Fantasy sports has come a long way since its debut, and it’s due to the rapid transformation If the online gaming industry, which has increased the uptake of technologies for enhanced and effective operations.
In this case, the integration of a user-friendly interface, secured payment gateways, fantasy chatbots, and blockchain-based app in fantasy sports platforms has propelled the fantasy sports market significantly in terms of revenue generation, operation efficiency, and customer satisfaction.
According to the Fantasy Sports Trade Association, in 2014 over 41 million people have played fantasy sports in the US and Canada; on average, each of those spends $96 per year on related costs and materials. But that is not all, according to Allied Market Research, the global fantasy sports market has grown so huge that, it Is Expected to Reach $48.6 Billion in the coming years registering a CAGR of 13.9% from 2021 to 2027.
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As of 2019, the global fantasy sports market was estimated at $18.6 billion; and based on platform, the mobile application segment generated the highest share that year. The mobile application segment accounted for nearly three-fourths of the total market revenue in 2019 and is projected to continue this growth throughout the forecast period. Likely, the same segment would also portray the fastest CAGR of 14.8% till 2027.
While in the aspects of sport type, fantasy football appeared as the major revenue holder. Reports show that the football segment contributed to more than two-fifths of the total market share in 2019 and is expected to lead the trail from 2021 to 2027. The cricket segment, on the other hand, would manifest the fastest CAGR of 17.9% by 2027.
Fantasy Sports Market Share Analysis
Based on region, North America which consists of Canada, U.S. and Mexico held the major share in 2019, generating more than half of the global market. Simultaneously, the region across Europe would showcase the fastest CAGR of 15.6% by 2027.
North America’s dominance can be attributed to its economic growth, the rising popularity of sports, and an increasing number of internet-accessible devices and sports sponsorships. Also, the Asia Pacific region is expected to witness substantial growth during the forecast period, mainly due to India’s growing number of users and the penetration of smartphones and internet connectivity which also helps to fuel the region’s fantasy sports market size.
The Key Market Players Analyzed in the Global Fantasy Market Report Include:
- DraftKings Inc
- Fanduel (Flutter Entertainment)
- NFL Fantasy
- Dream Sports
- Sportech Inc.
These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to corroborate their stand in the industry.
The Impact of the COVID-19 on the Fantasy Sports Market
The Covid-19 epidemic in 2020 has played a huge role in the growth of the fantasy sports market. Here’s how:
- The demand for online gaming platform has increased to a significant extent due to the increased number of people staying at home, during this pandemic,
- Fantasy sports do not involve physical interaction with fellow players, hence, this fact perfectly goes along with the norm of social distancing and has impacted the market positively.
- By platform, the mobile application segment is projected to continue its lead over the next few years.
- By sports type, the fantasy football segment is leading the market at present; however, the fantasy cricket segment is likely to surpass it in the years to come.
- By region, North America dominates the global market and is expected to retain its dominance during the forecast period.
- By demographics, the under 25 years segment is likely to acquire dominance soon.