eSports Betting Market Size, Share, Growth, and Industry Analysis, By Game Type (League of Legends, Dota 2, CS: GO, Others), By Player Age (Ages 18-25, Ages 26-30, Ages 31 and Above) and Regional Forecast to 2032

Updated On: 02 September 2024

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ESPORTS BETTING MARKET REPORT OVERVIEW

The global eSports Betting Market size was USD 432.3 million in 2022 and the market is projected to touch USD 2407.6 million by 2032, exhibiting a CAGR of 18.5% during the forecast period.

Esports betting is proven to be a hub for youth to enjoy gaming and winning experience by predicting the events of games. Esports have been staged more frequently in recent years and are now comparable to traditional sports in terms of audience size, sponsorship, and management. As such, esports betting is also experiencing growth, with many gamblers making it their primary source of wagering. A typical sport is similar to the concept of esports. In a highly competitive setting, teams or individuals compete against one another in various video games. As a result, there are numerous similarities between sports betting and esports betting.

Betting in sports has always been a fascinating part of the games weather it is in racing cars or ground sports or online gaming. Majority of the youth take part in betting with keen interest. So far the segmentation has been divided on the basis of age bar, due to their participation on the basis of age group, in which youth took the major share of market segment.

In addition, there are other key growth factors that are propelling the global sports betting market for bettors, sportsbooks, leagues, media companies, etc. These include technological advancements, shifting regulatory environments, organizations starting up legal sports betting operations, the ability to wager through websites or mobile devices, state legislatures making mobile wagering more accessible, and the emergence of strong new markets beyond traditional gambling.

Key factors contributing to the rise of the global esports market size include the increasing acceptance of video games, investment restrictions, the expansion of sports live streaming, and the expansion of league playoff infrastructure. The market for online gaming is expanding quickly due to factors like the increased acceptability of creative gaming techniques, shifting consumer preferences for entertainment, rising income levels, and a general increase in demand for mobile gaming. Additionally, it is projected that increased internet speed and growing smartphone saturation will drive the size of the esports industry during the projection period.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The global spread of the covid 19 pandemic has resulted in the closure of manufacturing facilities, a sharp decline in e-sports betting market. The manufacturing and supply chain disruptions hurt construction market. Thus, it significantly contributes to the recovery of the economy and the entire construction industry. When the pandemic broke out, the sudden drop in passenger traffic negatively affected the demand for e-sports betting agencies. Thus, the commercial sector industry is expected to recover slowly. There has been significant economic harm from COVID-19. Lockdowns around the country have put an end to construction and affected this labor-intensive industry, since migrant laborers quitting their colonies at construction sites are seriously impeding global construction activity. Global to a sharp decrease in car sales volumes, as economic and industrial activities have essentially stopped. Since the market's expansion is closely tied to the manufacturing of technological solutions, the scenario is anticipated to have an effect on it. In contrast, COVID-19 is speeding up the pace of digitization in the e-sports betting sector. Software solutions are being used more and more by design agencies businesses for damage assessments and audits.

LATEST TRENDS

"Growing Number Of Sports Activities To Promote Industry Expansion"

The demand for sports betting is being driven by the proliferation of connected devices, the evolving legal environment governing the entire betting sector, and the advancement of digital infrastructure. Furthermore, millennials and older citizens worldwide are becoming more and more interested in sports betting due to the growth in sports leagues and tournaments. Sports gambling is any type of wagering that involves placing a wager on the importance of a scheduled athletic event. People wager on games to increase their money based on two possible outcomes. Sports betting has become more popular since people may now wager on a variety of sports from the comfort of their own homes. This is contributing to increased gambling everywhere. A number of important elements, such as legislative changes, customer preferences, and technical improvements, impact the dynamics of the esports betting business. By enabling more accessible and interesting betting experiences, technological innovation such as the rise of mobile betting apps and the application of real-time data analytics is propelling industry expansion. In order to foster consumer confidence and draw in new participants, regulatory frameworks for esports betting are also changing, with numerous jurisdictions striving to create precise regulations. Furthermore, the business is rising because esports are becoming recognized as a valid form of competition and entertainment. There is a movement in consumer preferences toward betting models that are more interactive and entertaining, emphasizing real-time betting and comprehensive data. Together, these factors support the market's continuous evolution for esports wagering.

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ESPORTS BETTING MARKET SEGMENTATION

By Game Type

Based on game type the global market can be categorized into League of Legends, Dota 2, CS: GO, Others.

League of Legends: League of Legends, which has the largest market share for the anticipated period, is included in this segment. League of Legends (LoL) is a highly popular esports game that stands out because to its strategic gameplay and competitive tournament format. Increase your involvement in a range of markets that enhance the betting experience, like first-blood events, total maps played, and match winners.

CS: GO:  This segment includes CS:GO, defined as counter-strike: global-offensive. With its fast-paced action and assortment of betting markets, Global Offensive is a mainstay in the esports betting scene. Bettors can place bets on round totals and match results, making it available to all kinds of gamblers.

Dota 2: Dota 2 is included in this section. Dota 2, a popular esports betting game known for its complex gameplay and major tournaments like the international, is another major competitor in the market. The betting experience in Dota 2 includes making predictions about certain in-game events and match outcomes. The competitive landscape is strengthened by Dota 2's devoted fan base and sizable prize fund, which attract a lot of interest from bookmakers.

Others:  This segment includes other betting events. The other category includes a range of games from the esports betting market, including as Fortnite, Overwatch, and Valorant. A distinct betting opportunity is provided by each of these options, including the ability to forecast in-game occurrences, player achievements, and match winners. The variety of gameplay and viewer interaction found in these games supports the expansion of the betting industry.

By Player Age

Based on player age the global market can be categorized into Ages 18-25, Ages 26-30, Ages 31 and Above.

Ages 18-25: This segment includes the age group between 18 and 25 age group which holds the major market share during projected period as the youth took part in the betting events with their keen interest.

Ages 26-30: This segment includes age group between 26 and 30 age group which holds the second major market share during projected period.

Ages 31 and Above: This segment includes from 31 and above holds the least share of market due to risk of losing money, people of higher age group are less active as comparison to youth.

DRIVING FACTORS

"Increasing Athletic Events To Advertise And Rising Investments In The Betting Sector Leading Market Expansion"

The Esports Market's CAGR The trend of betting is being driven by the growing number of sporting events. Video game players compete in events referred to as electronic sports, or esports. The growing popularity of e-sports and more awareness of video games are two factors driving the e-sport business. Furthermore, throughout the projection period, there would be lucrative market opportunities because of major competitors' long-term investment plans and a rise in the percentage of contests and events offering sizeable prize money. It is anticipated that the growing popularity of video games will drive the size of the esports business. Recent years have seen a number of ground-breaking developments in the e-sports betting sector. The blockchain technology expansion leading to augment esports betting market growth during projected period.  Electronic sports are competitive events in which teams from video games compete. Watching rival video gamers compete gives viewers the impression that they are witnessing a professional sporting event. One example of such an event is a competitive union or contest. The sources of revenue include funding, gift cards, merchandise, broadcasting rights, and adverts. Sponsorships are essential to the esports economy since an increasing number of businesses are sponsoring the esports industry. Future esports financial success is at danger from the entry of more guarantors as well as from the growing esports industry and player remuneration. In the next years, the esports market will grow, and with it, so will the prospects for profit. As generation keeps to evolve, the market is expected to grow in addition, with new and advanced answers continually emerging. In this manner this factor ended in esports betting market growth.

"Technological Developments To Promote Market Expansion"

For important participants, the worldwide esports gambling market has offered an abundance of opportunities for growth. Virtual reality and online gaming are examples of technological developments that show promising development in the near future. Experts can now stream online games indefinitely thanks to internet subscriptions, a development that will significantly boost demand. An innovative phenomenon in the video game industry has been made possible by sports games, or as they are more commonly known, esports. With the rapid advancements in handling units used in gaming consoles, there is a huge global demand for video games. Additionally, because of advancements in computer graphics techniques, players experience a more immersive gaming experience. The extent of these advancements has led experts to suggest that gaming technology is now an enabler rather than a barrier to the rapidly expanding worldwide business.

RESTRAINING FACTORS

"Government Rules That Impede Market Development"

Tight government regulations pertaining to the global gambling industry across several nations are expected to impede the expansion of the esports betting business. One of the main issues with esports is whether or not it is legitimate as a sport and if it belongs in the same category as regular athletic events. It is anticipated that esports betting would assist in resolving legitimacy concerns. Many people have doubts about the competitions' validity and the way esports are run. There have been instances of cheating, exploitation, mistreatment, and misbehavior by players in the past, as evidenced by the Global Offensive competitive community controversies involving Counter-Strike. If gaming had been completely authorized and regulated, these problems might have been resolved more effectively.

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ESPORTS BETTING MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Technological Developments to Promote European Market Growth"

It is anticipated that Europe will lead the largest revenue of esports betting market share during projection period. Due to the extensive adoption of technology across safety regulations and guidelines for both offline and online betting throughout the majority of the region's countries, Europe is predicted to hold a dominant market share in the esports betting industry. In addition, prominent sports like football and horse racing are acknowledged in nations like the United Kingdom and Germany, alongside well-known football teams like Manchester United, Liverpool, and Chelsea F.C.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Important market participants who are essential in determining consumer preferences and market dynamics have a major impact on the e-sports betting sector. These major firms provide customers simple access to a vast array of options through their vast retail networks and online platforms. Due to their strong global presence and well-known brand, which have also strengthened consumer confidence and loyalty, product adoption has increased. These titans of industry also continuously invest in research and development, providing innovative designs, materials, and smart features to satisfy evolving consumer needs and preferences. These big businesses' combined efforts have a big impact on the market's future direction and level of competition.

List of Market Players Profiled

• William Hill (U.K.)
• GVC Holdings (U.S.)
• 888 Holdings (U.K.)
• Kindred Group (U.K.)
• Betsson AB (Sweden)
• Betway (U.K.)
• Pinnacle (India)
• Bet365 (U.K.)
• Bet-at-home.com (Frnace)
• Unikrn (U.S.)
• Betfred (U.K.)
• BetWinner (Cyprus)
• Betvictor (Gibraltar)
• BET (Ukraine)
• bet (U.K.)
• Intertops (U.K.)
• Betcris (U.S.)
• Esports Group (U.S.)
• SBOBET (Philippines)

INDUSTRIAL DEVELOPMENT

June 2022: Pontus Lindwall says that Betsson's organic growth strategy is the best. Between April and June, the group's organic traffic from Central Asia, Latin America, and Central and Eastern Europe contributed to a 13% increase in rise.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.