Is the Indian Fantasy Sports Industry in its Early Stages of Growth?
Fantasy sports have gained immense popularity worldwide, and India is no exception. With a massive fan base for cricket and a growing interest in other sports like football, basketball, and kabaddi, the Indian fantasy sports industry has witnessed significant growth in recent years. However, despite its current success, many experts believe that the industry is still in its early stages of growth, with immense potential for further expansion.
One of the primary reasons why the Indian fantasy sports industry is considered to be in its early stages is the relatively low penetration rate. While millions of Indians are passionate about sports, only a fraction of them actively participate in fantasy sports. According to a report by the Indian Federation of Sports Gaming (IFSG) and KPMG, the number of fantasy sports users in India is estimated to be around 90 million in 2021. Although this figure seems impressive, it represents only a small portion of the country’s population of over 1.3 billion.
Another indicator of the industry’s early growth stage is the untapped potential in non-cricket sports. Cricket undoubtedly dominates the Indian sports landscape, but there is a growing interest in other sports as well. The success of leagues like the Indian Super League (ISL) for football and the Pro Kabaddi League (PKL) demonstrates the potential for fantasy sports to expand beyond cricket. As more Indians develop an affinity for these sports, the fantasy sports industry can tap into this market and witness exponential growth.
Furthermore, the increasing internet penetration and smartphone usage in India provide a favorable environment for the growth of fantasy sports. With affordable data plans and smartphones becoming more accessible, a larger portion of the population now has access to online platforms. This has led to a surge in online gaming activities, including fantasy sports. As internet connectivity continues to improve and reach even remote areas of the country, the potential user base for fantasy sports will expand, driving the industry’s growth.
The Indian fantasy sports industry has also witnessed significant investments from both domestic and international players. Several startups have emerged in this space, offering innovative platforms and engaging user experiences. These companies have attracted substantial funding, indicating the confidence investors have in the industry’s potential. The influx of capital will enable these companies to enhance their offerings, expand their user base, and drive the overall growth of the industry.
Moreover, the regulatory environment in India is becoming more favorable for fantasy sports. In 2017, the Indian Supreme Court declared that fantasy sports are games of skill and not gambling, providing legal clarity to the industry. This ruling has boosted the confidence of both operators and users, leading to increased participation. As the regulatory framework continues to evolve and become more supportive, it will further encourage the growth of the industry.
In conclusion, while the Indian fantasy sports industry has experienced significant growth in recent years, it is still in its early stages of development. With a relatively low penetration rate, untapped potential in non-cricket sports, increasing internet penetration, significant investments, and a favorable regulatory environment, the industry has immense room for growth. As more Indians embrace fantasy sports and new technologies enhance user experiences, the industry is poised to expand rapidly in the coming years.
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- Source: Plato Data Intelligence.