New York, United States, Dec. 05, 2023 (GLOBE NEWSWIRE) -- The term "fantasy sports" refers to a video game genre in which players create virtual teams and compete in contests and tournaments that mimic the actual conditions of the sport. It is conducted online using intermediaries for actual professional athletes and is known as rotisserie and roto. This competition is based on the statistical performance of the participants in actual contests. This performance is converted into accumulated and tallied points based on a roster selected by each fantasy team's manager. These point systems may be simple enough to be manually computed by the "league commissioner," who oversees the activities of the entire league, or they may be compiled and computed by computers that monitor the actual results of a professional sport.
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Increased Investment from Investors in Fantasy Sports Platforms Drives the Global Market
According to Straits Research, “The global fantasy sports market size was valued at USD 24.52 billion in 2022. The market is projected to grow at a CAGR of 14.1 % from USD 27.46 billion in 2023 to USD 89.34 billion by 2031.” Investments from investors around the globe have well supported the rapid expansion of the market for sports fantasy. Global investors have maintained their interest in sports fantasy platforms. In 2018, the Chinese investment holding company Tencent led a Series D financing round in which Dream11, an Indian fantasy sports platform, received approximately USD 100 million. Similarly, Halaplay secured USD 5 million in Series A funding sponsored by Kae Capital and Nazara Technologies.
In addition, DraftKings, a 2012-launched sports fantasy platform, has raised nearly USD 900 million and is currently valued at over USD 2 billion. The continuous investment of investors contributes to the expansion of the market through improved product offerings on various platforms.
Early Adoption of Advanced Technologies Creates Tremendous Opportunities
The swiftly evolving online gaming industry places a premium on adopting technologies for more effective and efficient operations. With the incorporation of secure payment gateways, user-friendly interfaces, blockchain-based applications, and fantasy chatbots, the fantasy sports industry has experienced exponential revenue generation, customer satisfaction, and operational efficiency growth. The integration of these technologies will persist in offering participants in the fantasy sports market profitable prospects to enhance the management of consumers and fundamental operations.
Regional Analysis
North America is the most significant global fantasy sports market shareholder and is estimated to exhibit a CAGR of 9.9% during the forecast period. The North American fantasy sports market is studied across the U.S., Canada, and Mexico. GDP-wise, the United States is the world's largest economy in terms of macroeconomic factors. In contrast, Canada has a technologically advanced industrial economy. The country's economic development slowed in 2008 but recovered faster than expected. The market in North America remains concentrated, with FanDuel and DraftKings holding most of the market share in the region.
In addition, large media companies have flocked to the region due to the expansion of the fantasy sports market. Large media corporations are collaborating with platforms to improve promotions and advertisements. Moreover, substantial capital investments from various investment firms, including sports teams and broadcasters, and aggressive marketing campaigns focusing on large cash rewards have resulted in robust market growth in the region.
Key Highlights
- Based on sports type, the global fantasy sports market is bifurcated into football, baseball, basketball, hockey, cricket, and others. The football segment dominates the global market and is predicted to exhibit a CAGR of 14.5% over the forecast period.
- Based on the platform, the global fantasy sports market is bifurcated into websites and mobile applications. The mobile application segment is the highest contributor to the market and is predicted to exhibit a CAGR of 14.6% over the forecast period.
- Based on demographics, the global fantasy sports market is segmented into under 25 years, 25-40 years, and above 40 years. The 25-40 years segment owns the highest market share and is estimated to exhibit a CAGR of 12.9% during the forecast period.
- North America is the most significant global fantasy sports market shareholder and is estimated to exhibit a CAGR of 9.9% during the forecast period.
Competitive Players
The key global fantasy sports market players are Dream Sports, DraftKings Inc., fantacalcio, Fanduel (Flutter Entertainment), Rotoworld, Rotowire, Fantrax, Sportech Inc., FantasyPros, and NFL Fantasy.
Market News
- In July 2023, Adine Technologies Private Limited, a prominent technology company based in Ahmedabad, announced the launch of YU11, their most recent fantasy sports mobile application. The innovative fantasy sports app aims to provide sports fans with an exciting and immersive experience by allowing them to construct their dream teams and compete against one another in popular sports leagues.
- In July 2023, Before the 2023 NFL season, ESPN will reintroduce its Fantasy Football advertising campaign with new creative centered on the slogan "Only in Fantasy." Unique to ESPN only. The campaign runs on ESPN platforms from July 17 to September 10 and features three new commercials: Delivery, Commish, and Steve.
Global Fantasy Sports Market: Segmentation
By Sports Type
- Football
- Baseball
- Basket Ball
- Hockey
- Cricket
- Others
By Demographics
- Under 25 Years
- 25 to 40 Years
- Above 40 Years
By Platform
- Website
- Mobile Application
By Pricing Model
- One Time Payment
- Subscription
- Freemium
By Application
- Individual Competition
- Team Competition
By Regions
- North America
- Europe
- APAC
- Middle East and Africa
- LATAM
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