Fantasy Sports Platforms Set to See 30-35% Increase in Revenue During IPL 2023: Report
Fantasy sports platforms in India are set to experience a significant increase in revenue during the ongoing Indian Premier League (IPL) 2023 edition, according to a report by Redseer Strategy Consultants. The report predicts a 30-35% rise in gross gaming revenue, reaching Rs 2,900 to 3,100 crore, with an expected 25-30% growth in transacting users during this IPL season. The surge in user confidence is thought to be driven by increasing adoption of fantasy platforms and cross-migration of users from other games, as well as increasing internet accessibility and penetration.
The craze for playing fantasy games is increasingly prevalent in Tier-2 cities and beyond, with 60-65% of users expected to come from these areas. The report highlights that Google’s recent pilot program allowing Fantasy platforms to be available on the Google Play Store will further increase the number of transacting users during IPL 2023.
To acquire and convert more users on their platforms, most fantasy gaming companies have increased their marketing efforts before the IPL season. The average spends per user are also expected to grow by 5-10%, from Rs 410 per user in IPL 2022 to Rs 440 per user in IPL 2023.
Platforms are offering lucrative prizes to encourage users to spend higher amounts on their apps. For example, during IPL 2022, Dream11 offered Audi Cars and My11Circle offered MahindraThar during T20 World Cup 2022.
The government’s setup of a specific ministry to oversee the sector has provided a positive push for Real Money Gaming users, and formalized rules and regulations regarding GST for RMG platforms. There has also been an increase in efforts to make platforms more secure and reliable for users, with measures like RNG certification and secure payment gateways increasing users’ trust in the platforms.
Saurav Kumar Chachan, director at Redseer Strategy Consultants, stated, “There has been an increase in efforts to make platforms more secure and reliable for the users. Measures like RNG certification and secure payment gateways increase user trust in the platforms, and subsequently build confidence in the users to spend higher amounts on gaming.” The report predicts that fantasy gaming will continue to grow steeply in tier 2 cities, driven by the increasing adoption of fantasy platforms and cross-migration of users from other games, with increased internet accessibility giving a push to the IPL economy.
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