Competitive gaming has taken off in the last years. Publishers like Riot Games with League of Legends or Wargaming with World of Tanks have built their business around the idea that these games are indeed a sport. League of Legends now attracts millions of viewers in live streams, and its championship events fill stadiums like LA's Staples Center. It seemingly happened overnight, but it did not. As any sport, electronic sports have evolved into their own complex eco system, with a myriad of business opportunities for multiplayer game developers. This lecture shows how it works, who the significant actors in this burgeoning industry are, how big it has become and sheds light on deal and investment sizes.Slides from my talk at Respawn Gathering conferencee, August 20th 2013.