What Will The Fantasy Sports Industry Look Like in 2022-2023?

• By Rohit Saini
• 22-10-2022
• Technology

The increasing interest in sports makes it an attractive and lucrative idea to start a fantasy sports business in the current market. Fantasy sports in India emerged late in comparison with other countries. But if we looked at the history of the fantasy sports industry and compared it to the rest of the world, we would see that it has immense growth potential. Further, it's time for others to appreciate the potential of this industry and get their fantasy sports app development started.

Some fun facts about Fantasy Sports Industry

Fantasy sports operators' gross revenue reached Rs 920 crore in 2019, and Rs 2400 crore in 2020, according to a study. Global fantasy sports market growth is envisioned to reach almost 12% by 2022, according to analysts.

There is expected to be a US$3.7 billion market for Indian fantasy sports by 2024. It is evident that those seeking opportunities in this industry have many options available to them. With a 2500% increase in users, the number of fantasy sports operators has increased dramatically in the last 10 years.

Fantasy sports are undoubtedly multi-million dollar businesses, encompassing online gaming, draft parties, inventory, sponsorships, and actual game tickets as well as brand marketing.

In fantasy sports, players are the most prominent and effective influencers who make their real game counterparts more favored. As technology advances, the fantasy sports industry is emerging as one of the significant motivations for converting casual sports fans into enthusiastic players.

Currently, the Indian market is in a position to grow this industry and may become the next leading industry that contributes significantly to the overall evolution of the Indian sports industry.

Several factors have led to the popularity and growth of fantasy sports in India. The Digital revolution is partly the cause of this trend. The Indian fantasy market is also growing as a result of the increase in league-based sports due to smartphones.
Factors influencing its development

Partnerships for Success
In recent years, fantasy sports have been the site of many strategic partnerships and collaborations.

A growing marketing and advertising budget
The Fantasy sports industry relies on a variety of marketing and advertising techniques to improve its performance. The lifting of Google's ban on fantasy sports advertising in some states will also stimulate fantasy sports marketing campaigns. The increase in popularity and audience size is the outcome of publicity and marketing drives.

Technology's growing attraction to today's youth
The Internet and digitalization were integral parts of the millennials' birth, so they cannot imagine life without them. Technology-savvy generations are always searching for something new and inventive, which makes fantasy sports appealing to them. Fantasy sports interest will rise dramatically in 2022 as a result of further advancements in the industry.

The Need for Participation
As fantasy sports markets have grown, it is driven by the passion to participate rather than just watch sports events. These days, people are more likely to participate in a sport, show off their gaming skills, and receive rewards. Since they can't compete in real sports, fantasy sport is a one-stop solution for bringing their fantasy to life

Streaming technologies and allies you can rely on
Due to technological advances, the number of fantasy sports game audiences has increased. Modern platforms make fantasy sports contests much easier for players.

Online penetration & smartphone utilization
It is expected that the Internet will become more pervasive in 2022. Increasing Internet usage and affordable smartphones will increase participation in fantasy sports exponentially.

Providers of platforms for OTT expansion
It is anticipated that OTT platforms will gain popularity in the coming years, which will be good for the fantasy sports industry. Fantasy sports will benefit the entire entertainment business if OTT platforms are paired with fantasy sports.

To Conclude
Fantasy sports platforms have been developed by several new companies in the past few years, and many more are predicted in 2022. Thus, fantasy sports businesses will have several options for developing an effective and efficient fantasy sports platform.

In order to get into the fantasy sports industry, you will need professional guidance. For that, connect with a professional. It will save you a lot of time and money to work with them.