Esports, like professional video game players, face challenges on multiple levels. In China, for example, millions watch Douyu Super League, the esports equivalent of UK Premiership football. The response of US stock market investors this week has been “so what?” DouYu priced its Nasdaq float at the bottom of the range. This valued China’s largest game-streaming platform at just $3.7bn.

Esports lack credibility. It is not just the stereotype of players whose only muscles are in their mouse hands. It is not just the fear that match-fixing might be easier in a digital environment. A lack of profits is a problem too.

DouYu posted an operating loss of $127m last year. Rival Huya, listed on the New York Stock Exchange, slimly broke even. The revenues of both companies have been doubling yearly. Sales come from advertising, subscription fees and a cut of the tips paid to gamers. Sponsorship of tournaments by consumer businesses should be a growth area.