The revenue of fantasy gaming platforms during Indian Premier League (IPL) cricket matches rose 24 percent from a year earlier to more than 28 billion rupees (US$341.6 million) with more than 61 million users participating, a report by Redseer Strategy Consultants said.
Fantasy gaming apps gained popularity in India during the COVID-19 pandemic. Many new companies entered the market to cash in on cricket’s popularity and have launched virtual leagues and contests in other sports such as soccer.
The IPL, one of the most followed sporting events in India, held matches from March to May, attracting millions of viewers, while gaming app players launched their own virtual contests.
Photo: AFP
“Playing fantasy sports is becoming a craze in the country,” Redseer director Saurian Chachan said, adding that 35 to 50 percent 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 for three years, replacing educational technology firm Byju’s after the end of a contract in March.
With betting illegal in India, Chachan said that fantasy sports apps were promoted as “a game of skill,” offering chances to win big cash prizes, based on the knowledge of game.
Over the past five IPL seasons since 2019, fantasy gaming apps have seen a compound annual growth of 18 percent of cash users every year, while total market revenue in the same period has crossed more than US$1 billion, industry estimates showed.
Redseer said that the IPL’s latest season attracted advertisements amounting to about 100 billion rupees — 65 percent of which was earned by the Board of Control for Cricket in India, its franchise and broadcasters, with the remaining 35 percent by traditional media and Internet platforms.
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