MxMIndia

Tag: FIFS

  • 50% of user transactions on the FS platforms have come through tier 2 & 3 cities

    Fantasy Sports Industry to contribute INR 24,300 CR: FIFS-Deloitte Report

    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.”

     

  • The former Chief Information Commissioner of the Government of India wil oversee the self-governance of Fantasy Sports in his new role at FIFS

    Bimal Julka to chair federation of fantasy sports

    By A Correspondent

     

    Bimal Julka

    The Federation of Indian Fantasy Sports (FIFS), the self-regulatory industry body for fantasy sports, has announced the appointment of Bimal Julka as its Chairman. In his new role, Julka will work closely with all stakeholders to further strengthen the operating standards of the Indian fantasy sports industry. Julka is taking over from John Loffhagen, who served as Chairman of FIFS for over three years. Loffhagen will assume the role of a Strategic Advisor and support FIFS on collaborating with relevant international bodies in the industry.

     

    With over four decades of service in the government at both state and national levels, Julka is an Indian Administrative Service (IAS) Officer of the 1979 batch belonging to the Madhya Pradesh cadre. He held the prestigious position of Chief Information Commissioner, Government of India, until September 2020. Prior to that, Julka has held several senior positions in the Ministry of Defence, Civil Aviation, Information & Broadcasting, External Affairs, Finance, Commerce and Public Relations in Govt. of India.

     

    Commenting on the appointment, Anwar Shirpurwala, CEO of FIFS, said: “We are very fortunate to have Mr Bimal Julka join FIFS as the Chairman. His impeccable reputation and principles of good governance precede him. Having such a senior dignitary, like Mr Julka, representing fantasy sports will strengthen the industry’s credibility, and we are sure to witness new strides towards reformations and standardisation of the rapidly growing fantasy sports industry.”

     

    Talking about the fantasy sports industry and FIFS, Julka said: “Fantasy sports is a new and disruptive industry that has great potential to strengthen and promote sports in India through meaningful fan engagement. While fantasy sports is seeing unprecedented growth in both users and operators, there arises an equal need to protect the users and promote responsible growth.  I am happy to be part of FIFS and look forward to supporting & guiding the fantasy sports industry in achieving its full potential by affirming high standards and self-regulation.”

     

    FIFS was founded in 2017 and currently has 35 members, who cumulatively account for over 99% of India’s Fantasy Sports market. Besides the members, FIFS advisory board includes 1 Ombudsman – Justice Arjan Kumar Sikri (Retd.), and four strategic advisors – Prof Ratnakar Shetty – Former BCCI Chief Administrative Officer, Amrit Mathur – Former Secretary Sports Authority of India, AN Roy – Retired Director General Police (and a former Mumbai Police Commissioner), Dilip Dixit- Former Additional Commissioner of Sales Tax and former chairman John Loffhagen who has was formerly Legal Head – IMG and Advisor.