The Federation of Indian Fantasy Sports (FIFS), India’s solely business physique for Fantasy Sports (FS), in collaboration with skilled companies agency Deloitte India, at this time unveiled the co-branded report titled ‘Fantasy Sports: A catalyst for the sports economy’ bringing the highlight to the booming way forward for FS business in the nation.
The report research the present panorama of the Indian fantasy sports activities business and its impression on the Indian financial system outlining key development developments, its affect on the allied industries and eventually its function in selling India’s sports activities financial system.
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It is noteworthy that the Indian FS business, in line with the Atmanirbhar Bharat imaginative and prescient of the Government of India, is made in India, by Indians, for Indians, — with few examples in rising digital industries, similar to OTT and e-commerce. It has additionally quickly turn out to be a hotbed for innovation, championing superior AI/ML algorithms, white-labelling software program for world firms, and breaking into the web3 area. In this fashion, FS additionally exemplifies the Digital India philosophy.
Industry Overview
With over 300 fantasy sports activities platforms (FSPs) and 18 crore customers, India is the fastest-growing FS market in the world. The business grew by 31% to INR 6,800 crore in FY22.
It is anticipated to contact INR 25,240 crore by FY27. The business is at present valued at INR 75,000 Crores and 60% of person transactions on the FS platforms have come in via tier 2 and tier 3 cities.
The Industry’s Contribution to India’s Economy
FS have attracted INR 15,000 crore in FDI until FY 22 which is anticipated to contact INR 25,000 crore by FY27. It additionally contributed INR 4,500 crore by the way in which of taxes. This is anticipated to attain INR 26,000 crore in the following 5 years.
The GST contributions from the fantasy sports activities business is anticipated to improve by 5x in the following 5 years, from Rs. 2,800 crores in FY18-FY22 to Rs. 14,700 crores between FY23-FY27.
The business additionally created high-skill jobs for 12,800 individuals throughout the financial system, making a far larger impression on the society and bigger ecosystem.
FS platforms not directly employed 7,500 professionals in FY22, and are anticipated to generate 10,500 oblique job alternatives by FY27.
The driver of India’s Sports Economy
8% of FS customers watch new sports activities and find out about new gamers and leagues. FS gamers invested INR 3,100 crore in the direction of the event of the sports activities ecosystem by means of sponsorships and partnerships with varied sports activities leagues in FY22. This quantity is anticipated to attain INR 6,500 crore in FY27.
FS is enjoying a key function in selling non-cricket sports activities in India. 69.8% of customers strongly agreed that they began to watch new sports activities and find out about new gamers and leagues on account of their curiosity in enjoying fantasy sports activities. With growing participation and viewership of ladies in sports activities, participation of ladies in FS is rising, comprising an estimated 30% of the person base at current.
Launching the report, FIFS Director General, Joy Bhattacharjya mentioned, “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. Even with these heartening trends, we believe we are just getting started. We are thankful to MeitY and believe that under their regulation, our industry will accelerate growth, spur innovation and contribute even more significantly towards nation-building. We look forward to achieving the honourable PM’s vision for making India a global gaming superpower.”
Speaking on the launch occasion, Prashanth Rao, Partner, Consulting, Deloitte India mentioned, “Our evaluation means that fantasy sports activities maintain super potential to assist construct a resilient sports activities ecosystem in India and considerably contribute to the nation’s digital financial system. The elevated allocation for sports activities in the 2023 Union Budget, new improvements, investor confidence and rising shopper demand will assist generate contemporary prospects for entrepreneurs and stimulate the development of this sector in India.”
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The report also outlines the growth opportunities for FS such as increased investor confidence with a favourable regulatory framework and nodal agency that will spur FDI, and a growing interest in and viewership of sports other than cricket.
It also touched upon the inception of new leagues such as the Women’s Premier League and Women’s T20 World Cup and the overall spotlight on the AVGC sector.
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