Sharpr, an Esports gambling newsletter, announced that it had been acquired by The Insights Group, a new media and events venture.
Sharpr announced the news, declaring, “This is an incredible moment for the newsletter that’ll help take Sharpr to new heights”.
The Insights Group (TIG) was co-founded by Sam Cooke, co-founder of Esports Insider, and Alfie Wright. As part of TIG, Sharpr stated that it will continue producing the newsletter in the same style, but promises to produce more content and in an improved design format.
Sharpr founder Cody Luongo will continue in his role as lead writer of the newsletter, which will also take on a new lead author. Luongo will take up a role as a strategic advisor at TIG in addition to running Sharpr.
Esports Gambling Booming
The newsletter started four years ago and aimed to provide insight at “the intersection of esports and betting.” Since then, the industry has grown rapidly.
Global spending on esports betting reached $2.8 billion this year, up from $2.5 billion last year. There are a reported 74 million active esports bettors. Projections expect revenue to grow to $3.5 billion by 2029.
Regionally, Asia-Pacific makes up over 50% of the online betting audience, but the US is catching up due to more states allowing wagering on sports, including esports.
Big events have captured audience attention and driven betting markets. In Q4 of 2024, the top five events accounted for over 60% of total esports betting volume during that period. The Shanghai Major alone captured 28% of all wagers, followed by the League of Legends World Championship at 19%.
Riot Games Embracing Betting
League of Legends and Valorant developer Riot Games is embracing the spread of gambling in esports. Riot announced recently that it will allow esports gambling sponsorships for Tear 1 League of Legends and Valorant teams.
According to Riot President John Needham, the move aims to bring regulated betting into esports. He noted, “70% of bets across all sports are placed in unregulated markets with bookmakers who aren’t licensed.”
He went on to state, “We believe it’s better to engage in allowing betting sponsorships — thoughtfully, carefully, and with the right protections — than to sit on the sidelines while risks to fans and integrity go unchecked.”
The company has faced criticism from some fans over the move, in addition to backlash over recent staff cuts.
Sharpr Expanding Beyond Esports Into New Betting Markets
In addition to covering esports betting markets, Sharpr also noted that its “coverage has expanded far beyond esports and more broadly toward where the future of internet gambling is headed–from crypto and AI, to prediction markets”.
Crypto casinos are estimated to have generated $81.4 billion in Gross Gaming Revenue (GGR) in 2024, marking a fivefold increase since 2022. Prediction markets have also gained attention recently as platforms such as Kalshi, Polymarket, and Crypto.com expand their range of sports betting markets.
The acquisition of Sharpr indicates a growing audience for alternative gambling markets as the industry continues to evolve.
