Esports betting continues to grow exponentially, and a new report showed that betting volume increased by 109% year-on-year in 2024.
Oddin.gg compiled the report that shows betting volume had a huge increase, as well as individual bet size. Users placed an average bet of $29, which is much higher than the average football bet of $5.
Oddin.gg co-founder Marek Suchar commented that the “growth in 2024 came from bettors becoming more invested in esports, both as fans and as participants in the betting experience. Across all key metrics, esports betting experienced remarkable growth.
“Total wagered amounts, bet counts and average stakes climbed across major tournaments compared to 2023 – stream viewership also saw notable increases.”
Esports betting driven by big 4
The main betting markets were in League of Legends, Counter-Strike 2, Dota 2, and Valorant.
Valorant saw the biggest increase with a year-on-year jump of 175% in betting volume. After its release in 2020, the popularity of the game has grown rapidly. The biggest event of the year, Valorant Champions 2024, attracted over 9.1 million viewers. The game’s developer, Riot Games, commented that this was a fivefold increase from peak viewing figures in 2023.
Other popular games saw an increase as well. Counter-Strike 2 had a 99% YoY jump in betting volume, Dota 2 a 90% hike, and League of Legends a 61% rise.
Suchar commented that this was due to the games’ revisions last year, “Counter-Strike 2 brought a fresh wave of interest with its [update], League of Legends revamped its regional structures to drive local rivalries, Dota 2 expanded with third-party tournaments after the Dota Pro Circuit ended, and Valorant took major steps forward with its regional leagues and platform expansion.”
Betting sites also offer a wider range of bets, including betting on individual players. Suchar added, “The betting experience itself improved across the board. More live markets, better risk management and features like player prop bets made wagering on these titles more engaging. It wasn’t just about watching a favourite team anymore – bettors had more ways to get involved.”
Changing betting landscape
Crypto betting sites have embraced eSports betting markets, which is key to their growth. Reports showed that crypto betting also reached new heights in 2024, with $81 billion generated in revenue.
Traditional sportsbooks that do not treat eSports as one of their main areas of focus will be left behind, according to Suchar. He declared that, “Operators who treat esports as a core vertical will be in the best position long-term. Those who hesitate risk losing an audience that’s already making clear demands.”
Crypto sites, with their innovative use of technology, can stay ahead of the curve and attract eSports bettors. Suchar added, “esports bettors aren’t interested in a copy-paste of traditional sports betting – they want fast, mobile-first personalised experiences.”
The eSports betting market is still a fraction of the overall betting market. In 2024, a total of around $720 million was wagered on eSports compared to $35 billion on NFL. Soccer still attracts the highest betting volume globally, with 42% of the overall betting market.
The growth rate in eSports is higher than in traditional sports, however. And as more states in the US legalize online betting, it looks set to continue.
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