Chinese-based eSports team Newbee eSports Club has set a new Guinness World Records title for greatest prize money in a videogame competition (team) after scooping an incredible $5,028,308 US dollars (approx. 31 million Yuan in Chinese currency) at a tournament in the US.

The five-man team took home the record-breaking prize after beating rival Chinese team Vici Gaming during The International 4 (TI4) at the KeyArena, in Seattle, Washington earlier this month.

The annual event sees the best players of multiplayer online battle arena game Dota 2 take each other on, with this year’s event having prize money totalling $10.9m, with the grand final shown on ESPN's sports TV network.

Dota 2 makers Valve donated $1.6m of the prize money with the rest raised by the millions of people who regularly play the game.

The International (TI4) is widely considered within the gaming community as the “World Cup of eSports” – with Newbee’s triumph marking the first time a Chinese team has taken the world record for greatest prize money in a videogame competition.

The Newbee eSports Club team, which comprised of Chen 'Hao' Zhihao, Zhang 'Mu' Pang, Zhang 'xiao8' Ning, Jiao 'Banana' Wang and Zhaohui 'SanSheng' Wang, was only founded back in March.

Their huge winnings dwarf the previous world record gaming tournament payout of $1,437,204, won by the team Alliance (Sweden) at the International 3 last year.