The Indian fantasy sports segment has experienced a steep growth trajectory over the last decade due to which people’s way of following their favorite games has drastically changed. Cricket, football, and now even kabaddi fans have all been provided with a way to follow their favorite live-action sports through the fantasy sports platforms available. The Fantasy Sports Market was valued at USD 32.14 billion in 2023 and is expected to grow at a strong CAGR of around 14.13% during the forecast period (2024-2032) owing to the growing viewership of sports such as cricket, football, and basketball has expanded the user base for fantasy sports platforms.

The fantasy sports segment in which players compete to create teams comprising real world-well known sportspeople and win or lose based on their performance has emerged as the fastest-growing segment of the digital economy of India with players like Dream11, MyTeam11, and MPL.

Recent Developments/Awareness Programs: - Several key players and governments are rapidly adopting strategic alliances, such as partnerships, or awareness programs: -

·       For instance, in March 2023, Ashneer Grover, co-founder of BharatPe, launched a cricket-focused fantasy sports app called CrickPe through his new venture, Third Unicorn. The launch was made ahead of the Indian Premier League (IPL) tournament and was announced on Twitter.

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·       For example, in November 2022, various national and international sports leagues and tournaments, such as IPL, PKL, ICC, NBA, CPL, and Super Smash, formed partnerships with fantasy sports operators to enhance engagement, increase viewership, and foster a closer connection with their fan base. These partnerships have proven to be mutually beneficial, as they allow brands to connect with sports fans, increase their visibility, and create emotional connections with their target demographic.

·       For instance, in September 2023, the Indian Super League (ISL) introduced its Fantasy Game, known as 'ISL Fantasy,' in anticipation of the league's 10th season. It commenced on September 21 with the inaugural match between Kerala Blasters and Bengaluru FC at the Jawaharlal Nehru Stadium in Kochi.

·       For instance, in April 2023, the Indian Premier League (IPL) significantly boosted the revenue of fantasy sports companies, with estimates suggesting a growth of INR 2,900 to 3,100 crore. The growth is driven by the increasing adoption of fantasy sports platforms in tier-2 cities and beyond, which accounted for over 80% of the user base.

Key Drivers of Growth

·       Cricket-Centric Sports Culture: Cricket, the most popular sport in India, plays a pivotal role in driving the fantasy sports market. Fantasy sports have found their habitat in the big and small tournaments, be it the IPL, the ICC World Cup, or the domestic leagues.

·       Widespread Internet Penetration: Coupled with the low cost of smartphones and cheap data tariffs offered by telecom companies such as Jio, first-time Internet users in millions are being created offering a large audience base to FSPs.

·       Growing Interest in Other Sports: Still, the most preferred game currently is cricket, but games like football, kabaddi, and basketball are growing very fast. ISL, PKL, and NBA are increasing their reach by combining multi-sport engagement with the users.

·       Youth Demographics: The engagement of users belongs to the young generation who are, technically sound and sports enthusiasts in India and are the fundamental consumers of the fantasy sports platforms. This demographic prefers using different devices to access different entertainment content and engage in conversations.

·       Regulatory Advancements: Operationally defining fantasy sports as a game of skill in different court decisions has been helpful in enhancing the legitimacy of the industry. This has created possibilities for new investment and boosted confidence in the usage of the network.

Fantasy sports new trends

·       Multi-Sport Expansion: There are signs of platform vertical integration where platforms are providing somehow more varied services of sporting events, trying to capture as many users as possible and thereby focusing on specific niches.

·       Gamification and Enhanced User Experience: Leaderboards, rewards, and precisely tailored recommendations, among other things, are in the process of being added to drive more user engagement. It is these structures of practice that sustain engagement over time using the above strategies of gamification.

·       Blockchain and NFTs: Blockchain made features like fantasy stock trading, and user-player managed NFT digital avatars possible, offering users something to own and interact with.

·       Localized Leagues and Content: Sporting organisations are still using regional marketing approaches encouraging local leagues and feeding their content in local languages in the invention of fantasy sports.

·       Social Features and Collaboration: More of the platforms today integrate some social features like group challenges, chats, and options for sharing.

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Conclusion

Fantasy sports have revolutionized the approach Indians have for their games and it is a blend of strategy, fun, and social. Add to it the passionate cricket-loving population of India, growing internet connectivity, and emerging and experimenting interfaces, and the country looks to remain at the forefront of the worldwide fantasy sports market. Thus, over time, the focus will have to shift to achieving and maintaining clear regulatory standards for marketing responsible gaming to continue driving the market’s further development.

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