Why is fantasy sport now a booming business in India?
Before the introduction of fantasy sports in India, sports were all about watching the match or playing by sitting on the couch. But today fantasy sports platforms have changed the whole equation of viewing sports from the viewer’s end. Now, the passive viewers can actively participate in the game at the edge of their seats. In India, sports are not only merely a physical activity or a game, it is religion for sports fans. The Fantasy sports platform offers a golden opportunity to be equally present during the match. However, cricket is considered the best fantasy sports game in India. The other games offered by fantasy sports platforms are basketball (NBA), football, and kabaddi. The sports industry is expanding with fantasy sports and has become a successful business in India.
Market Overview
Fantasy sports is an online sport where users create their own team comprising real-life players from the upcoming games. The points of the virtual teams are associated with the actual performance of the players on the field and winners also announced accordingly. There are numerous fantasy sports available in the market where you can play your best fantasy sports game.
As per the recent reports of ‘Business of Fantasy Sports’ released that the total revenue of fantasy sports is Rs. 2400 crore for the financial year 2020 as compared to Financial Year which is Rs.920 crore. The research says that the fantasy sports business will be worth $3.7 billion by 2024.
As the fantasy sports industry is growing exponentially, multiple operators are offering fantasy sports services with different interfaces and features, there should be one organization that runs and governs all these fantasy sports businesses. The Federation of Indian Sports was introduced in 2017 as a safeguard and to create an authoritative industry of virtual sports. This body also secures consumer rights and saves users from any exploitation. The FIFS also works with industry stakeholders and policymakers to structure the virtual gaming system and sustain the growth of fantasy sports.
Now, playing fantasy sport is not about betting on the game, it is a game that requires a skill set to win several titles. Right now, the start-ups are competing to attract a million viewers to use their app for virtual sports. Now the virtual sports start-ups or the fantasy sports business is a lucrative bet for investors. In the past five years, the investors invested almost 112 million in India’s fantasy sports platform.
Role Played by COVID-19
COVID-19 has played a vital role in the expansion and growth of fantasy sports in India. The social distancing and other rules of this pandemic have forced the users to enjoy their favourite game virtually. Researchers observe an exponential growth in the business of fantasy sports in 2020 due to the pandemic outbreak. IPL 2021 and T20 are around the corner, but whether the fans will be allowed to watch matches live is not confirmed yet.
Final Words
Fantasy sports are the future of virtual gaming. The companies are providing a real-life experience to the users. And as per reports, the fantasy sports business will grow more in 2024. Fans are enjoying their favourite sports from their screens.
