This fascination for fantasies in today's context, is reflected in the increasing popularity of fantasy sports in India. If we were to look outside India, the United States and the United Kingdom have been leading in the list of countries with the highest revenues in fantasy sports. The American National Football League (NFL) is said to make around $11 billion in fantasy sports.
In India, Dream11 tops the chart, placing its bets on the most popular game in India - cricket. Fantasy sports leagues have crept into other sports like kabaddi and soccer as well.
What is a fantasy sport?
Simply put, a fantasy sport is a game that is played online where every user acts as a team owner. The user selects their own team by choosing a set of players subject to the price of the players and the available credits.
While the team that is created might be in a fantasy world, the probability of winning depends on the performance of a specific team or a specific player in the real world. Points are added based on performance aspects specified by the rules and regulations set by the app manager. The user whose 11 players from the fantasy team perform the best in the actual game is declared the winner.
Stats relating to Fantasy sports in India
It is quite evident from the way that fantasy sports works that a sporting event is needed to make the fantasy league engage with users.
India might not have a massive market as the United States and Canada, but the adoption is on the rise. Prospective bettors amounting to 67% are aware of the existence of these fantasy leagues but there are only 10% who participate. This gap between awareness and adoption is considered the jackpot for many fantasy game creators, and a fantastic business opportunity for aspiring entrepreneurs.
Without question, cricket is the most popular game in India and is even dubbed as a religion in the subcontinent. Cricket enjoys the maximum exposure not only in real life but also in fantasy sports. However, there are also other games like soccer, badminton, and kabaddi that are catching up, especially with the introduction of dedicated leagues for these sports. The endorsement by television channels and celebrities is catalyzing the popularity of not only the sport but also the respective fantasy sport.
The legal status of Fantasy Sports Apps in India
The Indian legal system considers fantasy sports as a game of skill and not a gamble. The supreme court states that the success in a fantasy sport depends on the skill with which a user chooses their players by inspecting their past records and analyzing their performance. Therefore, fantasy sports will not face any legal hassles in India.
The market status of Fantasy Sports Betting
India has been steadily raising its number of followers and users of fantasy sports. The figure stands at a staggering 7 million being connected to this field. This figure not only includes cricket but also kabaddi and soccer. What is more impressive is the growth rate which is at about 30% to 50% every year. With this growth, the user base in India is expected to reach 50 million in the next three years.
The cost-effectiveness of high-speed internet, the last mile reach that has been achieved in connecting Indians, and the evergreen craze about sports have fuelled the adoption of fantasy leagues. Interestingly, the non-metro cities showed more awareness about fantasy leagues than metro cities. The average of awareness percentage translates to 180000000 online Indians being aware of the existence of fantasy leagues. The number of fantasy game players in India has risen from 2 million in 2016 to 20 million in 2019.
The business opportunity in Sports Betting Industry
The gap between 67% awareness and 10% adoption is a huge opportunity to capitalise on. With major leagues like the ICC World Cup 2019, the T20 World Cup 2020 and the Big Bash League, it is the right moment for businesses to create their own version of fantasy sports and launch it in the market. With the right user interface, the intensity of engagement in marketing and the immersive experience that the application provides, the probability of winning in business is quite high, especially in a people-intense market like India.
If you are impressed by the potential of the development of fantasy sports then all you have to do is get in touch with an awesome fantasy sports betting app development company. Inoru is an awesome sports betting development company that gives the best.
