While the industry is still relatively young, its continued growth shows no sign of slowing with sponsors keen to capitalize on the emerging market.
League of Legends remains one of the industry's most successful titles and, according to new data from sports industry analysts Nielsen, it's a huge hit with younger audiences in Europe.
A recent study found that the League of Legends European Champion (LEC) has a higher Average Minute Audience (AMA) than sports such as tennis, basketball and rugby union for those aged between 16 and 29.
AMA calculates the average number of people who were watching a specific game or event at any given point in time.
The study compared the AMA of European viewers during last year's broadcasts of rugby union's Heineken Champions Cup, a tennis grand slam, the UEFA Champions League and the LEC.
"The LEC has been growing double digits for the last six semesters. Year on year," Alban Dechelotte, head of business development EU at Riot, the game's publisher, told CNN Sport.
"It's kind of amazing and a challenge to see what is next for us -- how do we keep growing and keep bringing more value to fans?"
The data also determined that the average age of an LEC fan is just 23 years old -- 19 years younger than the average age of soccer fans -- showing the lifelong potential of its supporter base.
Viewers of the game also tend to be from a specific demographic; namely young, single men at either high school or college.
For Dechelotte, this indicates not only a bright future for the game but an opportunity to diversify and broaden its audience.
He says the industry already has more parents involved and believes people's passion for esports will eventually be passed down naturally between generations.
"It's happening," he said. "We show that parents can be proud of their children for playing esports.
"Our dream is to have, one day, on the fridge, parents putting a [medal] for something that the kid did on League of Legends, the same way they do for judo."
While the LEC continues to grow within the ever-expanding esports industry, sponsors are flocking to the game.
Dechelotte has identified three different generations of brands to have been involved with the LEC since it began, showing the evolution and increasing acceptability of the industry.
Initially, only tech organizations were keen for players to be using their equipment. Then came brands, including food companies, that wanted to target viewers of live events. And, most recently, brands such as Louis Vuitton have wanted to collaborate with the industry.
"We are very well positioned in terms of audiences, in terms of vision, in terms of the way we do things and that makes us a bit different," Dechelotte said, adding the Covid-19 pandemic had seen an increase of viewers while regular sports were in lockdown.