Those wanting some motion past their TVs exhibiting the sixteenth season of the Indian Premier League (IPL), which kicked off Friday, can exhibit their abilities on fantasy sports activities platforms. And going by the hectic exercise, together with investments and entry of recent gamers within the on-line skill-based gaming style, particularly within the IPL season, it appears there are many takers for fantasy sports activities.

Close on the heels of Indian cricketer Deepak Chahar saying his entrepreneurial debut with a fantasy gaming platform referred to as Trade Fantasy Game on February 23, BharatPe co-founder Ashneer Grover additionally launched a fantasy cricket app named Crickpe, which went reside final week. The Crickpe app is a part of the ‘Third Unicorn’ enterprise which Grover introduced final yr on the event of his fortieth birthday.

Also learn: Ashneer Grover launches fantasy cricket platform

Earlier in March, commentator Harsha Bhogle-backed fantasy sports activities startup Fantasy Akhada raised $11 million in a contemporary funding spherical led by Florintree Advisors.

With this, Fantasy Akhada has raised $20 million in funding to date and claims to be at present valued at $135 million.

As a dawn sector, fantasy sport has served to draw each home and world traders, with over Rs 10,000 crore in investments within the type of FDI, as per estimates made by the Federation of Indian Fantasy Sports (FIFS), the apex self-governing physique for fantasy sports activities in India, and Deloitte in 2022. “It is anticipated to draw Rs 15,000 crore over the subsequent three years throughout main platforms.

Further, the anticipated introduction of the brand new IT guidelines for the net gaming business is anticipated to convey regulatory stability, which will probably be welcomed by each the business in addition to traders,” stated Joy Bhattacharjya, director-general, FIFS.

The Indian fantasy sports activities business has skilled vital development over the previous few years. With a market measurement of over Rs 34,000 crore, buoyed by strategic investments, the business now caters to over 130 million registered customers.

According to Roland Landers, CEO of All India Gaming Federation (AIGF), the apex business physique for on-line talent gaming within the nation, India’s deep-seated love for sports activities of varied sorts is the first issue that has led to the expansion of fantasy gaming. “The fantasy gaming sector offers fans a chance to get more involved and engaged in the gameplay and use their knowledge of the sport and its players to their benefit. Since India’s love for sports is not going away any time soon, we believe the momentum for fantasy gaming is also going to continue in the long run,” he added.

Sports has at all times loved sturdy fandom and sports activities followers are typically very opinionated — about group building and recreation technique. “Fantasy sports allows sports fans to express these opinions and be rewarded not just financially but also emotionally when they are right. This is fundamentally why fantasy sports are as popular as they are,” stated Abhishek Nag, accomplice, Lightspeed India, an early and growth-stage enterprise capital agency that’s primarily centered on investing in shopper web firms, media and leisure, the creator financial system, and gaming.

Today, we will see customers internet hosting their very own exhibits and giving suggestions as specialists, particularly in cricket, they usually have garnered a big following as an increasing number of individuals take up fantasy sports activities. “The surge in the sheer number of fantasy apps advertising during various tournaments like the IPL is also a testament to their growth and impact on sports,” added Krishna Vedula, founding father of Striker, a fantasy digital sports activities card platform.

Also learn: FANTASY SPORTS: Cricket becomes the new canvas for digital art

However, is there a scope for therefore many new gamers to exist available in the market on the identical time? “At this point of time, considering the gaming users in India and the pace of growth purely from a user perspective, there is definitely scope for coexistence of many players in this space. Over a period of time, let us say, three to five years from now, there could be meaningful consolidation in this space,” stated Ankur Singh, founder and CEO of Witzeal Technologies, a cellular esports, fantasy and skill-based gaming firm primarily based in Gurugram.

Each fantasy sport platform gives one thing completely different to its related viewers, as per Landers of AIGF. “As we have seen over the past few years, there has been a lot of innovation and iteration on top of traditional fantasy games, which provides more choice for the users,” he added.

In a really quick span of time, India has now change into the world’s largest fantasy sports activities market. “We expected the upward growth trajectory to continue, and there is likely room for new entrants in the market to scale, innovate and grow. However, it is essential to note that the industry is still evolving, and there may be a need for consolidation or course correction in the future. With increasing competition, it is imperative that companies focus on providing a unique and engaging experience to their users, as well as ensuring transparency and fairness in their operations,” added Bhattacharjya of FIFS.

Going ahead, whereas cricket stays the dominant sport within the fantasy gaming area, there may be an rising curiosity in different sports activities as nicely. “Notably, the surge in interest in women’s cricket has added an additional layer of engagement and inclusivity to this evolving landscape. This growing interest and appetite for fantasy sports in India is driving innovation and change in the industry,” stated Saroj Panigrahi, senior vice-president at My11Circle, a fantasy sports activities platform operated by on-line gaming firm Games24x7. In the previous one yr, My11Circle has grown greater than 120% owing to ease of entry, seamless integrations and a number of aggressive codecs of gameplay.

Customisation primarily based on insights drawn from information will probably be a key differentiator. “Also, the use of new technologies which can further enhance the user experience on the platform will be a critical element,” added Panigrahi.

As far as rising areas inside fantasy sports activities are involved, prediction markets and card/collectible-based fantasy video games are trending. “The introduction of blockchain and NFTs are also creating potentially interesting opportunities from a collectible ownership point of view. Expansion to sports like kabaddi, hockey, and soccer are a third area of new opportunities,” added Nag of Lightspeed India.