India's homegrown Fantasy Sports industry set to touch Rs 25,240 crore by FY27: Report
From fantasy to reality: India's sports economy scores big with booming fantasy sports industry, bringing new players and innovative game plans to the field.
Tuesday April 18, 2023,
2 min Read
The fantasy sports market in India has grown by 31% to Rs 6,800 crore in FY22 and is expected to touch Rs 25,240 crore by FY27, a report by Federation of Indian Fantasy Sports found.
The report entitled 'Fantasy Sports: A catalyst for the sports economy' which it released along with Deloitte India, analysed the current state of the Indian fantasy sports market and its impact on the Indian economy.
The growing interest in fantasy sports is expected to generate over 12,800 high-skill jobs across the economy, and indirectly employ 10,500 professionals by FY27, it found. The report further highlights that India is the fastest-growing Fantasy Sports market in the world, with over 300 Fantasy Sports platforms (FSPs) and 18 crore users.
“We are thrilled to see the outstanding growth of India’s Fantasy Sports industry and its positive impact on the sports economy as well as the overall economic health of our country.” FIFS Director General Joy Bhattacharjya said.
The sector is currently valued at Rs 75,000 crore, with 60% of user transactions on the FSPs coming from tier II and tier III cities and has attracted Rs 15,000 crore in FDI till FY22. The industry has contributed Rs 4,500 crore by way of taxes, which is expected to reach Rs 26,000 crore in the next five years.
Fantasy Sports platforms have played a key role in promoting non-cricket sports in India, as per the report, with 69.8% of users strongly agreeing that they started to watch new sports and learn about new players and leagues as a result of an interest in playing fantasy sports.
Players have invested Rs 3,100 crore towards the development of the sports ecosystem by way of sponsorships and partnerships with various sports leagues in FY22. This number is expected to reach Rs 6,500 crore in FY27.
The report outlines growth opportunities for Fantasy Sports, including increased investor confidence, growing interest in and viewership of sports other than cricket, inception of new leagues such as Womens’ Premier League and Women’s T20 World Cup, and overall spotlight on the AVGC sector.
"The increased allocation for sports in the 2023 Union Budget, new innovations, investor confidence and growing consumer demand will help generate fresh prospects for entrepreneurs and stimulate advancement of this sector in India," said Prashanth Rao, Partner, Consulting, Deloitte India.
Edited by Akanksha Sarma