Esports Betting Diversification in Q1: New Season Revives Vertical

PandaScore's Q1 data on sports betting reveals a subtle change in bettor preferences, fuelled by the renewed excitement surrounding new season tournaments in the esports arena. 

The start of the year marks a period of fresh launches across the esports landscape. Players of Counter-Strike return from their holiday break, League of Legends (LoL) introduces new titles, Dota 2 is gearing up for a revamped playing field, and Valorant is kicking off its Kickoff tournaments with great enthusiasm.

With the first quarter of 2024 now behind us, we can delve into the data, analyse competition results, and observe bettor behaviours to pinpoint shifts within the PC gaming betting landscape and anticipate trends for the upcoming year.

Most Popular Esports Games in Q1 2024

After analysing the performance of all esports games in 2023,  we found that Dota 2 had overtaken LoL to become the second most popular esports game by turnover among clients of the PandaScore odds and data platform.

But in 2024, LoL returned to second place as the new season began, domestic competitions in China and Korea returned to interest, and the North American scene experienced a resurgence.

Conversely, we are now seeing the effects of the demise of the Dota Pro Circuit format, when Dota 2 returned to a more decentralised tournament model similar to Counter-Strike last year. In September 2023, Dota developer Valve discontinued the Dota Pro Circuit tournament, citing that it had become “less interesting, less diverse, and ultimately much less fun.”

In the first quarter, the performance and popularity of e-battles, particularly e-football and e-basketball, highlighted the significant connection between this sector and the traditional sports calendar. With the NBA regular season nearing its conclusion, e-basketball represented one-third of the overall revenue generated by e-battles.

Live betting on the "big three"

Analysing the average results across all games, Q1 findings indicate that the top three titles (Dota 2, Counter-Strike, and League of Legends) have reinforced their leading positions, largely due to their comprehensive live betting options. The ratio of live to pre-match betting in eSports continues to be 60-40 for both Counter-Strike and League of Legends, whereas Dota 2 leans more towards live betting. Several factors contribute to the strong presence of live betting in Dota 2. The game's complexity benefits bettors who are well-acquainted with its mechanics and can make confident decisions during gameplay. Additionally, the typical match duration of 40 to 60 minutes offers bettors ample opportunity to engage in live betting.

Most Popular Tournaments in Q1

The standout event of the quarter in terms of total turnover was unquestionably the Counterstrike PGL Major. Both the main event and the European qualifiers ranked among the top 10 events for overall revenue. Notably, this tournament marked the inaugural major for Counter-Strike 2, as opposed to the previous CS:GO version. By the end of the quarter, its financial impact surpassed that of IEM Katowice, which consistently ranks as a top performer in annual turnover.

In the realm of Dota 2, the Dream League has traditionally attracted bettors, but its popularity surged following the exit from the structured Dota Pro Circuit. This tournament has successfully catered to the expectations of Dota 2 enthusiasts and bettors alike.

The strong performance of League of Legends this quarter can be attributed to its most lucrative tournaments, with China's LPL consistently leading the way, while the Korean LCK is frequently among the top contenders as well.

A notable development this quarter was the North American LCS making a comeback to the top 10. After experiencing a decline in viewership and revenue last year due to a transition to a midweek format, the league has regained traction since returning to weekends. Experts suggest that if major tournaments like the LoL Mid-Season Invitational or regional leagues such as Valorant and Shanghai Masters occur in Q2, operators may enjoy a more diversified performance across their entire esports portfolio.