As technology is developing, people have started looking for more ways to take part in their favorite sports. As a result, the fantasy sports sector is registering immense growth. Presently the market has grown at a CAGR of ~164% between 2017 and 2022.
1. The Fantasy sports market is 2 decades old in India, but the market witnessed a boom in users engagement owing to the affordability of mobile internet access in India
The way a viewer consumes and engages with sports has changed drastically in India over the last few years owing to the increasing importance, availability, and access to the internet. India with a median age of 28 years and smartphone penetration of 42 percent (2020), offers a great market opportunity that could be tapped by Fantasy Sports Players. Additionally, the cost of mobile data in India is INR 51/GB, which is comparatively lower than the global average of INR 316/GB. This makes it affordable for mobile users in India to participate in Fantasy Sports competitions. It is the big reason why most Fantasy Sports market Players offer mobile-based apps for participation. This has resulted in the overall growth of the Fantasy Sports sector.
2. However, the Fantasy Sports industry is currently subject to Varying Rules and Compliance Requirements based on the Socioeconomic Situation of Each State in India
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The State Governments have been given the authority to create legislation on betting and gaming under the Constitution of India’s 7th Schedule. As a result, if state gaming legislation exists, it takes precedence over the Public Gaming Act, which was enacted earlier in time. In addition to the PGA, a number of Indian states have implemented legislation to regulate gambling and gaming. These state laws are usually in line with the PGA, and they exempt games where the outcome is mostly determined by talent.
3. But this won’t impact the growth as the industry is buoyed by the various potential investors which will enable the Fantasy sports sector to experience double-digit growth
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India had around 390 million gamers in 2021 and the population of this gaming sector is poised to grow exponentially in the coming years. Moreover, over the past few years, fantasy sports have been a crucial area for innovation and investment. Fantasy games’ successful past and promising future have driven multiple investments in the industry. Continuous Investor interest in some of the main businesses has aided the rapid growth of Fantasy Sports in India. Other players, such as Daily Fantasy Cricket and CricNWin, have also raised Millions in investment.