2022 was one of the most crucial years for the online gaming sector. It was never surprising that sports fans migrated from offline to online games, especially fantasy sports. The main reason behind it is we live in a society that values sports the most. The world of online fantasy cricket was growing even before the lockdown.
However, the pandemic’s prolonged hold on the country drove many people to engage in live gambling. Fantasy sports participation has increased by 2,50% in the last ten years, and the figure alone reveals the large fan base of the niche industry in India.
The national pastime of choice is gaming. Fantasy sports are undoubtedly catching this zeal for sporting events. Fantasy sports are undoubtedly emerging into a platform for energizing followers, creating game strategies, and enhancing virtual environments.
By 2024, there will be over 829 million smartphone users in India, according to research. It will result in more sports enthusiasts playing fantasy sports. In light of this, a few essential factors will influence the growth of fantasy sports in India.
The fantasy cricket sector is growing every passing day:
With the development of digital technology, the gaming business has been steadily evolving. It is rapidly increasing and fully using new technology advancements, improved internet access, and reasonably priced cell phones with feature-rich devices. Additionally, the decline of tech-savvy gamers hastened the expansion of multiplayer and skill-based gaming.
As technology develops, the online fantasy cricket game industry is continually experimenting with technologies like artificial intelligence, blockchain, augmented reality, and virtual reality to improve the user experience. The Indian gaming market is anticipated to reach $3.9 billion by 2025 thanks to the developing digital ecosystem, which will promote the expansion of the fantasy sports market.
Increasing investment levels
Over time, many people, particularly the young, have turned to gaming as a popular form of entertainment. It is mostly applicable to today’s tech-savvy youth mass. That is the reason why fantasy cricket apps are evolving more and more famous in India. Fantasy sports let fans of kabaddi, football, and cricket feel more connected and involved.
According to research, 170% more gamers will be in 2023 than in 2022. Fantasy sports platforms, one of the gaming industry’s fastest-growing areas, have attracted investments totaling over $112 million over the last five years.
Fantasy sports players have benefited from people’s unrelenting love of fantastic games, affordable data plans, and smartphones, which have helped them advance to the forefront of growth, according to a survey by Ficci-EY, the Indian fantasy sports market is expected to develop at a 32% CAGR to reach 2.5 billion by 2024.
The bottom line:
Fantasy sports, a new gaming genre, has grown nationally thanks to its real-world sporting events. While hockey, football, and kabaddi are also gaining popularity, cricket continues to occupy a particular place in the hearts of all sports fans. The fantasy sports market in India is poised for expansion because of its continued popularity, technological developments, and higher investments.
