A new report suggests the Saudi Arabian government continues to invest heavily in esports and video game development, production, and distribution. The kingdom is bankrolling the investment spree through its Public Investment Fund (PIF), which reportedly has $650 billion in assets under management.
Casino.org reported in February on the Saudis investing $488 million in the video gaming and esports sector. But a report from London’s Financial Times this week claims the kingdom’s spending in the industry has swelled to more than $18 billion.
The Saudi-owned Savvy Games Group is leading the buying binge. The firm recently acquired US-based Scopely, and bought significant stakes in Chinese startup VSPO and the Embracer Group in Sweden.
VSPO specializes in the organizing and hosting of esports tournaments. Embracer is a group of businesses that develop video games tailored toward esports.
Casino.org reported in February on the Saudis investing $488 million in the video gaming and esports sector. But a report from London’s Financial Times this week claims the kingdom’s spending in the industry has swelled to more than $18 billion.
The Saudi-owned Savvy Games Group is leading the buying binge. The firm recently acquired US-based Scopely, and bought significant stakes in Chinese startup VSPO and the Embracer Group in Sweden.
VSPO specializes in the organizing and hosting of esports tournaments. Embracer is a group of businesses that develop video games tailored toward esports.