Esports Betting - Serbia | Statista Market Forecast

In Serbia, revenue in the Esports Betting market market is projected to reach US$3.3m in 2024.
It is expected that revenue will show an annual growth rate (CAGR 2024-2029) of 3.58%, leading to a projected market volume of US$3.9m by 2029.
While most revenue is generated the United States, in Serbia is also part of this growing market.
The average revenue per user (ARPU) in Serbia is anticipated to amount to US$25.8.
In Serbia, the burgeoning esports betting market is increasingly attracting young audiences, reflecting a growing acceptance of digital entertainment within traditional gaming culture.

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 Serbia is seeing slow growth due to factors such as limited awareness among consumers and lack of regulatory framework. Despite this, the market is expected to grow due to the increasing popularity of esports in the region.

Customer preferences: The rise of mobile gaming and the popularity of multiplayer online games in Serbia has led to a growing demand for eSports betting. This trend is expected to continue as more young adults embrace the convenience and excitement of online gaming. With the increasing availability of high-speed internet and the proliferation of smartphones, the eSports betting market is poised for significant growth in the coming years. Additionally, the cultural emphasis on sports and competition in Serbia has also contributed to the rise of eSports and its associated betting options.

Trends in the market: In Serbia, the Esports Betting Market within the eSports Market is experiencing a surge in popularity, with more gamers turning to online platforms for competitive gaming and betting opportunities. This trend is expected to continue as the country's gaming industry grows, creating new opportunities for stakeholders. Additionally, with the rise of mobile gaming and increased access to internet, the market is seeing a shift towards mobile betting, offering convenience and accessibility to users. However, with the rapid growth of the market, there are concerns about potential risks and regulations, prompting industry stakeholders to closely monitor and adapt to these developments.

Local special circumstances: In Serbia, the Esports Betting Market is growing rapidly due to the country's strong gaming culture and high internet penetration rates. Additionally, the recent legalization of online betting has opened up new opportunities for the market to thrive. However, strict regulations and a lack of proper infrastructure for esports tournaments and events have hindered the market's growth. Despite these challenges, the country's youth population, who are avid gamers, continue to drive the demand for esports betting.

Underlying macroeconomic factors: The eSports betting market in Serbia is impacted by macroeconomic factors such as the country's overall economic health, government policies and regulations, and global economic trends. In recent years, Serbia has experienced steady economic growth, with a focus on developing its digital economy. This has created a favorable environment for the growth of the eSports betting market, as it has led to increased investment in technology and infrastructure. Additionally, the rising popularity of eSports globally and the growing number of online gamers in Serbia have also contributed to the growth of the market. However, challenges such as limited internet access and inconsistent regulations for online gambling may hinder the market's growth in the country.

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.