The rise in the popularity of Esports has also led to an increase in betting on its events. The esports betting market might still be in its nascent stage, but it is growing at an impressive rate. According to the numbers presented by NoKyc.com, the esports betting market is set to generate $2.5 billion in revenue in 2024.
Revenue from esports betting has grown more than four-fold in six years
Esports betting is a relatively new segment in the betting market, but it has already carved out a significant market share. All prominent betting companies currently offer betting on esports events. And as the popularity of esports continues to grow, as the number of esports every year grows, one can expect the same for the market size of esports betting.
As per the latest data from Statista Market Insights, the esports betting market is set to generate around $2.5 billion in 2024. An annual revenue of $2.5 billion would represent a healthy growth of $0.4 billion from $2.1 billion generated in 2023. Thus, on a year-on-year basis, the esports betting market is expected to grow by more than 19%.
If we go further back in time, the annual revenue from esports betting stood at just $0.6 billion in 2018. The growth of annual revenue from $0.6 billion in 2018 to $2.5 billion in 2024 means that the market has grown by more than 4x in the space of six years, which is an impressive growth rate for any market. However, as per the estimates from the report, the growth in esports betting is expected to plateau a bit in the coming years.
The market is expected to grow by another 12% to $2.8 billion in 2025. Over the course of the next four years, from 2025 to 2029, the esports betting market size is expected to grow to $3.5 billion.
As things stand, the United States represent the biggest market for the esports betting industry, followed by countries such as the United Kingdom, Germany, South Korea, and Japan.