Esports Betting - Greece | Statista Market Forecast

In Greece, revenue in the Esports Betting market market is projected to reach US$14.6m in 2024.
The revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 5.69%, which will lead to a projected market volume of US$19.3m by 2029.
While a projected market volume of US$721.2m in 2024 indicates that most revenue is generated the United States, in Greece is also experiencing a growing interest in this market.
The average revenue per user (ARPU) in Greece is expected to amount to US$35.5.
Greece's burgeoning interest in esports is driving a significant increase in esports betting, reflecting a cultural shift towards digital entertainment and 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

In Greece, the Esports Betting Market within the eSports Market is experiencing moderate growth due to factors such as the slow adoption of digital technologies, limited awareness among consumers, and the lack of convenience in online betting services. The market's subdued growth rate is impacted by these factors, hindering its potential for significant expansion.

Customer preferences: With the rise of the Esports industry in Greece, there has been a noticeable increase in the popularity of Esports betting among consumers. This trend is primarily driven by the younger demographic who are more interested in competitive gaming and have a growing preference for online entertainment. Additionally, the advancement of technology and the availability of online platforms has made it easier for individuals to participate in Esports betting, contributing to its growth in the market.

Trends in the market: In Greece, the esports betting market is experiencing a surge in popularity, with a growing number of online platforms and betting options available to consumers. This trend is expected to continue, as the country's gaming industry continues to expand and attract more investment. Additionally, there is a rising trend of partnerships between traditional sports organizations and esports teams, creating new opportunities for betting and sponsorships. These developments highlight the potential for the esports betting market to become a significant player in the country's overall gaming sector, providing new revenue streams and opportunities for stakeholders. As technology and regulations continue to evolve, the future of the Greek esports betting market looks bright, with potential implications for the wider esports market in Europe and beyond.

Local special circumstances: In Greece, the Esports Betting Market is influenced by the country's strong gaming culture and its history of hosting international esports events. The popularity of traditional sports betting has also transitioned to the esports market, with a high demand for betting options on local and international tournaments. Additionally, Greece's strict regulations on traditional forms of gambling have led to an increase in online betting platforms, further driving the growth of the Esports Betting Market.

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 other financial indicators. In countries with strong economic growth and government support for the esports industry, such as South Korea and China, the market is experiencing rapid growth. On the other hand, countries with economic challenges and regulatory barriers, like Greece, may see slower market growth. Furthermore, the increasing popularity of esports worldwide and the growing interest in online betting are contributing to the market's overall growth.

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.