Alibaba Sports Group (Alisports) and International eSports Federation (IeSF) are joining hands to establish gaming as a professional sport.

The partnership is called “Exclusive Strategic Partnership,” and was formed after the two companies met in Beijing earlier this year.

Alibaba has acknowledged the growing importance of eSports with its Alisports wing previously launching the World Electronic Sports Games (WESG) tournament series with a goal of attracting both amateur and professional players.

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Alisports is giving away $5.5 billion in prize money for the WESG and will invest $149 million in associated development of e-sports, BW Disrupt reported. In addition, the company plans to develop e-sports stadiums around China to provide venues for the competitions for players and fans.

There are three specific goals created by the partnership. First, both parties want to have a tournament which all amateur e-sports players and professional e-sports players can participate in. This means that IeSF will fully endorse WESG Game Series initiatives. Second, both parties will work together to let e-sports be recognized as sports and secure a place in the Olympic Games, according to Mashable. Also, both parties will create the unique IP.

“This partnership is one big step to IeSF. I believe IeSF and Alisports will maximize each other’s strength by this partnership. I also believe e-Sports Stadium can be transformed to be a fashion place for Youth. IeSF will make our all effort to be with more e-Sports fans in more countries together with Alisports from now on,” said IeSF President Byung Hun Jun.

IeSF operates in 47 countries, which makes it an experienced company with thorough know-how and resources for operating tournaments that will help Alisports.

TagsAlibaba, eSports, Alisports, World Electronic Sports Game, WESG tournament, WESG, International eSports Federation, IeSF, electronic sports, Alibaba Sports Group, Exclusive Strategic Partnership