Esports Betting - Colombia | Statista Market Forecast

In Colombia, revenue in the Esports Betting market market is projected to reach US$19.4m in 2024.
This revenue is expected to exhibit an annual growth rate (CAGR 2024-2029) of 5.78%, leading to a projected market volume of US$25.7m by 2029.
Although most revenue is generated the United States, in Colombia is contributing to the overall growth of the market.
The average revenue per user (ARPU) in Colombia is expected to amount to US$31.0.
Colombia's esports betting market is rapidly evolving, driven by increasing internet penetration and a growing youth demographic eager to engage with competitive gaming.

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 Colombia is witnessing subdued growth due to factors such as limited infrastructure and regulations, as well as the traditional preference for physical sports betting. Nonetheless, the convenience and digitalization of the industry are driving some growth.

Customer preferences: The growing popularity of eSports and its integration into mainstream media has led to an increase in the number of people interested in eSports betting. This trend is driven by the younger generation's affinity for technology and digital entertainment, as well as the rise of mobile gaming and the availability of online betting platforms. The convenience and accessibility of online betting have also contributed to its growing demand, as it allows individuals to participate in the excitement of eSports from anywhere at any time. Additionally, the emergence of eSports tournaments and leagues has created a sense of community and camaraderie among fans, further fueling the growth of the eSports betting market in Colombia.

Trends in the market: In Colombia, the Esports Betting Market within the eSports Market is experiencing a surge in popularity, with a growing number of online platforms offering betting options for major esports tournaments. This trend is significant as it showcases the increasing mainstream recognition of esports as a legitimate form of competition. Additionally, the rise of mobile gaming and streaming services has made esports more accessible, leading to a larger audience and potential for growth in the betting market. Industry stakeholders must stay updated on regulations and responsible gambling practices to ensure the sustainability of this trend.

Local special circumstances: In Colombia, the Esports Betting market is rapidly growing due to the country's young and tech-savvy population. The high internet penetration and availability of digital platforms have made it easier for aspiring gamers to access and participate in Esports competitions. Additionally, the government has recognized Esports as an official sport, further legitimizing the industry. However, strict regulations on gambling and betting in Colombia may pose challenges for the Esports Betting market's growth. This unique regulatory environment is shaping the market dynamics and influencing the types of betting options available to consumers.

Underlying macroeconomic factors: The Esports Betting Market within the eSports Market is heavily impacted by macroeconomic factors in Colombia. The country's economic health, fiscal policies, and global economic trends play a crucial role in shaping the market's performance. Colombia's favorable regulatory environment and investments in digital technologies have resulted in a significant growth of the Esports Betting Market. Additionally, the increasing popularity of Esports and the rise of digitalization in the country have also contributed to the market's growth. However, challenges such as limited access to internet and infrastructure in certain regions may hinder market growth. Overall, Colombia's strong economic and digital landscape make it a promising market for Esports Betting.

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.

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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.