products throughout the western U.S.
Parents whose kids bought virtual gear without their knowledge on the popular Fortnite video game could soon be able to get a refund.
