The market for fantasy sports was worth $18.6 billion in 2019 and is projected to grow to $48.6 billion by 2027, with a CAGR of 13.9% between 2021 and 2027. In terms of fantasy sports market share, the football category took the lead in 2019 and is anticipated to continue to dominate for the duration of the forecast.
What are Fantasy Sports??
In the game of fantasy sports, players put together teams of athletes who play in professional leagues. These teams compete against one another based on their live game stats. Every sport has a scoring system based on the performance of each player.
The team with the most points is the winner. Without a doubt, one of the most popular outdoor sports in India is cricket. Other sports, like football and basketball, have grown significantly in popularity and have a large number of competitors in the fantasy gaming industry as a result of the popularity of the English Premier League (EPL) in England and the NBA (National Basketball Association) competition in the United States of America. Extremely popular regional sports like Kabaddi and hockey have gained popularity in the realm of fantasy sports. The most popular skill-based card game in India is rummy.
Digitalization is another aspect that led to the birth of fantasy sports platforms in addition to the widespread desire for sports. In India, more technologically savvy millennials are taking part in fantasy sports competitions. The market for fantasy sports has increased by almost 700% during the last ten years.
A sizable portion of sports enthusiasts can now participate in online fantasy sports competitions by using their knowledge of the game and online fantasy gaming platforms. Although the Indian public is well renowned for its obsession with cricket, these sites enable consumers to explore other niches. Most platforms have witnessed a significant increase in enthusiast participation since the introduction of new-age Fantasy Cricket techniques, with many of these players joining the Indian T20 League and other competitions.
As a result of their growing popularity, these platforms now include league sports, like basketball, football, and kabaddi. Users can now take part in a variety of sporting events thanks to the creation of a link between technology and the sports ecosystem. The change has increased interest in urgently needed real-time sports and has been favorably accepted by sports fans.
Expected Growth of the Fantasy Sports Industry in Future
In India, there are already over 20 million players of fantasy games, and by 2022, there are expected to be 150 million. Fantasy sports have become so popular that market growth is anticipated in the upcoming years. The widespread usage of the internet and user-friendly fantasy game software are two factors in the high involvement. Along with rising popularity among the sports-loving populace, the industry has experienced significant income development. Numerous fantasy sports programs with added features have been released.
Other well-known leagues for certain sports niches, such as the Indian Badminton League, Pro Kabaddi2, the ISL football league, and the ICC fantasy cricket league, have debuted as a result of the intense competition in the business. Additionally, the growth of fan communities, products, advertisements, and viewership numbers indicate that fantasy sports are becoming more popular in India. The industry made $3.4 million in revenue in 2020. It is predicted that by 2024, the fantasy sports market will be worth $3.7 billion.
Fantasy Sports Market Growth reasons
Fantasy Sports App Development
The key reason for the fantasy sports market's rapid growth is Fantasy Sports App Development Company which offers user-friendly fantasy sports platforms and increased internet usage across the nation is mostly to blame for this growth spike. The introduction of multiple other fantasy sports apps is also likely to involve a significant amount of digitization. This speedy rise can be attributed to the fact that many tech-savvy individuals, the majority of whom are millennials, now have access to the internet.
Over time, fantasy sports games experienced a sharp increase in popularity. The platforms' availability of the material in regional languages is one of the main causes, subsequently increasing interaction. The investments made by international investors have successfully fueled the sports fantasy industry's explosive rise. Sports fantasy websites continued to attract the attention of international investors. Investors' ongoing investments help the market grow by enabling more platforms to offer better products. Therefore, these investments fuel market expansion.
Opportunities in the Global Fantasy Sports Market
The adoption of technologies for better and more efficient operations is given tremendous importance by the quickly expanding online gaming market. With the development of secure payment channels, user-friendly interfaces, blockchain-based apps, and fantasy chatbots, the fantasy sports industry has seen substantial gains in revenue production, customer satisfaction, and operational performance. The active market participants will continue to have appealing opportunities to manage users and important tasks more effectively by implementing such technology.
Clarity on the Legality
The legal position of the fantasy sports format was made clear, which promoted the fantasy sports market as a whole. Now that a large number of platforms have hit the market with comparable configurations, users have begun to adopt them widely. The popularity of sports and the statistics that go along with it have caused fans to pay closer attention to statistics, more so to show that fantasy leagues help players improve their talents rather than being only a game of luck. With a tremendous potential still unexplored, it is reasonable to say that Fantasy Sports will play a significant role in shaping the future generation of Indian sports lovers.
The legality of this online virtual gaming has also been endorsed by the Indian Supreme Court. Now that it is recognized as a skill-based game rather than a chance-based game, According to Indian legislation, the game is acceptable and not outlawed by the Gaming Enactments. As a result of the game's legitimacy and legality, the Indian population is ardently supporting it.
Therefore, it is evident that fantasy sports Mobile Game Development is at its peak in India if we take into account their growth potential. India may be an appealing site for fantasy sports enterprises as a result of this significant expansion. Fantasy cricket in particular has a proven track record of expansion. Well-known cricket leagues like the IPL and ICC leagues have encouraged the growth of fantasy cricket. Due to all these favorable opportunities, fantasy cricket app development makes sense in India.