- Tuesday, November 26, 2024
The earnings crossed Rs 28 billion as more than 61 million users participated, a report by Redseer consultancy said.
By: Shubham Ghosh
FANTASY gaming platforms witnessed a 24 per cent increase in revenue during Indian Premier League (IPL) 2023 cricket matches from a year ago, surpassing Rs 28 billion (£268.4 million) as more than 61 million users participated, a report by Redseer consultancy has said, Reuters reported.
Fantasy gaming apps surged in popularity in India amid the Covid-19 pandemic. Numerous new companies seized the opportunity to capitalise on cricket’s fame in the country and expanded their offerings to include virtual leagues and contests in sports such as soccer.
The IPL, which is one of the most followed sporting events in India, saw matches being held between March and May, and attracted millions of viewers, while gaming app players started their own virtual competitions.
“Playing fantasy sports is becoming a craze in the country,” Saurav Chachan, director, Redseer strategic consultancy, told Reuters, noting 35-50 per cent of the revenue of fantasy sports platforms was driven by IPL fixtures.
Fantasy gaming company Dream11 bagged a three-year contract last week to emerge as a lead sponsor of India’s national cricket team, replacing ed-tech company Byju’s after the conclusion of the contract in March.
Chachan said with betting illegal in India, fantasy sports apps were promoted as “a game of skill”, offering chances to pocket big cash prizes, based on the knowledge of the game, the report added.
Fantasy gaming apps have witnessed a compound annual growth of 18 per cent of cash users every year since the 2019 edition of the IPL,
Industry estimates indicate that fantasy gaming apps have seen a compound annual growth rate of 18 per cent in cash users since the 2019 edition of the IPL. During the same period, the total market revenue has surpassed $1 billion (£786.2 million).
According to Redseer, the IPL’s latest season attracted advertisements amounting Rs 100 billion (£958.7 million) — 65 per cent of which was earned by the Board of Control for Cricket in India, its franchise and broadcasters. The remaining 35 per cent by traditional media and internet platforms.
