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Is Google's Pilot Project On Fantasy Sports Likely To Alter The Course Of Online Gaming?
PCQuest
|October,2022
In the past few years, the online gaming industry has grown exponentially. It is forecasted to grow at a CAGR of 30% to reach USD7 billion by 2026 and the Global Fantasy Sports Market is anticipated to reach USD 34.66 billion by 2027, rising at a CAGR of 11.47%
Fantasy sports began in 1962 with a Football fantasy league. Since then, its popularity has skyrocketed, mainly due to superior connectivity, dynamic needs for social interaction, availability of avant-garde smartphones, enhanced demographics, a spike in disposable income and an expansion in the youth population base. The Global Fantasy Sports Market is anticipated to reach USD 34.66 billion by 2027, rising at a CAGR of 11.47%.
However, the Indian Fantasy Sports Market gained popularity around two decades back in 2001, when ESPN Star Sports launched the 'Super Selector Fantasy Game. The game's popularity grew exponentially and garnered over 500,000 participants in 2003. The game was the brainchild of the current Director General of Fantasy Sports (FIFS), Joy Bhattacharjya.
Fantasy sports participation has surged by 2,500% over the last decade. The number alone demonstrates the enormous fan base of the niche domain in India. Fantasy sports are undoubtedly becoming a forum for crafting gaming strategies and boosting virtual sportsmanship. By the end of 2022, India will have over 829 million smartphone users, increasing the number of sports enthusiasts participating in fantasy sports. The present count of mobile gamers in India is 430 million. It is anticipated to grow to 650 million by 2025.
With the advent of television, digital, and online gaming models leading to an increase in online gaming sites over the last several years, the gaming sector has undergone a radical transformation. According to an EY report, online gaming is the leading category in the entertainment sector, with a penetration rate of 55%.
▾ What Are Fantasy Sports?
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