Podcast: How pro video gaming, or esports, is taking off with big dollars behind it

Video gaming is big business. The global market is expected to reach $187.7 billion in 2024, according to data firm Newzoo.

And in the industry, there has been a big effort to boost esports, which is competitive gaming, and turn it into a professional sport on part with soccer or football.

Esports involves teams or individuals competing against each other in different video games. These players train and have coaches like regular athletes in a bid to be the best in their game category.

In August, the first ever Esports World Cup concluded. It featured more than 1,500 players and a prize pool of $60 million.

"We're exactly hitting that nail of having mainstream coverage around this all over the world," Ralf Reichert, CEO of the Esports World Cup, told CNBC's Beyond the Valley podcast.

In this episode of Beyond the Valley, Tom Chitty and I are joined by Reichert to discuss the growth of esports and its future.

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Here is a transcript of the "Beyond the Valley" episode released on August 21, 2024. It has been edited for clarity and brevity. 

Tom Chitty 

While Paris hosted the Olympic Games a few weeks ago, nearly 3,000 miles away, another sports tournament was taking place, not necessarily with the same prestige as the Olympics, but certainly with a bigger prize pool. The winners sharing more than $60 million. This weekend brings the conclusion of the first Esports World Cup, which has been taking place in Riyadh for the last eight weeks, featuring 23 events in 22 different video game titles, including