The Fantasy Sports Federation of India (FIFS), India’s only fantasy sports (FS) trade body, today announced a joint branding with professional services company Deloitte India entitled Fantasy Sports: A Catalyst for the Sports Economy. published a report. A spotlight on the booming future of the country’s FS industry.
This report examines the current state of the Indian fantasy sports industry and its impact on the Indian economy, outlining key growth trends, their impact on related industries, and their role in promoting India’s sports economy.
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It is worth noting that the Indian FS industry is made in India, by Indians, for Indians, in line with Atmanirbhar Bharat’s vision of the Indian government. There are few examples of emerging digital industries such as OTT and e-commerce. It is also rapidly becoming a hotbed of innovation, championing advanced AI/ML algorithms, white labeling software for global enterprises, and entering the web3 space. In this way, FS also embodies his Digital India philosophy.
Industry overview
With over 300 Fantasy Sports Platforms (FSPs) and 1.8 billion users, India is the fastest growing FS market in the world. The industry grew 31% to 6,800 kroner in his 22nd year.
It is expected to reach INR 25,240 crore by FY27. The industry is currently valued at INR 75,000 Crores and 60% of user transactions on the FS platform are made through Tier 2 and Tier 3 cities.
Industry Contribution to Indian Economy
FS is expected to raise 15,000 kroner in FDI by FY22 and reach 25,000 kroner by FY27. In addition, as tax he donated 4,500 kroner. It is expected that in the next five years he will reach 26,000 kroner.
The GST burden from the fantasy sports industry is expected to increase fivefold from Rs over the next five years. From 280 billion rupees to Rs in FY18-FY22. 14,700 kroner from 2023 to 2027.
The industry also created 12,800 highly skilled jobs across the economy and had a far greater impact on society and the larger ecosystem.
The FS platform will indirectly employ 7,500 professionals in FY22 and is expected to create 10,500 indirect job opportunities by FY27.
The engine of India’s sports economy
8% of FS users watch new sports and learn about new players and leagues. FS Player has invested Rs 310 crore towards developing the sports ecosystem through sponsorships and partnerships with various sports leagues in FY2022. This figure is expected to reach 6,500 kroner in the 27th year.
FS plays a key role in promoting sports other than cricket in India. His 69.8% of users strongly agreed that he started watching new sports and learning about new players and leagues as a result of his interest in fantasy sports. Women’s participation in FS has increased as women’s participation in and viewing of sports has increased, now accounting for an estimated 30% of the user base.
In launching the report, FIFS Executive Director Joy Bhattacharja said, “The remarkable growth of the fantasy sports industry in India and its positive impact on not only the sports economy but also the overall economic health of our country. Even with these encouraging trends, we think we are just getting started.We are grateful to MeitY and under their regulations, We believe our industry will accelerate growth, foster innovation and contribute even more to nation building. We look forward to achieving the vision of our Honorable Prime Minister to make India a global gaming powerhouse .”
Deloitte India Partner and Consultant Prashanth Rao said at the launch event: Increased allocation for sports in the 2023 federal budget, new innovations, investor confidence and rising consumer demand will create new vistas for entrepreneurs and help stimulate the development of this sector in India. increase. ”
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The report also outlines growth opportunities for FS, such as increased investor confidence due to favorable regulatory frameworks and nodal institutions spurring FDI, increased interest in and viewership for sports other than cricket.
He also touched on the launch of new leagues such as the Women’s Premier League and the Women’s T20 World Cup, as well as the overall spotlight on the AVGC division.
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