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Wednesday, December 7, 2022

Market Size of the Esports Betting Industry

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Betting on eSports is easily a leisure pursuit, which started to gather larger audiences of recent, and even more so after the Coronavirus crisis last year. Although it is still in its formative stages, betting on electronic sports is unlikely to cease gathering steam soon as the revenues this industry generates has skyrocketed. 

The number of viewers who turn in to watch gamers betting on electronic sports is heavily on the rise as well, and their number has jumped by over 10 million within the span of two years. 

We will look inside the eSports betting industry in order to shed some light on the size of the market, the revenues it generates, and the audience it attracts. 

Esports Audience Size Worldwide

Apparently, what makes an ever-growing number of people set their sights on betting on virtual sports is that they pose as an intersection of ordinary sports and gaming. The fact that the content is becoming more and more engaging is yet another reason why betting on eSports gets even more steam recently. 

In addition to this, the enhanced accessibility is bound to continue attracting even larger audiences. Just a few years ago, the number of viewers and people who took part in betting on electronic sports was approximately 300 million. If the popularity of eSports continues developing at the expected rate, the number of frequent and occasional viewers together is expected to go well over 600 million. 

Speaking of the accessibility of betting on electronic sports, it should also be pointed out that the number of operators that add eSports to the roster of the offered products is on the rise too. Gambling operators started promoting betting on electronic sports in an attempt to make up for the lower betting activity traditional sports were seeing in the previous months. 

The increasing amounts of money this vertical take in and, what is more important, the opportunity to rack up some is easily one of the major engines of growth. 

Figures for 2018 indicate that the audience betting on electronic sports has gathered was well over 395 million people. During the next two years, the number of viewers has jumped sharply and has reached more than 440 and almost 500 million, respectively. The projections for the period between 2021 and 2023 show that the audience size will grow even further, and it is most likely to surpass the 600 million threshold.

Revenues Betting on Esports Produces

Yet, betting on electronic sports is not becoming an appealing option only for a wider public as the number of people who go for betting on eSports is heavily on the rise too. 

The revenues the industry yielded back in 2018 were over $770 million, while the increase for the next year was even more impressive as the returns from the industry exceeded $957 million. 

The worldwide revenues wagering on electronic sports yields are not expected to dwindle at all. In fact, the figures are expected to soar even further and thus go well over $1,500 million by the end of 2023. 

Contrary to what many people might believe, these revenues are not produced solely from betting but also from advertising and sponsorship. Of course, prize pools and tournaments should not be overlooked when the growth-drivers are evaluated. 

Naturally, the segment, which delivers the biggest chalk of the revenues is the sponsorship, and it is followed by media rights, publisher fees, and streaming, among others. Those who are keen to get more in-depth information on the topic might find all the data they need in the report prepared by Sporting Pedia

Countries that Are Expected to See the Biggest Growth

As it turns out, most experts are projecting that the United States is most likely to be the country with the biggest share, based on the yielded revenues. The other two countries that are expected to play a crucial role when it comes to the growth the industry will see in the next three years are China and South Korea. Sportingpedia.com is a website, which contains the most recent data and figures, not only about eSports but in most sports-related fields. 

According to the forecasts, the United States will continue to foster the growth of the vertical and be the most thriving market for betting on electronic sports producing over 28% of the revenues. The role of China is not to be overlooked as it is expected to generate well over 20% of the revenues of the industry. The engagement of South Koreans is also expected to go upwards and ultimately, result in the production of 18% of the revenues the eSports betting industry is about to yield by the end of 2023. 

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