Similar to other sports industries, finances play a significant role in the world of chess. For instance, if you are considering pursuing chess as a professional career, you might wonder about how much money a chess player makes and what the professional careers in the game are.
In this article, we will examine in depth the financial aspect of chess and how the board game makes money.
Whether you are a business owner exploring investment opportunities or simply looking for ways to monetize your passion, these are some of the common ways to make money in chess.
How Chess Clubs make money
Hosting chess tournaments is a popular way for clubs, players, and organizers to earn money. Usually, for most tournaments, players typically pay a registration fee to book a spot in the tournament. This can make up a part of the prize for players.
Some major club tournaments can also be invitational. For invitational club events and otherwise, prize funds can be shared with the top performers, and special prizes such as age-specific prizes and brilliancy prizes can also be awarded.
Established top players may receive appearance prizes as incentives for participating, enhancing the prestige of these club tournaments and also appealing to Grandmasters.
Partnerships
Clubs actively seek tournament sponsorship from brands and companies to support their tournaments. These companies typically get publicity from supporting these events.
Players with sponsors can usually display and advertise their sponsors’ logos at these club events.
Successful players often attract sponsors because of their popularity, and sponsorship can become a significant source of income for them.
For instance, a club can generate revenue through strategies such as
- Membership dues.
- Sponsorship from companies.
- Ticket sales to event spectators.
- Coachings.
- Donations.
- Grants.
- Hospitality and VIP packages for sponsors.
- Merchandise sales.
- Online streaming subscriptions and advertising revenue.
How FIDE Makes Money
Revenue generation for FIDE and national federations involves various methods. One of the primary sources is income through membership fees, which are collected from players, clubs, and organizations.
These fees can be one-time or annual and provide steady revenue. The federation can organize tournaments and charge entry fees.
As highlighted before, they can also partner with sponsors to support tournaments, receiving brands and promotional opportunities alongside other various tournament financing models.
Partnerships
FIDE often collaborates with well-known brands like tech companies, banks, and product manufacturers. These sponsors pay for branding rights and advertising.
For example, Google was the main sponsor for the 2024 World Chess Championship between Ding Liren and Gukesh D.
FIDE ID Registration Fees
This is another source of income for FIDE, as unregistered players typically require a FIDE ID before they play in FIDE-rated events.
Others
- Ticket Sales: For physically hosted tournaments, tickets sold to spectators can contribute significantly to overall income.
- Hospitality and VIP packages: Sponsors, dignitaries, or high-net-worth individuals can receive exclusive access to the tournament venue and meet and greet with players, among other perks.
- Broadcasting rights: Organizers sell the rights to media companies, which pay to broadcast the event. As a case study, a Norwegian news company owned the media rights for the recent World Championships.
- Online streaming and advertising: Tournaments can be streamed online, and viewers can purchase subscriptions to watch the game. These online streaming platforms also allow donations, allowing viewers to add directly to the revenue. Advertisements can also be displayed across platforms to generate revenue from impressions and views.
- Bidding Fees: In prestigious tournaments with established names, FIDE or the governing federation may charge organizers fees to bid to host events like the World Championship, Grand Chess Tours, or World Chess Championships.
- Government Support: In some countries, chess federations receive government funding and support. For example, the government pays Grandmasters a salary in certain countries.
- Coaching and Training: The Federation offers coaching and training opportunities directly or through partnerships with coaches and training centers and charges fees for these services. This article explains how to become a FIDE-certified coach.
- Donations: Donations play a crucial role in the revenue generation of federations. Individuals, organizations, and foundations commonly donate to support specific initiatives or events in chess federations.
- Affiliate Programs: Chess federations can earn commissions by partnering with brands and manufacturers through affiliate programs. For example, chess.com is an affiliate partner of many chess federations.
- Partnerships: FIDE and national Federations collaborate with schools, universities, or community centers to provide chess programs and services, sharing revenue and expertise.
How Chess NGOs Raise Money
As highlighted above, non-governmental organizations usually raise money similar to chess clubs. Their peculiarity, however, is their increased reliance on donations and fundraising.
How Chess Websites Make Money
Since the release of the limited series The Queen’s Gambit, there has been a chess boom, with more players relying on the Internet to play and engage with chess content.
Sites like Chess.com and Chessable allow players to play chess and earn money from their recurring tournaments, such as Titled Tuesdays.
In 2024 alone, Chess.com reportedly made more than $100 million in annual revenues.
Subscriptions
Chess.com, for instance, uses a subscription-based model. Users can subscribe monthly or yearly to access premium features such as exclusive tournaments, in-depth chess analysis, and training.
Course Sales
Since chess is a skill-based sport, another thriving market is for those who provide coaching services through websites like Chessable and other chess websites like Lichess and Chessmood. Other players can pay a premium price to purchase these special courses.
Ads on website
Another way that chess makes money is through the creation of blogs or websites where thoughts on chess, news, and articles can be shared. A good example is this very site.
Blogs and sites can be monetized through various means, such as affiliate marketing programs or ad revenue that pays based on impressions.
Donations
Some chess websites are run based on donations from chess players who enjoy the services of these websites. A good example of a donation-run website is the open-source Lichess.
Others
- Streaming: Platforms like Twitch, Kick, and YouTube allow chess creators to stream to audiences and earn money from these sites. Typically, viewers watch these players play the game or engage in other chess-related activities.
- Sales of Chess Equipment, Software, Merchandise, and Digital Goods: With the high demand of players to purchase items like chess sets, chess books, etc.
- One lucrative way to make money from chess is to provide online services for sales of chess-related items. Overall, this is an important way through which chess makes money for both players and businesses.
- Chess Web apps and software: There is a growing market and demand for chess-related professional software, either for analysis or other specific chess needs.
- For example, ChessBase India, one of the largest chess companies, offers these services through software like Fritz.
- Chess Books: Apart from typical coaching services, there’s a large market for chess instructions online.
- Writing and selling chess books on websites, along with other chess instructions, are significant avenues for earning from the royal game.
How Chess Tournaments Raise Money
Chess tournaments, whether by clubs, NGOs, FIDE, or organizations, generate revenue primarily through player registration fees, sponsorships, and ticket sales for spectators.
As highlighted in prior sections, additional income streams include merchandise sales, online streaming subscriptions, advertising revenue, and special hospitality packages for sponsors.
There is usually the need to have plans for Arbiters and other tournament essentials to ensure a smooth tournament.
Sponsorship
This remains the most reliable way through which a chess tournament raises money.
Registration Fee
Players might sometimes pay a token to participate in a tournament, which is another source of tournament revenue.
Conclusion
For most, chess is more than just a game—it’s a multifaceted industry with diverse income streams. From prestigious tournaments and sponsorships to online businesses, coaching, and merchandise sales, chess continues to grow as a profitable community.
The rise of online chess and streaming has further increased financial opportunities, making it easier for players, content creators, and businesses to capitalize on the game’s popularity.
Whether you’re a professional player, an investor, or an enthusiast looking to turn your passion into income, chess offers many ways to generate revenue in the industry.
Frequently Asked Questions (FAQs)
How Much Do Chess Grandmasters Make?
The earnings of a chess grandmaster varies. For example, world champions can earn millions through championship matches, endorsements, and sponsorships.
Meanwhile, the top 50 players may earn around $100,000 per year from tournament prizes, online streaming, coaching, and sponsorship deals.
Who funds Lichess?
Lichess is an open-source platform funded entirely through donations from its users. It does not run advertisements or charge for premium features.
How does Chess.com Make Money?
Chess.com operates on a subscription-based model, offering premium memberships that provide users with exclusive features such as advanced analysis, lessons, and puzzles. Additionally, it generates revenue through advertisements and partnerships.
How do Chess Players Make Money?
Chess players earn money through a combination of:
- Tournament prize winnings
- Coaching and training sessions
- Sponsorships and brand endorsements
- Streaming on platforms like Twitch and YouTube
- Writing books, courses, and articles.
How Rich is Magnus Carlsen?
His net worth is estimated to be $10 million or more.
What is Hikaru Nakamura’s Net Worth?
Hikaru Nakamura, a top chess grandmaster and streamer, is estimated to be worth around $5–10 million.
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