It is well known that India has a great deal of passion for sports and entertainment. a pattern that persisted long before fantasy sports became popular in India. Fantasy sports, however, have increased the passion that many fans have for their favorite sport today and have inspired casual spectators to actively participate in the mystique of fantasy sports.
Now, one could wonder what exactly fantasy sports involve. In essence, it's a type of skill-based online sports compilation where a supporter of a certain game can assemble a squad made up of live players. Winners are then determined based on the points earned by these virtual teams during the actual matches by the players.
Fantasy sports helped people get closer to the action in real time, thus in a manner they served as an enabler. The most popular sport in India is now cricket, which has a large subscriber base and widespread appeal. However, other sports like Kabaddi, Football, and Basketball are not far behind. But why is India currently the world's most important market for fantasy sports? Here is additional specific information.
The Indian Fantasy Sports Market's Potential for Growth
Over the past few years, fantasy sports have been extremely popular in India. The FICCI-EY report projects that the Indian fantasy sports market would reach $2.5 billion in 2022. The market is expanding at a CAGR of 32% and could reach a value of $3.7 billion by 2024.
Fantasy sports in India are generating far more money than anyone could have imagined. And with that, there is still much work to be done; it is simple to persuade interested parties to project their potential earnings and tax liabilities. This led to the creation of India as a priority market for fantasy sports.
The Effects of Covid-19 Contributed to the Industry's Growth
In addition to spreading like wildfire over the world, Covid-19's enforced shutdown significantly accelerated the growth of several enterprises. Many people were now able to engage in more leisure activities at home due to the work from home laws. One of them was spending their free time playing fantasy sports.
In a report released by the Federation of Indian Fantasy Sports and KPMG, it was estimated that by FY2020, the fantasy sports business will produce gross revenues of Rs 2,400 crores (US$ 340.47 million), up from Rs 920 crores (US$ 131.64 million) in 2019. This indicates that during the epidemic, the size tripled from what it was before.
The Increasing Number of Market Participants
The number of participants in the fantasy sports market is rapidly rising. Up until 2016, there were roughly ten players in India; as of today, there are 150 operators in total. One of these founding members of the Federation of Indian Fantasy Sports (FIFS) is World777, who is today one of India's most well-known competitors in the fantasy sports market. And the list that is single-handedly encouraging industrial expansion includes many such members.
The Enthusiastic Sports Fans in India were Greatly Aided by Technological Innovation
The incredible fervor with which Indian fans follow their favorite sports (like cricket) is one of the main factors contributing to the massive expansion of the fantasy sports industry in that country. Another significant factor in this is technological development, as improved internet usability and faster bandwidth (4G and now 5G) across India have made it possible for many ardent sports fans to follow their passions online. More sports lovers were able to play fantasy sports on a regular basis thanks to their convenient accessibility and unmatched passion for sports.
Fantasy sports include everything from fantasy cricket to fantasy kabaddi in India. Fantasy sports have also generated a great deal of interest in virtual sports among Indian gamers from their main market.
In India, the market has seen a 700% increase in fantasy sports players over the last 10 years, and a 2500% increase in fantasy sports consumers. These statistics and other reasons make it obvious that India is the current top fantasy sports market.