Emerging markets are showing enormous potential for growth in both audience and revenue. In 2024, the global Esports Betting market is projected to generate US$2.5 billion in revenue, with an annual growth rate of 7.27%, leading to a market volume of US$3.3 billion by 2028. This trend is driven by the popularity of certain electronic games and the increasing penetration of mobile gaming. Here’s an overview of how the Brazilian market is investing in esports.
THE BRAZILIAN ESPORTS SCENE
Esports betting is experiencing significant growth, and although the United States and China lead in market expansion and popularity, Brazil ranks third in Latin America for esports tournament viewership, with 1.5 billion hours of League of Legends watched. However, the most popular games in Brazil differ slightly from the global trend. The top game in the country currently is Free Fire Battlegrounds, boasting over 50 million active players.
Mobile gaming is also growing significantly in Brazil, with increasing user penetration in FPS (First-Person Shooter) and MOBA (Multiplayer Online Battle Arena) genres. Games like “Honor of Kings,”, “Mobile Legends”, “Free Fire”, and “PUBG” are leading this trend. By 2029, the gaming penetration rate in Brazil is expected to reach 47.4%, highlighting the influence of mobile gaming.
The iGaming industry had a growth of 250% in the last two years in Brazil, one of the highest worldwide. With it, more than half of the adult and young adult population participate in some type of gaming activity, gambling or esports. With betting legalization, the industry will continue to grow and new rules for the emerging market of Esports are yet to be defined.
ESPORTS BETTING
Electronic sports is still a relatively new market, and specific legislation is yet to be established in many countries. Nonetheless, the Brazilian government is working on regulations, and there’s even speculation that some electronic games could become Olympic sports in the future.
Esports betting is already extremely popular, with CS leading the market, followed by League of Legends, Dota 2, and Valorant. However, this new scenario still lacks strategies for making assertive choices. That’s why bets on esports (and any sports really) should be placed as a form of gaming and fun. The most important tip any website can give you is to know – and like – the game you’re betting on. Knowing the odds includes knowing patch notes, champions, maps, combinations, players, teams, and synergies. It takes a lot of time and effort and should be done for fun.
A study by KTO casino site on Brazilian bettors behavior during the World Cup revealed that most people will bet on their favorite teams even if the odds are against them. Moreover, a notable 93.50% of active bettors engage in pre-game betting, with 13.60% opting for more complex bets. Live betting also captures significant activity, with 65% of bettors participating in this modality, allowing them to modify their bets in real-time. When talking about esports, live bets are the optimal choice since knowing the draft and players will take a huge toll on knowing if a team is more likely to win or not.
In Udo Seckelmann’s words in this article for iGaming Business, Brazil doesn’t really have a second sport aside from football. Esports are becoming so popular that it’s not wrong to say that it’s already the second most popular sport in the country. Overall, data on user penetration, favorite games, and betting engagement highlight the active participation of Brazilians in the iGaming industry. As the landscape evolves, Brazil is positioned to become one of the largest gaming markets globally, setting a precedent for other emerging markets investing in esports.
