A recent report by Federation of Indian Fantasy Sports reveals that the fantasy sports market in India has grown by 31% to Rs 6,800 crore in FY22 and is expected to touch Rs 25,240 crore by FY27.
Fantasy Sports Growth In India
Recently, a report entitled ‘Fantasy Sports: A catalyst for the sports economy’ was released in which Deloitte India, analyzed the current state of the Indian fantasy sports market along with its impact on the Indian economy.
Further, the report found that the growing interest in fantasy sports is expected to generate over 12,800 high-skill jobs across the economy, and indirectly employ 10,500 professionals by FY27.
The report also highlights that India is the fastest-growing Fantasy Sports market in the world, with over 300 Fantasy Sports platforms (FSPs) and 18 crore users.
The FIFS Director General Joy Bhattacharjya said,“We are thrilled to see the outstanding growth of India’s Fantasy Sports industry and its positive impact on the sports economy as well as the overall economic health of our country.”
Promoting Non-cricket Sports In India
Presently, the sector is valued at Rs 75,000 crore, with 60% of user transactions on the FSPs coming from tier II and tier III cities and has attracted Rs 15,000 crore in FDI till FY22.
So far, this industry has contributed Rs 4,500 crore by way of taxes.
In the next five years, it is expected to reach Rs 26,000 crore reportedly.
It appears that Fantasy Sports platforms have played a key role in promoting non-cricket sports in India, as per the report.
Over 69.8% of users strongly agree that they started to watch new sports and learn about new players and leagues as a result of an interest in playing fantasy sports.
Enen it comes to players, they have invested Rs 3,100 crore towards the development of the sports ecosystem by way of sponsorships and partnerships with various sports leagues in FY22.
These numbers will also improve as they are expected to reach Rs 6,500 crore in FY27.
Moving ahead, this report outlines growth opportunities for Fantasy Sports, including increased investor confidence, growing interest in and viewership of sports other than cricket.
It won’t be an exasperation to say that this marks the inception of new leagues such as Womens’ Premier League and Women’s T20 World Cup, and overall spotlight on the AVGC sector.
According to Prashanth Rao, Partner, Consulting, Deloitte India, “the increased allocation for sports in the 2023 Union Budget, new innovations, investor confidence and growing consumer demand will help generate fresh prospects for entrepreneurs and stimulate advancement of this sector in India,”.
