Prize Payments Processed Over $5 Million In Esports Prizes In 38 Different Currencies

A total amount of more than $5 million in esports prize money has reportedly been processed by this single end-to-end payment solution platform by Payment Labs, called Prize Payments.

Since its launch at the end of 2019, Prize Payments has issued this impressive figure in 38 different currencies to 1000 unique winners across the esports industry.

Payment Labs has also since managed to establish Prize Payments – its first product – as a leading payment solution that has paid out prize money to esports winners at more than 70 tournaments and events. From PUBG North America, to LiquidDogs and premier gaming lifestyle event DreamHack, major gaming companies all over are opting for Prize Payments thanks to its efficient methods of handling sensitive personal and financial info.

As you probably know, the esports industry – and the prize money that winners are awarded at major tournaments – is absolutely massive. Considering the total earnings raked in by 2918 players across 579 tournaments for Counter Strike: Global Offensive last year alone was $15,858,067, a secure and efficient payment issuing platform is vital.

“Since DreamHack has switched to Prize Payments for our Community Clash tournaments, we’ve been able to payout significantly faster and reduce our internal workload exponentially,” says DreamHack festival vice president, Bas Bruinekool. “Prize Payment’s collaborative tools to allow us to increase oversight and reduce work, which leads to happy players.”

Tournament organizer LiquidDogs runs programs for various triple-A publishers, and using the Prize Payments platform was able to pay 95% of prize winners within just three weeks. Prize money was issued in 37 different currencies, with some more challenging regulations in countries such as South Africa and Brazil being successfully navigated.

Things aren’t slowing down either. If things continue going at the rate for Prize Payments, Payment Labs estimates that by the end of 2021 the successful platform will have paid out a total of $10 million in prize money to tournament winners.

Source: Payment Labs Press Release

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Neuroscience student and massive nerd, currently based in Johannesburg, South Africa. Research interests include how neuroscience and user experience in video games interact with each other. News and feature writer for TheGamer.com. Other interests include anime and everything Japanese, fitness, and cats.

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