Fantasy sports may be a type of skill-based online sports where a fan creates his/her own team comprising real-life players from upcoming games. These virtual teams accumulate points supported by the particular statistical performance of players during real-life matches and winners are revealed accordingly.
According to a recent survey conducted by ‘Business of Fantasy Sports’ and published by the Federation of Indian Fantasy Sports (FIFS) and KPMG, sales of fantasy sports operators stood at Rs.2,400 crores (US$ 340.47 million) in the year 2020 compared with Rs. ~920 crores (US$ 131.64 million) in the year 2019. The Indian fantasy sports industry is anticipated to be worth US$ 3.7 billion by 2024, creating a large opportunity for brand new entrants. The market has witnessed a huge 700% increase within the last 10 years within the number of fantasy sports operators and a 2,500% spike within the number of fantasy sports users.
As the fantasy sports industry is rapidly gaining critical mass and multiple operators are emerging with different and unique business models and offerings, it's imperative to possess an establishment to shape and monitor this fast-growing industry. The Federation of Indian Fantasy Sports (FIFS), previously called the Indian Federation of Sports Gaming (IFSG), was formed in 2017 to safeguard consumer interest and make standard best practices for the fantasy sports format within the country. The FIFS could be a self-regulatory body, which not only ensures policy compliances but also works with key industry stakeholders and policymakers to form a governance structure to support and growth of the fantasy sports industry and make the users trust this modern online game and bring them in confidence.
The Indian fantasy sports market has seen huge growth because of digital infrastructure, rise in mobile internet subscribers, favourable demographics and rising income, tech-savvy and aficionado sports following Indian millennials, and increased investor interest in fantasy sports. Also, the recent case laws have established fantasy sports as a game of skill compared with illegal activities such as sports betting as Indian laws prohibit the establishment and promotion of the game of luck or chance. This factor has created viable conditions for the industry to flourish and be more accessible and interesting for India’s sports fans.
Currently, the fantasy sports industry is at a nascent stage, with numerous start-ups competing to draw in the country’s 800 million sports viewers. This trend is probably going to persist as these companies thrust into various sports leagues to draw in advertisers, customers, and investors. but Indians’ unending love for sports, especially cricket, low-cost data plans, and high penetration of mobile phones have made these start-ups a lucrative bet for investors. Over the past five years, investors have almost 112 million USD into India’s sports fantasy platforms.
An enormous opportunity is probably going to emerge for the Indian game developer and publisher to capitalize.The launch of the AatmaNirbhar Bharat Innovate Challenge by the Ministry of Electronics and data Technology (MeitY) and NITI Aayog is predicted to deliver more advanced gaming apps within the market. This initiative is probably going to boost the growth of the Indian mobile gaming market in the future and enhance the sports revenue of India, which is slated to be the most important revenue earner in the foreseeable future. the govt. is creating a conducive ecosystem for Indian game developers by rationalizing the proper market conditions and creating an appropriate policy framework so investors make the foremost of this golden opportunity.
Furthermore, the success of domestic stakeholders, exponential growth trajectory of the fantasy sports market, and its potential have now grabbed the interest of foreign investors after they have realized the potential of fantasy cricket games in India. Multiple overseas investors have already invested in various fantasy sports platforms and also the rise in user engagement will likely keep this momentum within the coming years.
Looking at the huge potential in the online gaming industry Dragonfleet has launched the fantasy cricket game name On Field 11. Their unique features and contests are going to attract a lot of users from all around the country.
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