By Our Staff
The Federation of Indian Fantasy Sports (FIFS), India’s self-regulatory industry body for Fantasy Sports (FS), has unveiled the findings of a report titled ‘Fantasy Sports: Creating a Virtuous Cycle of Sports Development’ in collaboration with Deloitte.
According to the report, India is the world’s biggest Fantasy Sports market with a user base of over 13 crore, which is expected to further grow at a CAGR of 32% in the coming years. The country has become a high-growth, in-focus market for FS due to factors like large tech-savvy millennial population, growing affiliation with sports, rapid smartphone penetration, availability of low-cost mobile data; and the market size is projected to grow from INR 34,600 cr in FY21 to an estimated INR 1,65,000 cr by FY25 thereby clocking a CAGR of 38%.
Said FIFS chief executive officer (CEO), Anwar Shirpurwala: “We can infer that the generation of INR 5,200 crore revenue, in FY21, would have created an indirect revenue of approximately INR 5,500 crore through its vendors and service providers. The total revenue attributable to FS (direct + indirect) is therefore INR 10,700 crore. It may also be noted that the indirect revenue will generate its own stream of GST as well Fantasy sports industry is making huge economic inroads into India’s overall growth and development in multiple ways – creating highly skilled jobs, attracting foreign direct investment (FDI) and generating significant revenue for the exchequer. Besides, it is also propelling sporting culture and giving a boost to non-cricket sports as people tend to hone knowledge to participate in fantasy sports contests. Taking cognisance of the potential of this sector together with multiple favourable court judgements, primary government think tank NITI Aayog has released comprehensive guidelines for Fantasy Sports.”
Sharing his thoughts about the sector, Prashanth Rao, Partner, Deloitte India said: “Online Fantasy Sports has, over the past few years, witnessed unparalleled growth and widespread acceptance among the Indian Sports Fans. By leveraging cutting edge technology, developed locally, this sunshine sector is now emblematic of the Indian ‘Atma Nirbhar’ vision of self-reliance and growth. I believe that FIFS can help the sector unlock its true potential by encouraging responsible rule-based gaming and contributing to the development of the sporting industry in India.”