The eSports World Cup will take place in Riyadh with a record prize pool of more than $70 million, the organizers have announced, as Saudi Arabia continues its quest to become a global gaming hub.
This year’s tournament will expand to 24 games, adding chess and Riot Games’ popular shooter “Valorant“ to last year’s roster of 21 games.
Furthermore, Saudi Arabia is betting big on the sector and will host the first eSports Olympic Games in 2027. This is thanks to a 12-year partnership with the International Olympic Committee (IOC).
“What has been built organically over the last 25 years is now supported by the public interest,” Ralf Reichert, CEO of the Esports World Cup Foundation, told Reuters, adding that the investment was part of a “clear economic agenda”.
Thus, the event is part of Saudi Arabia’s “Vision 2030” economic diversification strategy, which has invested billions in different sporting events.
Chess greats at the eSports World Cup
The inclusion of chess, the centuries-old board game, in the eSports tournament comes after a resurgence during the pandemic. Today, the game continues to thrive through competitions organized on online platforms.
Reichert said eight of the world’s top 10 players have signed with esports clubs, with Magnus Carlsen and Arjun Erigaisi both confirmed for this year’s tournament.
The prize pool, up from $60 million last year, will be shared among the winners of the games, as well as a $25 million fund for clubs to develop talent and support players.
This funding could be crucial for an industry that has been rocked by financial instability, with several teams that gained popularity during the pandemic having suffered a loss of support since then.
Business
Last month, Scopely, owned by the Kingdom’s Public Investment Fund, bought the gaming division of Niantic Labs, the force behind the augmented reality game “Pokémon Go”, for $3.5 billion.