Gross gaming revenue of Fantasy sports during IPL 2023 to reach Rs 2900-3100 crore: Redseer Strategy Consultants

The gross gaming revenue of Fantasy sports during IPL 2023 is expected to grow by 30-35 % to reach Rs 2900-3100 crore, as per a report by Redseer Strategy Consultants.

As per it, transacting users during IPL season is expected to grow by 25-30% in 2023, with nearly 60-65% of users coming from Tier-2 cities and beyond.  

Since its inception in 2008, IPL has predominantly been a televised sporting event with an audience of around 100 million viewers. Over the years, its viewership peaked at 460 million in IPL 12 – 2019. During COVID-19, IPL viewership on TV dropped by 10% as the lack of live sporting events caused many sports viewers to migrate to OTT platforms. 

While the live game in the stadiums is where the real action is, its offshoots spread deep into the virtual world in the form of fantasy leagues. Fantasy cricket is an online game where fans can create virtual IPL teams of real cricketers playing in the season.

Redseer estimates that the IPL market size is expected to have grown because of several factors, including increased awareness of fantasy gaming and new platforms increasing their marketing efforts.

Ujjwal Chaudhry, Partner at Redseer Strategy Consultants, said, “Steep growth in fantasy sports gaming will come from tier 2 cities driven by increasing adoption of fantasy platforms and cross-migration of users from other games. Increased internet accessibility will give a push to the IPL economy. Our estimates suggest that the average revenue per user is expected to grow from Rs 410 in IPL 2022 to Rs 440 per user in IPL 2023.”

Chaudhry added that encouragement from the government in the form of formalised rules and regulations regarding GST for RMG platforms and Google allowing fantasy platforms on the Google Play Store will further increase transacting users during IPL 2023.

“There has been an increase in efforts to make platforms more secure and reliable for the users. Measures like RNG certification, secure payment gateways, and fraud security, increase user trust in the platforms, and subsequently build confidence in the users to spend higher amounts on gaming,” added Saurav Kumar Chachan, Director, Redseer Strategy Consultants.

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