According to a recent report, the Indian Premier League (IPL) is one of the world’s largest sporting events, and its economy is predicted to rise significantly this year.

As per the “IPL analysis, 2023” analysis from consultancy firm Redseer, gross gaming revenue from fantasy sports during the IPL is also predicted to climb by 30–35%. In 2023, the figure is expected to rise between Rs 2,900 to 3,100 crore, more than three times that of 2019, when it was Rs 990 crore.
The greatest increase occurred in 2022 when it increased by 55% in 2021 to Rs 2,260 crore.

“IPL market size is expected to grow for a variety of reasons in 2023, as it is a cricketing year with several sporting events lined up that will boost the IPL economy,” according to the report.

According to the survey, one of the primary reasons for this rise is the efforts made by fantasy platforms to offer different sorts of tournaments to attract all types of customers and encourage them to play more.

Furthermore, the platforms’ attempts to make the platforms more secure and dependable for users have improved, with measures like RNG certification, secure payment gateways, and fraud security.

According to Redseer, average spending per user on fantasy gaming platforms is expected to increase by 5-10% from Rs 410 per person in IPL 2022 to Rs 440 per user in IPL 2023.

According to the survey, the number of transacting users during the IPL season is predicted to increase by 25-30% in 2023, with around 80% of users coming from tier 2 and beyond locations. This is due to increased internet connectivity and penetration, which makes it easier for the public to use gaming platforms, offering a boost to the sector.

The popularity of fantasy gaming platforms is growing significantly, with more platforms providing easy access to the genre. Under a test experiment, Google has permitted Fantasy platforms to be available on the Google Play Store. According to Redseer, this will increase the number of transacting users during the IPL 2023. The government has also established GST rules and regulations for pay-to-play gaming platforms, giving users a boost.

During the COVID-19 pandemic, IPL viewership on TV fell by 10% between 2019 and 2020. According to the survey, overall OTT viewership will grow in 2021 due to increasing internet availability across the country. IPL 2023 is now available for free on JioCinema, which is expected to boost both OTT and general viewership.

Credit: CNBCTV18