The eSports betting market is quickly rising in popularity for its entertaining and profitable opportunities for players. Driven by increasing affinities for online gaming, a growing fanbase worldwide, and the rise of legalized sports betting in many countries, the eSports betting market is poised for long-term growth over the coming years. As the global eSports audience steadily expands, more and more viewers are taking part in betting on their favorite teams or players in eSports tournaments. This incentivizes team and tournament organizers to further develop platforms and streaming services, which in turn attract further fans and audience members. Furthermore, the advent of new technologies such as blockchain and cryptocurrencies is allowing for more convenient and secure methods of online betting and transactions, contributing to the growth of the eSports betting market.
The global eSports betting market size is projected to grow at a compound annual growth rate (CAGR) of 16% from 2020 to 2026. This rapid growth in the eSports betting industry has been driven by the increasing popularity of online gaming and the growing trend of live streaming eSports tournaments. Due to this, the industry has seen the emergence of new platforms and various betting options. Additionally, eSports betting is gaining recognition as an attractive avenue for prospective bettors, as it offers cash prizes and various other incentives that can be won in competitions. The expansion of new technologies, such as Virtual Reality (VR) and Augmented Reality (AR), is expected to further drive the growth of the market in the coming years. With this, more contestants and bettors will enter the industry, consequently increasing the market size.