Esports Betting - Lithuania | Statista Market Forecast

Revenue in the Esports Betting market market in Lithuania is projected to reach US$4.7m in 2024.
Revenue in this market is expected to show an annual growth rate (CAGR 2024-2029) of 3.17%, resulting in a projected market volume of US$5.4m by 2029.
While most revenue in the global Esports Betting market market is generated the United States, it is essential to note Lithuania's growing interest and participation.
The average revenue per user (ARPU) in Lithuania is expected to amount to US$61.2.
Lithuania is witnessing a surge in interest for esports betting, driven by a growing youth demographic and increasing digital engagement in 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 Lithuania is experiencing minimal growth, influenced by factors such as the gradual adoption of digital technologies, limited health awareness among consumers, and the limited convenience offered by online health services.

Customer preferences: With the rapid growth of the Esports industry in Lithuania, the Esports Betting Market is also seeing a significant increase in popularity. This trend can be attributed to the country's strong gaming culture, with many young adults actively participating in video game competitions. Additionally, the rise of online streaming platforms has made it easier for fans to follow their favorite players and teams, further fueling the demand for Esports betting. As a result, we can expect to see a continued growth in this market as more consumers embrace the digital world of gaming and betting.

Trends in the market: In Lithuania, the Esports Betting Market within the eSports Market is experiencing a surge in popularity, as more traditional sports events have been cancelled due to the pandemic. This trend has been observed globally, with an increasing number of people turning to online gaming and betting for entertainment. This shift has significant implications for industry stakeholders, as it opens up new revenue streams and opportunities for partnerships with gaming and betting platforms. Furthermore, the trajectory of this trend is expected to continue even after the pandemic, as esports and online gaming continue to gain mainstream acceptance. This presents an exciting prospect for the Esports Betting Market, as it has the potential to become a major player in the overall betting market.

Local special circumstances: In Lithuania, the Esports Betting Market is gaining traction due to the country's strong gaming culture and the government's support for esports initiatives. The small size of the country also allows for close-knit communities and events, creating a unique sense of camaraderie among gamers. Additionally, the country's relatively low cost of living and high internet penetration make it an attractive market for esports enthusiasts and investors alike. However, strict regulations on gambling and esports may hinder the growth of the betting market in Lithuania.

Underlying macroeconomic factors: The Esports Betting Market within the eSports Market in Lithuania is influenced by macroeconomic factors such as the country's economic stability, government policies, and investment in the gaming industry. With a growing global interest in esports and increasing disposable income, the demand for betting on esports tournaments is also rising. However, regulatory challenges and limited infrastructure for esports may hinder market growth. Additionally, the rise in online gaming and the adoption of digital payment methods are contributing to the growth of the esports betting market in Lithuania.

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.