dempseyedit: on the topic of Western vs Asian markets, League of Legends set an esports world record with 6.4M Peak Viewers in 2023, while also trying to buy teams out of their North American franchised league
Riot Games has been public multiple times that their massive scale tournaments like Worlds as well as all of the other major circuits for their flagship titles like Valorant and League including the VCT and LCK/LCS are loss-leaders that intentionally do not make money due to overspending to make them the most popular leading social media material that advertises the gameplay of their game directly. Riot eSports is literally designed on purpose to lose money and is only sustainable due to the exceedingly expensive and successful microtransaction systems for their respective games.
If the world's leading game developer in eSports is losing money on their productions, you can definitely bet anything else even close to that scale is losing money too.