Esports Betting - Baltics | Statista Market Forecast

In the Baltics, revenue in the Esports Betting market market is projected to reach US$4.7m in 2024.
Revenue in this region is expected to exhibit an annual growth rate (CAGR 2024-2029) of 3.17%, leading to a projected market volume of US$5.4m by 2029.
Although the Baltics is part of a broader market, it is important to note that the majority of revenue is generated the United States, with a projected market volume of US$721.2m in 2024.
Furthermore, the average revenue per user (ARPU) in the Baltics is expected to amount to US$61.2.
In the Baltics, the rapid growth of esports betting is fostering a dynamic regulatory environment, attracting both local and international operators seeking market entry.

Definition:

Esports betting refers to the act of placing wagers on competitive video gaming events. It involves predicting the outcomes of Esports matches or tournaments and placing bets on various aspects, such as the winning team, individual player performances, or specific in-game events. Esports betting has gained significant popularity, with dedicated platforms and bookmakers offering odds and opportunities for enthusiasts to engage in this form of gambling related to the rapidly growing Esports industry.

Additional information:

Data includes revenue figures in Gross Gambling Revenue (GGR), which is the total amount of bets placed by customers minus the amount paid out in winnings, Users, average revenue per user (ARPU), user penetration rate, and a breakdown of revenue shares of the total betting market. User and revenue figures represent B2C services.

Online betting on the outcome of various Esports matches in games such as League of Legends, Dota 2, CS:GO, etc.
Betting on the overall winners of Esports tournaments in games such as the Dota 2 International or the League of Legends World Championship
Betting on specific events or outcomes in an Esports game, such as the first team to score, the number of kills a player will get, or the length of a match

Online betting on non-Esports related sports, such as football or tennis matches
Offline betting on Esports, such as betting in a physical store

The eSports Betting Market in the Baltics is experiencing minimal growth due to factors such as low consumer awareness and limited adoption of digital technologies. Despite the convenience offered by online betting, the market is hindered by regulatory restrictions and lack of infrastructure.

Customer preferences: As the popularity of esports continues to grow in the Baltics, there has been a noticeable increase in the demand for esports betting among consumers. This trend is driven by the younger demographic, who are more digitally savvy and seek out new and exciting ways to engage with their favorite esports teams and players. With the rise of online platforms and mobile betting options, esports betting has become more accessible and convenient for consumers, leading to a significant surge in its popularity. Additionally, the cultural shift towards online entertainment and gaming has also contributed to the rise of esports betting in the region.

Trends in the market: In the Baltics, the Esports Betting Market within the eSports Market is experiencing a surge in online platforms and mobile applications, allowing for easy access to betting and real-time updates on tournaments and matches. As the region's esports industry continues to grow, the demand for betting services is expected to increase, leading to potential partnerships and collaborations between esports and betting companies. This trend not only benefits industry stakeholders but also contributes to the overall growth and legitimacy of the esports market in the Baltics. Additionally, with the rise of virtual events and online tournaments, the popularity of esports betting is likely to continue on an upward trajectory, creating new opportunities for players, teams, and betting companies alike.

Local special circumstances: In the Baltics, the Esports Betting Market is thriving due to the region's high internet penetration and tech-savvy population. The Baltic countries have a strong gaming culture, with a growing number of professional esports teams and events. Additionally, the region's liberal gambling laws have paved the way for the growth of esports betting platforms. This, coupled with the Baltics' close proximity to other European esports markets, has positioned it as a key player in the global esports betting industry.

Underlying macroeconomic factors: The Esports Betting Market within the eSports Market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. The performance of this market is greatly impacted by the overall economic stability and growth of a country. Favorable economic conditions, such as a growing economy and stable fiscal policies, can lead to increased investment and demand for esports betting, while economic downturns can result in decreased spending in this sector. Additionally, factors such as government regulations and financial support can also impact the growth and development of the esports betting market in a given country. As the popularity of esports continues to rise globally, favorable macroeconomic conditions can further fuel the growth of this market in the Baltics and beyond.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the Esports betting market, which comprises revenues from online betting on Esports events. All figures are based on net revenues and exclude agency commissions, rebates, and production costs.

Modeling approach / market size:

The market size is determined through a bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as various macroeconomic indicators, historical developments, current trends, and reported performance indicators of key market players. In particular, we consider average prices and annual purchase frequencies.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Consumer Insights data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.

The rapidly growing phenomenon surrounding eSports continues to gather steam. The intersection of gaming and sports offers an innovative wave of branding opportunities, engaging content and activations for millions across the world. It therefore comes as no surprise that the size of the global eSports market is expected to increase more than fivefold between 2023 and 2032, reaching a value of over 10 billion U.S. dollars within the next ten years.