India’s Fantasy Sports market is a rising industry that is booming with an exponential growth rate in the country. The market is highly anticipated to grow at double-digit in the five years owing to the rising craze for online gaming in the country.
1. The Indian fantasy sports market is 2 decades old in India but has witnessed robust growth in the last 4 years only
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Fantasy Sports was introduced in India nearly two decades ago and since then the market has seen significant transformation in the industry. One of the first fantasy games in the nation to achieve user momentum was the “Selector fantasy game” in 2001, launched by ESPN-Star Sports. But the sector did not receive much traction from the consumers. However, in the last 2-3 years, Online Fantasy Sports industry in India has witnessed stupendous growth. The number of fantasy sports operators has increased by nearly seven times over 2016-2018, whereas the number of users has grown by over 25 times from 2016 to 2019.
2. The percentage of Internet Users reached 47% in 2021, leading to the expansion of Fantasy Sports user base in the country
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Over the last few years, the number of internet users has grown tremendously. In 2021, India has 658.0 Mn active internet users. The exponential increase in the internet penetration is the result of the reduction of the data costs coupled with the availability of affordable smartphones/smart feature phones in the country. This growth in digital infrastructure increased the availability of high-speed internet in the hands of the Indian citizens which further helped in driving the growth to the fantasy sports sector. The option of playing the sport on a handheld device and at any given point irrespective of location and time is the big reason that increased the user engagement around fantasy sports drastically in the last 2-3 years.
3. UPI based digital Payment increased to 2.7 times between 2018 and 2021 which has further contributed towards the growth of the Indian Fantasy Sport market in India
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The digital payments in India have undoubtedly registered rapid growth and received huge acceptance in the country. This has acted as a propellant to several sectors, and Fantasy Sports market is no exception. Here digital payments include RTGS, credit transfers (such as UPI), debit transfers card payments, and direct transfers as their main categories. These types of digital payments received a huge boost in development and user adoption during the time of demonetization, in 2016. Additionally, the ease of use offered by digital transactions has led to its exponential push, with Reserve Bank’s Digital Payments Index growing 2.7x between 2018 and 2021. This clearly represents the rapid adoption and deepening of digital payments in India and UPI is emerging as the preferred mode of payment.