A popular online game is fantasy sports, in which gamers assemble teams from athletes who compete in professional leagues. Based on their stats from a live game, these teams face off against one another. Every sport has a scoring system that is based on how well each participant performs. The winning team is the one with the most points.
Cricket is unquestionably among the most widely played outdoor sports in India. Fantasy sports gaming is hugely popular, and apps like World777 fantasy cricket software are extremely popular. Due to the popularity of the English Premier League (EPL) in England and the NBA (National Basketball Association) competition in the United States of America, other sports, such as football and basketball, have grown significantly in popularity and have a large number of competitors in the fantasy gaming industry. Extremely well-liked regional sports like Kabaddi and hockey have become well-known in the fantasy world. Rummy, meanwhile, is the most played skill-based card game in India.
Let’s examine what India’s sports industry might look like in the future.
Future development projections for fantasy sports gaming
Fantasy sports gambling has increased by an astounding 700% in India over the last ten years. In India, there were 90 million fantasy players in 2019, and it is predicted that there would be up to 150 million players here by the end of 2022. By 2024, it is anticipated that the fantasy business will produce about $3.7 billion.
The Development of Fantasy Sports
The proliferation of user-friendly fantasy sports platforms and increased internet usage across the nation are mostly to blame for this growth spike. Digitization is also anticipated to be a key element in the release of numerous additional sports apps. This quick increase is due to the fact that the internet is now accessible to a large number of tech-savvy people, the majority of whom are millennials.
The Platform for Fantasy Sports is Set to Change
Platforms for fantasy sports are anticipated to undergo some adjustments in order to improve user experience. More platforms now offer a specialized customer support system that is available around-the-clock to address users’ demands. Platforms typically allow users to withdraw money by connecting their bank accounts. To make it easier for consumers to pay their bills, certain fantasy sites have started to enable withdrawal using wallets like Paytm and Amazon Pay.
Granting access to gamers in states where fantasy sports gaming is prohibited in India is another significant shift that is anticipated in the future. Some of the northern states, including Assam, Sikkim, and Nagaland, as well as some of the southern states, including Karnataka, Odisha, Andhra Pradesh, and Telangana, have prohibited users from playing these games. This is because sports are not regarded as skill-based in these states.
A further modification that is anticipated is the use of cryptocurrencies for in-game purchases. There are fantasy sports that would be happy to give payment gateways for cryptocurrency investments to play sports and withdraw money in the same form of digital currency because it is the newest big thing. However, according to India’s most recent budget, gains from virtual assets would be taxed at a rate of 30% + 1% TDS on transfers that exceed a certain amount. Even while this concept might not catch on right away, it has the potential to materialize in the not too distant future.
This is a summary of how we currently perceive sports’ potential in India. There are now many gaming options available on fantasy sports applications, and we anticipate that in the future, they will draw a wider variety of participants.
Future Fantasy Sports in India are Being Driven by Certain Trends
Gaming has spread across the nation as a pastime and a form of entertainment. With the popularity of fantasy sports soaring in India over the past several years, this passion for sporting events is being centered on them.
One of the major fantasy markets in the world, India has a sizable fan base and a high degree of interest. According to a report released by Deloitte, the industry is projected to develop at a compound annual growth rate (CAGR) of 38 percent to a value of 1.65 lakh crore by FY2025. In light of this environment, a few key trends will determine how fantasy sports develop in India.
People are seeking more connected ways to engage in their favorite activities as technology develops. The majority of fantasy sports participants are sports lovers who use online simulations to keep abreast of the results of their favorite contests and athletes.
The growth of India’s sports culture and ecosystem will heavily rely on AR and VR. With the use of replacements and power-ups, these revolutionary technologies will increase the ‘closer to reality component’ of how people engage with the activity on the field. Additionally, a lot of data about fan behavior will be collected, which can be used to personalize services to fans and create a win-win situation for all parties.
Demand will also be high for interactive gaming and the capacity to take part in and follow live sports. It will be a fantastic approach to mobilize one’s social network and engage followers in a deeper, more intimate way. It will encourage new players to get more included with the business and view fantasy games as a community while also advancing the industry.
The Debut of New Games
India has over 390 million players in 2021. The growing mobile gaming market is expected to increase this number to 500 million by 2025.
The demand for fantasy sports is currently increasing in India because of the popularity of top sports leagues. And the Indian Premier League (IPL). But due to their rising popularity, e-Sports and virtual gaming have gained more acceptance and followers. And because a perfect balance between supply and demand must be maintained. Adding these new games to the platform will strengthen India’s entire fantasy gaming industry. By dispensing statistics, data, and expert knowledge, it will offer a platform for playing. Participating in live sports and turn a casual sports viewer into a sports enthusiast.
Promotional Activities and Celebrity Endorsement
The launch of a fully fledged professional sports league in two years has caused fantasy sports. Operators to look for innovative ways to keep their fans interested. One of the finest ways to stay ahead of the curve and acknowledge. The fervor of Indian sports fans is through team sponsorship and celebrity endorsement.
The segment’s potential for exponential expansion is the fundamental impetus behind these partnerships. According to a report from 2021, there were 444 brand endorsement deals, 318 of which involved cricketers. Spending on sports star endorsement rose by 11% annually.
Increasing Investment Levels
Over the past few years, fantasy sports have been a crucial area for innovation and investment. Fantasy games’ successful past and promising future will increase overall investment in the industry. Give global juggernauts a chance to enter the market. and completely transform the gaming landscape. Hence producing jobs in India and becoming a world power.
Fantasy sports will undoubtedly become a big deal in our country because sports interest is increasing daily. As time and technology advance, this interest will also grow tremendously across many of its verticals, including fantasy sports.
The government should now engage with industry stakeholders to create a centralized regulatory framework that encourages growth.