Those needing some activity apart from the TV showing the 16th edition of the Indian Premier League (IPL), which started last week, can flaunt their skills on fantasy sports platforms. Furthermore, going by the sheer frenzy of activity, from increased investments to the arrival of new players in the online skill-based gaming sector during the IPL season, indicates a massive interest in fantasy sports

BharatPe co-founder Ashneer Grover launched a fantasy cricket app named Crickpe, which went live the week before. The Crickpe application is a part of the ‘Third Unicorn’ venture which Ashneer Grover publicized last year at the event of his 40th birthday.

The Indian fantasy sports industry has encountered critical development throughout recent years. With a market size of over Rs 34,000 crore, floated by strategic investments, the industry presently takes care of more than 130 million enlisted users.

As per Roland Landers, CEO of All India Gaming Federation (AIGF), the apex industry body for online skill gaming in the country, India’s love for sports of different sorts is the main factor that has prompted the development of fantasy gaming. “The fantasy gaming sector offers fans a chance to get more involved and engaged in the gameplay and use their knowledge of the sport and its players to their benefit. Since India’s love for sports is not going away any time soon, we believe the momentum for fantasy gaming is also going to continue in the long run,” he added.

Sports have consistently enjoyed strong fandom and sports fans opinionated— about team formation and game methodology.“Fantasy sports allow sports fans to express these opinions and be rewarded not just financially but also emotionally when they are right. This is fundamentally why fantasy sports are as popular as they are,” said Abhishek Nag, partner, Lightspeed India, an early and growth-stage venture capital firm that mainly focuses on investing in consumer internet companies, media and entertainment, the creator economy, and gaming.

Today, we can see users hosting their shows and giving tips as specialists, particularly in cricket, and they have earned an enormous following as an ever-increasing number of individuals take up fantasy sports. “The surge in the sheer number of fantasy apps advertising during various tournaments like the IPL is also a testament to their growth and impact on sports,” added Krishna Vedula, founder of Striker, a fantasy digital sports card platform.

In any case, is there a scope for such countless new players to exist in the market simultaneously? “At this point, considering the gaming users in India and the pace of growth purely from a user perspective, there is scope for the coexistence of many players in this space. Over a while, let us say, three to five years from now, there could be meaningful consolidation in this space,” said Ankur Singh, founder and CEO of Witzeal Technologies, a mobile esports, fantasy and skill-based gaming company based in Gurugram.

Each fantasy sports platform offers something else to its targeted audience, according to Roland Landers of AIGF. “As we have seen over the past few years, there has been a lot of innovation and iteration on top of traditional fantasy games, which provides more choice for the users,” he added.

Taking everything into account, prediction markets and card/collectable-based fantasy games are trending. “The introduction of blockchain and NFTs are also creating potentially interesting opportunities from a collectable ownership point of view. Expansion to sports like kabaddi, hockey, and soccer is a third area of new opportunities,” added Nag of Lightspeed India.

Credit: Financial Express