Esports World Cup returns to Riyadh with a record $70 million prize pool amid Saudi gaming push
April 10 (Reuters) - The Esports World Cup will return this summer to Riyadh with a record prize pool of more than $70 million, its organizer said on Thursday, as Saudi Arabia continues its push 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.
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As competitive gaming moves into the mainstream and attracts deep-pocketed investors, Saudi Arabia is betting big on the industry and will host the inaugural Olympic Esports Games in 2027, under a 12-year deal with the International Olympic Committee.
"What has been built organically through the last 25 years now gets supported by public interest," Ralf Reichert, CEO of Esports World Cup Foundation told Reuters, adding that the investment is part of a "clear economic agenda."
The event is part of Saudi Arabia's "Vision 2030" economic diversification strategy, which has seen billions invested in various sports events amid criticism of "sportswashing" over the country's human rights record.
The inclusion of Chess, the centuries-old board game, in the esports tournament comes after it experienced a significant revival during the pandemic and continues to thrive through competitions organized on platforms like Chess.com.
Reichert said eight of the world's top-ranked 10 players have signed with up esports clubs, with Magnus Carlsen and Arjun Erigaisi confirmed to compete at the tournament this year.
The total prize pool, up from $60 million last year, will be split between game champions and a $25 million fund earmarked for clubs to nurture talent and support players.
That funding could be key for an industry that has been rocked by financial instability, as several teams that surged in popularity during the pandemic have since faltered in a very capital-heavy industry.
Last month, the Kingdom's Public Investment Fund-owned Scopely bought Niantic Labs' gaming division, the force behind the hit augmented reality game "Pokemon Go", for $3.5 billion.
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