‘Awful Business’ Or The New Gold Rush? The Most Valuable Companies In Esports Are Surging

All told, global revenue for esports will reach $1.1 billion this year, up 27% from 2018, with North America accounting for 40% of that pie.now counts 13 companies with a value of more than $100 million, with the average valuation hitting $217 million, up 52% over last year.

Still, billionaire Mark Cuban, owner of the NBA’s Dallas Mavericks, says owning an esports team in the U.S. is “an awful business.” He hates the frequent changes publishers make to game features, says values are declining and questions the value of the U.S. market compared with Asia. Cuban does own an esports team in the NBA 2K League, although he says that there was no franchise fee and that the costs are defined. He also has an investment in an esports betting business.

The believers are hearing none of his skepticism. Envy Gaming raised $20 million in January, according to Crunchbase, and now owns Overwatch League’s Dallas Fuel and the Dallas Empire, which will compete in the new Call of Duty League of 12 teams, set to begin play in 2020. Gen.G raised $46 million in April, the largest round among the teams on thelist, according to Pitchbook, with investors that include actor Will Smith and Los Angeles Clippers minority owner Dennis Wong.

And for now, there is no shortage of them, including the long-term deal he struck with the NBA to launch anin Shanghai, the first team outside North America and first not affiliated with an NBA team. FaZe Clan celebrity partner Lil Yachty attends the FaZe Clan Celebrity Pro-AM on October 29 in Hollywood, California.“We have something that more people in the U.S.—and younger fans, particularly—are watching and participating in than the traditional sports many of us have known our entire lives,” says Ken Hersh, Envy’s chairman and a minority owner of MLB’s Texas Rangers.

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