Fantasy Sports Industry: What to Expect in the Coming Years

Before fantasy sports became popular in India, watching sports just served as passive enjoyment from the convenience of one’s living room. With the advent of the Fantasy sports Industry, fans are no longer passive observers but rather active participants, and this type of gaming keeps them on the edge of their seats.  

The utilization of data analytics and the incorporation of technology have also aided in the expansion of the Fantasy sports Industry. The global market size of fantasy sports is expected to reach $12.4 billion by the end of 2023, reflecting the industry’s recent considerable expansion. The popularity of Fantasy Sports Platform is two factors that have contributed to this surge. 

Fantasy Sports Market Overview

sports fans can build a team of actual players from upcoming games in fantasy sports, a type of skill-based online sport. Winners are determined based on the points these virtual teams accrue based on the actual statistical performance based on the points actual matches. The Federation of Indian Fantasy Sports (FIFS) and KPMG recently released a report titled “Business of Fantasy Sports” that shows that gross revenue for fantasy sports operations increased by 3X year over year to Rs. 2,400 crores (US$ 340.47 million for FY20 and US$ 131.64 million for FY19)

By the end of 2024, the Indian Fantasy Sports Market is predicted to be worth US$3.7 billion, offering enormous opportunities for new players. In the last ten years, the number of fantasy sports operators has grown by 700%, and the number of users has increased by 2,500%. With multiple start-ups vying for the attention of the 800 million sports viewers in the country, the Fantasy sports Industry is now in its infancy. 

This trend will remain in the market for a long as companies trust into various leagues to attract consumers, advertisers, and investors. Besides Indians, never-ending love for sports, especially cricket, the high demand for mobile phones, and low-cost data plans have turned these start-ups into profitable and lucrative bets for investors. Over the past 5 years, investors have invested around $112 million into India’s Fantasy Sports Platform.  

Size And Growth of the fantasy sports market

Due to the convenience of mobile technology and the rising popularity of fantasy leagues, the fantasy sports business has seen enormous growth in recent years. The global Fantasy Sports Market, currently valued at USD 8.2 billion, is anticipated to increase at a compound annual growth rate (CAGR) of 10.8% from 2021 to 2028, according to the research firm moderator intelligence. 

Latest trends and strategies in the fantasy sports market

Due to the growing acceptance of fantasy sports leagues and the practicality of mobile technology, the fantasy sports business has experienced a substantial expansion in recent years, the following are some significant developments and tactics in the fantasy sports industry: 

01. Greater attention is paid to user involvement

By including features like social network integration, chat capabilities, and tailored content recommendations, many fantasy sports applications aim to boost user engagement. This may entail including fresh elements like live streaming of competitions and games, which can give a boost to user interaction and boost retention rates. 

02. Integration of sports betting

Numerous fantasy sports apps are looking into ways to include sports betting into their platforms in light of the legalization of gambling on sports in various US states. This would enable users to wager on the results of the games and other events. 

03. Analytical use of data

Fantasy sports applications employ data analytics to learn more about user behavior and preferences and to enhance product development and marketing tactics. To do this, data may be used to optimize user acquisition and retention as well as to pinpoint areas where the app can be made better.

04. Increase in e-sports

E-sports, a quickly developing sector, are becoming a part of several fantasy sports. Fantasy leagues for well-known esports games like Overwatch and Leagues of Legends can be a part of this. 

05. Through in-app purchases, revenue generation

Many fantasy sports apps make money through in-app purchases, giving users the option to join paid leagues or competitions or buy virtual currency to buy new players or other in-app things. 

06. Gamification has increased.

To make the experience more engaging for users, fantasy sports applications are increasingly using game-like aspects. Using leaderboards, achievements, and other forms of prizes can help to motivate players to keep playing and engage in friendly competition. 

07. Increase in partnerships and collaborations

The goal of fantasy sports applications is to increase user engagement and reach by forming alliances and working together with other businesses and organizations. Partnerships with sports teams, media outlets, and other businesses in the gaming and sports industries can fall under this category. 

08. Growing Use of Social Media for Fantasy Sports

To engage with users and broaden their fan base, fantasy sports applications are becoming more prevalent on social media sites like Facebook, Twitter, and Instagram. 

Conclusion 

The above information talks about the expectations from the Fantasy Sports Industry in upcoming years. By the end of 2024, the Indian Fantasy Sports Market is predicted to be worth US$3.7 billion, offering enormous opportunities for new players. In the last ten years, the number of fantasy sports operators has grown by 700%, and the number of users has increased by 2,500%.