Esports Betting - Nordics | Statista Market Forecast

In the Nordics, revenue in the Esports Betting market market is projected to reach US$97.4m in 2024.
This revenue is expected to exhibit an annual growth rate (CAGR 2024-2029) of 4.97%, leading to a projected market volume of US$124.2m by 2029.
While the Nordics will contribute to this growth, most revenue is primarily generated the United States, which has a projected market volume of US$721.2m in 2024.
Additionally, the average revenue per user (ARPU) in the Nordics is expected to amount to US$89.4.
In the Nordics, Esports betting is rapidly gaining traction, fueled by a growing youth demographic and increasing mainstream acceptance of 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 market in Nordics is seeing moderate growth, influenced by factors such as the growing popularity of online gaming, rising awareness about eSports, and the convenience of betting online. However, the market's growth rate remains subdued due to strict regulations and limited availability of legal betting platforms.

Customer preferences: In the Nordics, there has been a growing interest in Esports betting, with more and more individuals turning to online platforms for their gaming and gambling needs. This trend can be attributed to the region's tech-savvy population and their inclination towards digital entertainment. Additionally, the rise of streaming platforms and social media has made Esports more accessible and mainstream, attracting a diverse audience. With the increasing popularity of Esports, the demand for betting options is expected to continue to rise, creating new opportunities for the market.

Trends in the market: In the Nordics, the Esports Betting Market is experiencing a surge in popularity, with more traditional sports betting companies entering the market and offering bets on competitive gaming events. In addition, there is a growing trend of live streaming platforms such as Twitch and YouTube becoming the go-to source for watching esports tournaments. This trend is expected to continue, as it provides a convenient and interactive way for fans to engage with the sport. This shift towards digital platforms also has implications for industry stakeholders, as it opens up new opportunities for advertising and sponsorship deals in the esports market. Furthermore, the rise of esports betting also presents potential challenges for regulators, as they navigate the intersection of traditional sports betting regulations and the unique aspects of esports competitions.

Local special circumstances: In the Nordics, the Esports Betting Market has been shaped by the region's strong gaming culture and high internet penetration rates. With a focus on inclusivity and gender equality, the market has seen a rise in female and non-binary players, making it a more diverse and welcoming space. Additionally, the strict regulations on gambling and sports betting in the region have led to the development of innovative and socially responsible betting platforms, ensuring the safety and well-being of players. The market is also influenced by the region's emphasis on sustainability, with many Esports events implementing environmentally friendly practices.

Underlying macroeconomic factors: The growth of the Esports Betting Market within the eSports Market is also influenced by macroeconomic factors such as technological advancements, regulatory support, and investment in gaming infrastructure. Countries with favorable regulatory environments and strong investment in gaming technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding for gaming. Additionally, the increasing popularity of eSports and the rise of online gaming worldwide are driving the demand for Esports betting solutions to improve gaming experiences and outcomes.

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.