Key Takeaways
- Esports betting markets are becoming a multi-billion-dollar industry.
- Millennials and Gen Z are the biggest adopters of crypto and viewers of esports tournaments.
- Riot Games has lifted its bans on gambling and crypto-linked sponsorships for its esports tournaments.
Esports has become a rising force in the entertainment world, with tournaments for games like Counter-Strike, League of Legends, and Street Fighter drawing millions of viewers globally.
At the same time, crypto has seen a rapid rise of its own, growing in both visibility and real-world use cases, with millions of new users entering the ecosystem each year.
But are these two fast-moving industries truly converging? Or is crypto’s role in esports still just a niche experiment?
Esports Betting
Crypto betting platforms tend to attract some of the most speculative users in the space—tech-savvy, risk-tolerant, and always on the lookout for new ways to put their digital assets to use.
Esports betting, in particular, has gained strong traction among Gen Z and crypto-native sports fans, who now make up nearly half of all esports bettors. Unsurprisingly, they’re also among the most active adopters of crypto.
The esports betting market generated an estimated $2.5 billion in revenue in 2024, with some forecasts putting it at $5 billion by 2025, and $3.5 billion by 2029 under more conservative projections.
Titles like Counter-Strike and League of Legends continue to dominate the scene, drawing viewership numbers that rival the Super Bowl and the NBA Finals.
Still, despite its rapid growth and cultural relevance, esports gambling remains small compared to traditional sports betting, which is projected to reach $77 billion in 2025 and surge past $100 billion by 2030.
Growth
Crypto may be gaining traction in the mainstream, but when it comes to esports betting, it’s still very much a niche within a niche.
Polymarket—the world’s largest crypto betting platform—processed a massive $9 billion in volume throughout 2024. But only a small slice of that came from esports wagers.
Right now, users on Polymarket can place bets on matches in League of Legends, Dota 2, and VALORANT. So far, though, betting volumes have been relatively modest.
The LoL 2025 Mid-Season Invitational attracted around $1 million in wagers, while the MSI Playoffs match between Gen.G and T1 brought in just $19,000.
Still, that could change.
Crypto-based esports platforms that introduce stablecoin betting could lower the barrier to entry for casual users. Improved regulatory clarity could help boost trust and drive broader adoption.
There’s also a major shift happening on the industry side. In a move that raised eyebrows, Coinbase has partnered with Riot Games—the powerhouse behind League of Legends and VALORANT—as the official crypto sponsor of its global tournaments.
This ends Riot’s long-standing ban on crypto sponsorships and comes shortly after it lifted restrictions on gambling sponsors across its esports ecosystem.
Considering League of Legends tournaments are among the biggest in the world, this is a huge signal. Despite the cultural overlap between crypto and gaming, many gamers have remained skeptical of digital assets. But Riot’s pivot suggests the tide might be turning.
If these trends continue, crypto’s role in esports betting may be just getting started.
The Future?
At present, traditional sportsbooks offer plenty of esports betting options, and they’ll continue to draw a majority of users as they’re held to stricter regulatory and compliance laws, and they are also significantly easier to access.
Platforms such as Polymarket could become go-to platforms for crypto-native esports fans, as it’s a trusted brand in the crypto sphere.
A partnership between Riot Games and Polymarket is implausible at this point.
Regulations will make the biggest difference, as esports titans and traditional sports franchises may feel more comfortable opening up sponsorships with crypto and crypto betting platforms.
So, is crypto the ‘future’ of esports wagering?
In short, probably not. It’s unlikely that crypto will become the dominant currency in esports betting, but it will be increasingly prevalent.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
