School: Evocation

Level: 1

ScriptingTime: 1Action

Range: 120 ft

Comprised of: Verbal, Somatic

Time: Instantaneous

Its source is Xanathar’s Guide to Everything

If a chaotic energy bolt hits its target, it does 2d8+1d6 damage.

The 2d8 gives you options for the damage type based on what you roll. Rolling another double causes the Spell to jump to another creature, allowing you to attack another.
Next, the damage is rolled again. As long as there are enemies you’re yet to hit, the Spell can keep going till the double is rolled again. That’s because it can only hit each enemy once every cast.
So Chaos Bolt 5e has the potential to deal unlimited damage based on your enemy’s number.
As a result, the Chrome Orb does more damage on average. In the long run, Chaos Bolt 5e may be more damaging with its more extended range. Let’s review the types of damage:

D8                      Damage Type

1^st                                           Acid

2^nd                                          Cold

3^rd                                           Fire

4^th                                           Force

5^th                                           Lightning

6^th                                           Poison

7^th                                           Psychic

8^th                                           Thunder

1.	1. The advantages of Chaos Bolt
2.	2. D8 – Damage
3.	3. A roll of the die is required for both Chaos Bolt 5e and Chromatic Orb.

1. The advantages of Chaos Bolt

There is no diamond required, just a 50gp purchase if you want to throw a Chromatic Orb. The Chromatic Orb will be out-damaged in the event the ball bounces twice (or after if you are not twinning), so hoping to make the ball bounce twice is fun.
When Chromatic Orb is used, however, the risk doubles. The damage types can be selected based on your preference. Spell slots of higher levels provide the best progression. The damage dealt with one target will typically be greater than that of Chaos Bolt.
Outside of the rare situations where you are confronted with an enemy resistant to psychic damage, everyone else is vulnerable to each type of damage. When you cannot manage a diamond relatively early in the game, is there anything to justify using Chaos Bolt? The spells that a sorcerer learns are pretty limited. There is a better progression by using spell slots of a higher level, so it seems counterintuitive to use both of these very similar spells.
DMs and Dragons 5, Chaos Bolt, does not have material elements. Subtle Spell allows you to remove the requirement for its parts entirely. Moreover, you can still use it even if you are stripped of every piece of gear you own.
Dungeons and Dragons’ Chaos Bolt 5e has no material element. By doing so, the requirement for its parts can be eradicated using Subtle Spell. Moreover, Subtle Spell may still be used if your gear has been purged completely.

Chaos bolt effects

The post-Second Sundering previously used it, its range increased to 120 feet (37 meters), and it could deal damage of an unpredictable nature, such as acid, cold, fire, force, lightning, poison, psychic, or thunder. The sorcerer sends a tiny bolt of light at a target within 50 feet (15 meters), causing the target’s mind to be filled with unbearable pain.
Chaos bolt was enhanced by the sorcerer’s charisma just like nearly every sorcerer spell, and it grew in potency according to how assertive the sorcerer was. The chaos bolt could instantly be recast, regardless of its specific effects.
After the Second Sundering, the range of the post-Sundering version increased to 120 feet (37 meters) and may have dealt unpredictable damages, such as acid, cold, fire, force, lightning, poison, psychic, or thunder.
With this power, the bolts had unpredictable effects, as almost every sorcerer spell does. Both versions of the bolts, powered by the wild magic of sorcerers, grew with each sorcerer who cast them. In addition to wounding the initial target, it could strike another target within 25 feet (7.6 meters) to 30 feet (9.1 meters) of it at close range. Consequently, it was possible that a third target inside the content could be destroyed simultaneously.

2. D8 – Damage

You can wish to target a creature within 30 feet of the target if you roll an equivalent number on both dice. Replace the damage roll with a new attack roll, which could cause chaos to occur on the new target.
Is there ever a reason to use Chaos Bolt over Chromatic Orb? 

3. A roll of the die is required for both Chaos Bolt 5e and Chromatic Orb.

Chaos Bolt deals 2d8+1d6 damage at level 1.
When Chromatic Orb is level 1, it deals 3d8 damage.
Chaos Bolt adds 1d6 rolls to every level above 1.
Chromatic Orbs add 1d8 each additional level of slots above one beyond the 1st level.
When you use Chaos Bolt, you may choose between two of the following types of damage: Acid, Cold, Fire, Force, Lightning, Poison, Psychic, and Thunder.
In addition to acid and cold, the Chromatic Orb also contains fire, lightning, poison, and thunder damage types.
It is impossible to twin Chaos Bolt 5e.
Twining is possible with Chromatic Orb.

With Chaos Bolt, you have a 1 in 8 chance of jumping to another target (higher if you use Enhanced Spell, actually, since enhancing your Spell to do this means using the same amount of DPS as the Chromatic Orb alone at level 1). Once again, attack a second target within 30 feet of the first to repeat the spell damage.

For Chaos Bolt, I see only the following advantages:

In addition to your ability to deal Force or Psychic damage to enemies immune or resistant to Acid, Cold, Fire, Lightning, Poison, AND Thunder damage, you also can deal Cold and Heat damage.
If you wish to cast the Chromatic Orb, you would need a diamond, which is considered a one-time purchase of 50gp.
If you do not pair Chromatic Orbs, you cannot out-damage this orb. However, if it does bounce twice (or once if you are not twining Chromatic Orbs), it will out damage Chromatic Orbs.
Its focus on dealing damage is very similar to Chaos Bolt. Still, Chromatic Orb allows you to choose between two different damage types, scales better with spell levels, and deals more damage on average if it hits a single target than Chaos Bolt 5e.
If you aren’t facing enemies that can be damaged by every type of damage except psychic damage, or if you’re not ready to purchase a diamond very early in the game, why should you use Chaos Bolt?
The small number of spells that sorcerers have access to makes choosing these two spells to learn very strangely.

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