fantasy sports industry: India’s fantasy sports industry to reach 50 crore users by FY27: Report

zoho: Zoho India FY22 profit rises 43% to Rs 2,748.83 crore


India’s fantasy sports industry is likely to grow at 33% CAGR (compound annual growth rate) and reach 50 crore users by FY27, suggested a report by the Federation of Indian Fantasy Sports (FIFS) and consultancy firm Deloitte India.

According to the report, the industry grew by 31% to Rs 6,800 crore in FY22 and is expected to touch Rs 25,240 crore by FY27.

With over 300 fantasy sports platforms (FSPs) and 18 crore users, India is the fastest-growing fantasy sports market in the world. Further, about 60% of user transactions on the fantasy sports platforms have come in through tier-II and tier-III cities.

The industry attracted Rs 15,000 crore in foreign direct investment (FDI) till FY22 which is expected to touch Rs 25,000 crore by FY27.

It contributed Rs 4,500 crore to the tax kitty, which is expected to reach Rs 26,000 crore in the next five years, the report said.

“We are thankful to MeitY and believe that under their regulation, our industry will accelerate growth, spur innovation and contribute even more significantly towards nation building. We look forward to achieving PM (Narendra) Modi’s vision for making India a global gaming superpower,” said FIFS director general Joy Bhattacharjya.

Discover the stories of your interest


The Goods and Services Tax (GST) contributions from the fantasy sports industry is expected to increase by five times in the next five years – from Rs 2,800 crore in FY18-FY22 to Rs 14,700 crore between FY23 and FY27.”Our analysis suggests that fantasy sports hold tremendous potential to help build a resilient sports ecosystem in India and significantly contribute to the nation’s digital economy,” said Prashanth Rao, partner, consulting, Deloitte India.

The industry created high-skill jobs for 12,800 people across the economy, creating far greater impact on the society and larger ecosystem, the report noted.

There have been an increasing interest in fantasy sports in the recent times with the likes of Ashneer Grover and cricketer Deepak Chahar entering into the fray.

BharatPe cofounder Grover’s new venture Third Unicorn Pvt Ltd launched a fantasy sports app Crickpe – almost a week ahead of Indian Premier League (IPL) tournament commencing March 31 onwards. Similarly Chahar, along with his wife Jaya Chahar, floated a sports tech venture JCDC Sports, which has rolled out a fantasy sports gaming platform TFG (Trade Fantasy Game). The app will be available on both iOS and Google Play Store.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.



Source link

Online Company Registration in India

Leave a Reply

Your email address will not be published. Required fields are marked *