New Delhi, March 15 (SocialNews.XYZ) With a user base of over 13 crore, India is the world's biggest Fantasy Sports market which is expected to grow from Rs 34,600 crore in FY21 to an estimated Rs 1,65,000 crore by FY25, stated a report titled 'Fantasy Sports, Creating a Virtuous Cycle of Sports Development' in collaboration with Deloitte.
The report said that the large tech-savvy millennial population, growing affiliation with sports, rapid smartphone penetration, availability of low-cost mobile data, Fantasy Sports market size is projected to grow by a Compound Annual Growth Rate (CAGR) of 38 per cent.
Cricket, the dominant sports on fantasy sports platforms, might see its share going to other sports such as kabaddi, hockey, football and volleyball which are growing in popularity, but is expected to continue growing at 30 per cent CAGR over the next four years and remain the highest contributor to the overall revenue of the fantasy sports industry, it said.
The report further said that women's cricket has also gained popularity as the first 12 matches of the 2020 ICC Women's Twenty20 World Cup generated 4.1 crore viewing hours in India, a 213 percent increase from 2018.
Commenting on the report, FIFS chief executive officer (CEO), Anwar Shirpurwala, said, "Fantasy sports industry is making huge economic inroads into India's overall growth and development in multiple ways - creating highly skilled jobs, attracting foreign direct investment (FDI) and generating significant revenue for the exchequer. Taking cognisance of the potential of this sector together with multiple favourable court judgements, primary government think tank NITI Aayog has released comprehensive guidelines for Fantasy Sports.
"Recent positive developments viz., Rajasthan Government's announcement to regulate games of skill, Karnataka HC decision quashing law banning games of skill, Union Budget 2022 announcement to set up an AVGC (Animation Visual Effects Gaming Comic) Taskforce and Prime Minister Narendra Modi's statement on India's potential to become a global hub of gaming sector, have together laid down a clear roadmap for growth of this industry," he added.
Sharing his thoughts about the sector, Prashanth Rao, Partner, Deloitte India said, "Online Fantasy Sports has, over the past few years, witnessed unparalleled growth and widespread acceptance among the Indian Sports Fans. By leveraging cutting edge technology, developed locally, this sunshine sector is now emblematic of the Indian 'Atma Nirbhar' vision of self-reliance and growth. I believe that FIFS can help the sector unlock its true potential by encouraging responsible rule-based gaming and contributing to the development of the sporting industry in India."
Source: IANS
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