Fantasy sports and gaming industry in India to grow from Rs 43.8 bn to Rs 118.8 bn by FY23
Fantasy sports and the gaming industry in India is set to witness a massive growth in India growing from Rs 43.8 billion to reach Rs 118.8 billion by FY23 at CAGR 22.1%, according to a report by Indian Federation of Sports Gaming (IFSG), India’s first and only self-regulatory industry body for the sports gaming sector, and KPMG India Private Limited (KPMG).
Fantasy sports and the gaming industry in India is set to witness a massive growth in India growing from Rs 43.8 billion to reach Rs 118.8 billion by FY23 at CAGR 22.1%, according to a report by Indian Federation of Sports Gaming (IFSG), India’s first and only self-regulatory industry body for the sports gaming sector, and KPMG India Private Limited (KPMG). The report titled ‘The Evolving Landscape of Sports Gaming in India’ provides an overview of the online gaming industry with a focus on fantasy sports and eSports.
It found that 72% of respondents indulge in sports and fantasy gaming for fun and excitement. About 69% of respondents said that there are no overlaps between Fantasy Sports and Sports Betting and amongst these, 81% say that playing fantasy sports requires profound Skill and Knowledge.
John Loffhagen, President IFSG believes that the industry is unlikely to slow down anytime soon. He said that exponential growth provides users with easy access to a vast variety of sports gaming apps, formats and genres.
"This could lead to potential confusion and misjudgement among players in choosing the right platform to engage with their favourite sport. As India’s only self- regulated industry body for Sports Gaming, we are dedicated to creating awareness about fantasy sports, encouraging operators to adopt ethical and best business practices and allowing sports fans to enjoy their favourite sports in a fun, exciting and safe manner,” Loffhagen added.
Girish Menon, Partner and Head - Media and Entertainment, KPMG in India said that the number of users on sports platforms should cross 100 million mark by 2020.
"Online gaming in India is seeing increased traction due to the growth of digital infrastructure, with fantasy sports emerging as an important segment in this space. With the number of fantasy sports operators growing rapidly and the number of users on fantasy sports platforms expected to cross 100 million by 2020, this segment has the potential to spawn a whole ecosystem around it, and could help deepen user engagement with their favourite sports," he said.
The report reveals that users from top seven to eight cities were playing less frequently than some of the smaller cities in the country. It said that 85% of the respondents from the major cities play fantasy sports 1-3 times a week.
As expected, cricket remains to be the front runner in India with 71% of the respondents playing fantasy version of the sport, followed by 54% playing football. Nearly 55% of the respondents had an incorrect understanding of eSports, associating it exclusively with sports based games. A further 22% of respondents were completely unaware of what eSports constitutes