Undoubtedly, fantasy sports is turning into a platform for cheering, forming gaming strategy, enhancing the virtual sportsmanship. Fantasy sports offer an online environment that lets participants with multiple jurisdictions, unknown to each other, to simulate certain aspects of a real-world sporting event.
The credit of this sudden leap of growth goes to the increase of user-friendly platforms of fantasy sports and wider internet reach across the country. Digitalization is among the major influential factors that leads to the arrival of many more fantasy sports apps.
Table of Content
- Overview of fantasy sports industry
- What is the Industry’s contribution to India’s economy?
- What are the major trends driving the future of fantasy sports?
- 01. Arrival of new games
- 02. Technological advancement
- 03. Increase in investments
- 04. Sponsorship and endorsement
- What is the development cost of a fantasy sports app?
- 01. Platform
- 02. Development
- 03. Special Requirements
- 04. Location and Team Size
- Conclusion – The final words!
This rapid expansion of growth is the result of better access to the internet that many tech-savvy individuals (mostly millennials) can now have. A newly launched NITI Aayog draft document observes that the industry holds the capacity to attract $10,000 crore in FDI in the upcoming years.
Overview of fantasy sports industry
Because of how fragmented the fantasy sports market is, businesses build on strategic and well-thought collaboration activities to grow their market share and profitability.
Meanwhile the mid-size and smaller businesses are expanding their market presence and visibility by gaining new contracts and entering new markets as a result of technological advances and product breakthroughs. NFL enterprises LLC, FanDuel Group, Yahoo Fantasy Sports LLC, CBS Sports Digital, and others are some of the leading market participants.
- In April 2023, Yahoo, an American multinational technology company, purchased a social sports betting start-up named Wagr in Nashville. Despite the fact that the financial details of the transaction are not identified, details of the transaction are not known, it is widely believed that Yahoo, which is now owned by Apollo, purchased the business to improve its position in the fantasy sports industry. By integrating Wagr into its business, Yahoo hopes to advance its goal of creating and offering the most fascinating fantasy and gaming products while promoting teamwork among employees.
- In September 2022, SharpLink gaming Ltd., which is a major provider of user engagement and conversion solutions for the American iGaming and sports betting industries, made an announcement that it has signed a merger agreement and plan in which it would completely take over SportsHub Games Network, Inc. which is a renowned company that offers fantasy and sports games, in an all-stock transaction. Through this transaction, SharpLink will gain access to a significant fan base of fantasy sports players who (as far as the company is aware) engage in sports betting or who are likely to begin doing sp once sports betting is legalized in their home states.
What is the Industry’s contribution to India’s economy?
- Attracted INR 15,000 crore in FDI up till FY22, and it is anticipated that this amount will reach INR 25,000 crore by FY27.
- tax contributions totaling INR 4,500 crore. Within the following five years, this is anticipated to reach INR 26,000 crore.
- From Rs. 2,800 Cr. in FY18-FY22 to Rs. 14,700 Cr. between FY23 and FY27, GST contributions from the fantasy sports sector are anticipated to increase by five times.
- 12,800 new high-skill positions were created throughout the economy, having a much higher impact on society and the larger ecosystem.
- In FY22, 7,500 professionals were indirectly hired by FS platforms. By FY27, this number is predicted to increase to 10,500.
What are the major trends driving the future of fantasy sports?
- Arrival of new games
- Technological advancement
- Increase in investments
- Sponsorship and celebrity endorsement
What is the development cost of a fantasy sports app?
The platform on which you want to develop your fantasy sports application is among the most important factors of the fantasy sports app development cost. There are two important things you must consider and be clear of before handing over your project to the development team or any development company and those things are choosing between Native or Hybrid and selecting platforms on which you want your app to run.
- Front-end and Back-end Development
- Special Requirements
- Location and Size of the Development Team
The above provided details and information talks about the future of fantasy sports. Rapid technical advancements are quickly transforming the iGaming practices and trends. The several past years have witnessed a great deal of fantasy sports development in this sports industry. If you are a business looking for a fantasy sports app development with the latest trend and technology, then our experts are here to help. Stay tuned for more informative updates.