No. It's a competition on the same level as say chess, but it's certainly not a sport, as it lacks the athleticism necessary to be a sport.
Also, before you say that the IOC recognises chess as a sport:
1. This is the same IOC who is trying to remove wrestling, one of the original Olympic sports, from the Olympics;
2. Most chess players don't call themselves athletes or what they do 'sport'.
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I heard wrestling was officially removed from the 2020 Olympics.