The gross gaming revenue from fantasy sports during the Indian Premier League (IPL) is estimated to grow 30-35% to ₹2,900-3,100 crore in 2023, according to a report by Redseer Strategy Consultants. The IPL has been predominantly a televised sporting event since its inception in 2008, with a viewership of around 100 million viewers. However, during Covid, IPL viewership on TV dropped 10%, causing many sports viewers to migrate to OTT platforms.
Fantasy cricket is an online game where fans create virtual IPL teams of real cricketers playing in the season. Points are earned based on the performance of their players in actual matches, with the platforms offering lucrative prize money to users.
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. Moreover, steep growth in fantasy sports gaming is expected to come from Tier 2 cities, driven by increasing adoption of fantasy platforms and cross-migration of users from other games.
Increased internet accessibility will also give a push to the IPL economy, with the average revenue per user expected to grow from ₹410 in IPL 2022 to ₹440 per user in IPL 2023. According to Ujjwal Chaudhry, Partner at Redseer Strategy Consultants, the encouragement from the government in the form of formalized rules and regulations regarding GST for RMG platforms, and Google allowing fantasy platforms on the Google Play Store, will further increase the user base during IPL 2023.
Overall, Redseer predicts that the fantasy sports gaming industry will see a significant boost during IPL 2023, with an estimated market size of ₹2,900-3,100 crore. This growth is driven by the increasing adoption of fantasy platforms and cross-migration of users from other games, along with government support and increased internet accessibility.
