When it comes to growth, the rise of Esports isn’t merely gaining exponentially, it is increasing explosively. Projections are that the Esports market will be exhibiting a robust compound annual growth rate of 20.9% during the period between 2023-2032.
By the end of that term, expectations are that the market will be worth $10.905.1 million US. And more than 37% of this audience is coming from North America, the world’s most enthusiastic consumer market.
Is it any wonder then that all of the best mobile sportsbooks are rapidly expanding the Esports markets that they are offering to bettors?
Whether you’re a fan of League of Legends, World of Warcraft, Call of Duty, Dota 2, or CS:GO, the fact of the matter is that no matter which online sports gaming site you check, you’ll find dozens of gaming markets enabling you to wager on the major events taking place in all of these Esports competitions.
Why Such Rapid Growth In Esports?
There are a number of mitigating factors that are conspiring together to create this expansive growth in the popularity of Esports.
Firstly, the worldwide web has virtually shrunk the planet to where everyone literally has the capability to interact with each other in real time. The internet has also helped enable a technological uptick in the number of available platforms and streaming services such as Twitch with the capability to host major Esports competitions and bring them live to the masses of millions watching from around the world.
Smartphones have made it even easier to access both game play and game viewing. Estimates are that more than 32% get the Esports fix via their mobile device."Mobile esports platforms are projected to form 60% of the market growth by 2025.
Massive improvements in the quality and graphics of video games to a point where they look almost as real as Hollywood movies is another factor tapping into the growth of Esports.
In the past, Steve Borenstein worked for both ESPN and the NFL Network. Today, he’s fully invested in the Esports industry as Chairman of Activision Blizzard’s Esports Division and he believes he’s seeing the future of both sports and earning profit from sports.
“I believe esports will rival the biggest traditional sports leagues in terms of future opportunities, and between advertising, ticket sales, licensing, sponsorships and merchandising, there are tremendous growth areas for this nascent industry,” Borenstein told Toptal.com.
It’s young adults who are the most prevalent players of these games, and that’s the most coveted demographic marketers are seeking to tap into in terms of consumer product sales. Such games are gaining legitimacy that’s moving these video games steadily toward mainstream acceptance as a sport alongside traditional sporting competitions like soccer, baseball and basketball. These sports were included as a demonstration sport at the Tokyo Summer Olympic Games. The Asian Games also feature Esports as part of their competitive structure.
Top Esports players can earn six-figure salaries and competition for the services of the best players is fierce.
How Much Money Is Wagered On Esports?
Players competing in a League of Legends tournament (Photo by Bruce Liu. This file is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported license).
When it comes to placing wagers on Esports, the numbers are suggesting that these video game competitions can no longer be classified as a niche or novelty sports. They may not be your father’s version of sport, but just as dad spends his Sundays betting on the NFL, many young adults are placing their wagers on competitions like League of Legends and CS:GO.
In 2024, the global Esports gaming market was assessed with a valuation of $671.78 million US. With an expected CAGR of 26.16%, by 2031, that number is anticipated to grow to $2709.03 million US by 2031. The United States is generating the largest percentage of this Esports revenue in this market. The projected market volume among American Esports is $721.2 million US for 2024. The average revenue per user (ARPU) is expected to be $33.6 US in the Esports gaming market industry. Around 20 million people spanning the globe make at least one bet on Esports each month during the calendar year.
With an anticipated annual growth rate of 10.41%, the expected market volume of such gaming in the USA is expected to increase to $1.1 billion US by 2028. Males account for approximately 80% of the Esports gaming market. The vast majority of Esports money policy are between the ages of 18-34. An average Esports person who want to earn money will spend eight hours per week watching competitions.
Such gaming earners not only trend younger than traditional sports earners, they’re also more likely to be better educated, holding full-time employment, earning a higher income, and more ethnically diverse than those who who earn money on so-called mainstream sports.
Which Esports Are Most Frequently Earn Money?
Multiplayer Online Battle Arena (MOBA) games are the most popularly played among Esports, posting a leading revenue share of 32.6%. Not surprisingly then, the Esports that generate the most significant amount of wagering revenue are these MOBA style games.
In 2020, statistics indicated that Counterstrike: Global Offensive (CS:GO) and League of Legends are the Esports leading the way in terms of revenue generated, closely followed by DOTA2.
Projections are that by 2031, LoL and DOTA2 will be holding the most sizable chunk of the Esports market, with CS:GO in third. The market share garnered by those three games will dwarf all other types of Esports.
There’s plenty of cross promotion between the leading Esports squads and the top online gaming sites. Many Esports teams are being sponsored by online sportsbooks.
Live in-play wagering - gaming on the action as it unfolds during the competition - accounts for more than 70% of all Esports wagering.
