According to a report by Redseer Strategy Consultants, the gross gaming revenue from fantasy sports during the IPL 2023 is estimated to grow by 30-35% to reach INR 2,900-3,100 Cr. The number of transacting users is also expected to increase by 25-30% to reach 68 million users in 2023 from 55 million users in 2022, with 80% of users expected to come from Tier 2 cities and beyond. The average revenue per user is expected to grow from INR 410 in IPL 2022 to INR 440 per user in IPL 2023.
The growth in fantasy gaming platforms can be attributed to factors such as increased marketing efforts, government support, and Google’s pilot program allowing fantasy platforms on its Play Store. India is the world’s largest fantasy sports market, with a user base of over 13 Cr as of March 2022, and is projected to grow from INR 34,600 Cr in FY21 to an estimated INR 1,65,000 Cr by FY25. As per the Deloitte report, India’s fantasy sports market had a user base of over 13 Cr as of March 2022, making it the world’s largest fantasy sports market. The market size was estimated to be INR 34,600 Cr in FY21, and it is projected to grow to an estimated INR 1,65,000 Cr by FY25. Cricket is the most popular sport in India and continues to be the highest revenue contributor to the fantasy sports industry.
Last year, in 2022, the Indian government appointed the Ministry of Electronics and Information Technology (MeitY) as the nodal ministry for the online gaming industry, including the fantasy gaming sector. This move was aimed at providing regulatory clarity and oversight to the sector, which has seen significant growth in recent years. It is expected that this move will help to address concerns around issues such as responsible gaming, player protection, and prevention of fraud and money laundering.