Last year, nearly 730 million people worldwide watched esports, a number projected to reach almost 900 million by the end of a decade. With competitive gaming drawing a massive audience, esports betting has naturally surged alongside it, fueling the industry’s rapid growth- a trend that will continue in the future.
According to data presented by Betideas, the esports betting market is expected to soar by nearly 40%, reaching $3.5 billion in revenue by 2029.
The Second Fastest-Growing Segment in Esports
For years, esports betting has been the biggest revenue driver in the industry, bringing more value than any other market segment. Back in 2017, around 22 million people placed bets on esports tournaments, with the market generating $600 million, half the industry’s total that year. Over the next three years, the market revenue skyrocketed by 40%, surpassing the $1 billion milestone, and the explosive growth has continued ever since.
Between 2020 and 2024, the number of esports bettors swelled to 74 million, while the market revenue surged by 150% and hit $2.5 billion, now making up 57% of the industry’s total. Although the annual growth rate started slowing down, the market is still expected to see an impressive double-digit revenue growth over the next five years. A Statista Market Insights survey projects global esports betting revenue to jump nearly 40%, adding another $1 billion by 2029. This cements esports betting as the second fastest-growing segment in the industry, trailing only media rights and esports streaming, which are forecasted to grow by 58% in the same period.
The esports betting market share will also increase. Statista projections show the market will make up nearly 60% of the industry’s revenue by 2029, or 3% more than last year.
Over 20 Million New Bettors to Join the Market by 2029
Esports betting’s meteoric rise is also evident in user growth. Since 2017, over 50 million users have joined the market, bringing the total number of esports bettors to nearly 75 million last year.
Thanks to the rise of user-friendly, innovative betting platforms and the surging popularity of esports, this young and tech-savvy community will continue growing in the following years. Statista market projections show that 20 million new bettors will join the market by 2029, pushing the total user count to 95 million.
Every fifth user will come from the United States, home to the largest esports betting fanbase. By 2029, the U.S. market will count 20 million users, 53% more than last year. Following far behind, the United Kingdom is projected to have 4.6 million bettors, while South Korea will see 2 million users engaged in esports betting.
