ESports Betting Market Size, Share, Growth, and Global Industry Analysis by Type (League of Legends, Dota 2, CS:GO, and Others) By Application (Ages 19-25, Ages 26-30, Ages 31 and Above), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2024 To 2031

Updated On: 01 April 2024

ESPORTS BETTING MARKET REPORT OVERVIEW

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The global Esports betting market size was USD 9,749 million in 2021 and is expected to reach USD 35556.36 million in 2031, exhibiting a CAGR of 13.7% during the forecast period.

Esports are becoming progressively widely held in recent years and nowadays can counterpart old-fashioned sports in terms of viewers, promoters, and organization. Therefore, esports betting is likewise on the upsurge, and a substantial number of gamblers are creating it as the main effort of their betting. The idea of esports is like a regular sport. You have teams or individuals opposing each other in different video games in an extremely competitive atmosphere. Therefore, esports betting and sports betting also share many resemblances.

Key aspects driving the growth of the global esports market size are the growing popularity of video games, forbidding investments, growing live streaming of sports, and growing infrastructure for the league play-offs.  The online gaming market is rising at a strong pace owing to features such as growing acceptance of innovative gaming skills, changing customer entertainment inclinations, increasing income levels, and cumulative demand for mobile gaming. Moreover, the rising mobile saturation and augmented internet speed are anticipated to fuel the esports market size during the forecast period.

COVID-19 Impact: Supply Chain Disruption and Lockdown Restrictions to Impede Market Progress

The global COVID-19 pandemic has been unprecedented and staggering, with RF switches experiencing lower-than-anticipated/higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the Esports betting market growth and demand returning to pre-pandemic levels once the pandemic is over.

The covid-19 outbreak had disrupted the supply chain and there was a decline in demand during the pandemic due to stringent government rules associated with limitations on the movement which affected the supply chain of the industry across the geography and shutdown of businesses. Esports betting has developed in recent years to turn into a much better part of the industry. With Covid 19 putting a halt to a lot of sports, there has been an improvement to esports. Esports betting in 2021 has grown together with viewership and awareness in esports in common. Bookmakers are becoming more intricate with the sports, straight supporting groups. New grounds are altered to permit esports betting too. The market for esports gambling is getting bigger in the coming years.

LATEST TRENDS

"Technological Advancements to Foster Market Growth"

The global esports gambling industry has presented a surplus of development chances for key players. Technological advancements such as VR, and online gaming displays great prospects for development in the upcoming future. Online subscriptions have permitted unlimited streaming of online games by experts, a trend that will majorly encourage demand. Sports games or more popularly esports have paved the way for a novel phenomenon in the video games business. With the quick advances in handling units used in gaming consoles, the demand for video games across the globe has increased manifold. Moreover, with advances in computer graphic methods, video games carry a feeling of extra immersive involvement for gamers. These improvements have been so huge that specialists propose gaming technology is no longer a restraint but an enabler in the fast progress of the market globally.

ESPORTS BETTING MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into League of legends, Dota 2, CS: GO, and others.

• By Application Analysis

Based on applications, the market is classified into Ages 18-25, Ages 26-30, Ages 31 and above.

DRIVING FACTORS

"Increasing Number of Sports Activities to Foster Market Growth"

The saturation of linked devices, varying regulatory landscape of the whole betting industry, and digital infrastructural development are driving the demand for sports betting. Moreover, the upsurge in the number of sports leagues and games is driving the demand for sports betting amongst millennials and senior citizens around the globe. As a form of betting, sports gambling includes engaging in a bet on the significance of an assured sporting event. Based on two possible consequences, people bet on games to win extra money. Sports gambling has converted additional suitable as individuals can now bet on numerous sports from their homes. This is further causing augmented gambling across the globe.

"Increasing Investments to Boost Market Growth"

Electronics sports are competitive competitions planned for video game teams. It replicates the experience of watching a professional sports event, where viewers watch video gamers compete against each other. Such events include competitive unions and contests. The revenue is generated over funding and ads, vouchers and merchandise, and broadcasting rights. Sponsorships play a vigorous role in the esports business, as the increasing number of corporations are financing in the esports industry. Additionally, increasing player salaries and increasing the esports market, the introduction of new guarantors is dangerous for the future profitable success of esports. As the esports market seasons in the coming years, the profits generation occasions would also upsurge.

RESTRAINING FACTORS

"Government Regulations to Hamper Growth "

Stringent government rules relating to the total gambling market through numerous countries are anticipated to hinder the esports betting market growth. 

ESPORTS BETTING MARKET REGIONAL INSIGHTS

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"Technological advancements to Foster Market Growth in Europe"

Europe is projected to dominate the esports betting market share due to widespread use of technologies across safety rules and guidelines for offline and online betting through most of the countries in the region. Moreover, countries such as the U.K. and Germany are recognized for popular sports such as football and horse racing alongside popular football teams such as Manchester United, Liverpool, and Chelsea F.C.

Asia Pacific is expected to have a sizable market share. This is due to the fact that market in China is currently the most popular gaming market in the globe, and is one of the most profitable. Furthermore, technical improvements, escalating market demographics, and an upsurge in video game-related merchandise have all paid to the video game industry's new opportunity.

KEY INDUSTRY PLAYERS

"Incorporation of Strategies for Increasing Product's Adoption to Help Companies Grow"

Due to numerous significant competitors in the industry, both domestically and internationally, the market is extremely competitive. The market appears to be moderately concentrated, with the leading companies employing product innovation and mergers & acquisitions as a strategy. Furthermore, increasing firms' investments in R&D and creating strategies to create and commercialize innovative goods and services are likely to improve the product portfolio of the market's main competitors during the forecast period.

INDUSTRY DEVELOPMENT

• June 2021: LeoVegas extended into the U.S. with its online gaming technical podium, Rhino. LeoVegas will now propose online casinos in the state of New Jersey over a contract that delivers market entrance

List of Market Players Profiled

• William Hill (U.K.)
• GVC Holdings (Ireland)
• 888 Holdings (Ireland)
• Kindred Group (Europe)
• Betsson AB (Sweden)
• Betway (Europe)
• Pinnacle (U.S.)
• Bet365 (U.K.)
• Bet-at-home.com (Germany)
• Unikrn (U.S.)
• Betfred (U.K.)

REPORT COVERAGE

The report covers a global and regional forecast and analysis of the esports betting market. The report looks at the market's drivers and restraints, their effects on demand over the forecast period. In addition, the report looks at the esports betting industry's global and regional prospects. By segmenting the market by product type, application, and geography, the study provides a critical viewpoint. Based on existing and predicted trends, the market has been divided into segments.