Revenue from fantasy gaming platforms during the Indian Premier League (IPL) cricket matches rose 24% year-on-year to over ₹28 billion ($342 million), with over 61 million users participating, according to a study by Redseer consultancy, Reuters reported.
Fantasy Gaming Craze
Fantasy gaming apps have gained popularity in India during the pandemic, with many new companies entering the market to capitalize on cricket’s popularity. “Playing fantasy sports is becoming a craze in the country,” said Saurav Chachan, director, Redseer strategic consultancy, noting 35% to 50% of the revenue of fantasy sports platforms was driven by IPL matches.
Last week, fantasy gaming company Dream11 won a three-year contract to become a lead sponsor of India’s national cricket team, replacing edtech firm Byju’s. Despite betting being illegal in India, fantasy sports apps are promoted as “a game of skill”, offering chances to win big cash prizes based on the knowledge of the game.
Get all the latest Share Market trends and news to set you up for the week ahead.
Growth in Fantasy Gaming
Over the past five IPL seasons since 2019, fantasy gaming apps have seen a compound annual growth of 18% of cash users every year, while total market revenue in the same period has crossed over $1 billion, according to industry estimates.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.