This research report on the fantasy sports market covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study includes insights on segmentation by sports (football, soccer, basketball, baseball, hockey, golf, cricket, and other fantasy sports), gender (male and female), and geography (North America, APAC, Europe, Latin America, and MEA).
Fantasy sport is expected to receive a major boost due to the growing popularity of digitalization and OTT platforms
A major factor driving the growth of the fantasy sports business is the rise in the number of sporting events organized worldwide. The urge to participate in a sport event rather than view it has raised the bar of the market significantly. Technological advancements, coupled with the availability of streaming partners, are further driving the fantasy sports market.
Fantasy leagues have grown in prominence in the last few years, and user-based fantasy sports have witnessed considerable growth. Aggressive advertising and marketing campaigns, growth in sports events, the increased interest of millennials are major upcoming factors that are expected to support the growth of the fantasy sports industry during the forecast period.
OTT (Over-the-Top) platforms are likely to generate significant revenue opportunities for the sport and entertainment industry. The growing popularity of OTT platforms is expected to augur well for the fantasy sport segment. The OTT sports experience is set to observe innovation, which is mainly driven by fantasy sport business. Fantasy sport and OTT platforms have become an apt match for the overall entertainment business. With the growth in streaming service providers and digitalization, fantasy sport is expected to receive a major boost.
Therefore, factors such as the increased influence of social media, utilization of blockchain technology, collaborations and strategic partnerships with diverse stakeholders, and the growing focus on the user’ behavior analysis are expected to drive the fantasy sports market during the forecast period. The global fantasy sports market size is expected to reach more than $1.5 billion by 2024, growing at a CAGR of more than 11%, during 2018–2024.
This market research report includes a detailed segmentation of the market by sports, gender, and geography.
Fantasy Sports Market: Sports
The introduction of new leagues and tournaments is expected to push the demand for increased fan engagement via sports competitions models
The worldwide popularity of football is a major reason for the highest share of the fantasy football segment. The segment captured around half of the fantasy sports market in 2018. The extensive fan engagement is another a major factor that is driving the fantasy football market segment. Also, the presence of DFS platforms such as PlayOn, DraftKings, and MoneyBall is a key factor for the demand for fantasy sport models. These platforms offer enhanced sports-watching experience to soccer fans.
Also, the introduction of new leagues and tournaments in the sports arena is expected to push the demand for more fan engagement via sports competitions. Strategic partnerships and the launch of supporting products across fantasy platforms have contributed to the incremental growth in the fantasy sports market value. Latin America, APAC, Europe and North America are likely to offer increased growth opportunities for the fantasy sports market.
Basketball has remained a massively popular sports in the world, particularly in the US. Strategic partnerships and the launch of supporting products across fantasy platforms have raised the standards of fantasy basketball in major playing countries.
Fantasy Sports Market: Gender
The growing awareness of games and sports among womenfolk is boosting the female sports segment
As men have historically been receptive to sports and outdoor games, the male segment accounts for the highest share in the fantasy sports market by gender. The high prevalence of male-centric tournaments and the increased usage of social media platforms are other major reasons for the high percentage of the male segment. Further, the urge to score well in the fantasy games and maintain the healthy competitive spirit with their peers tends to drive the demand for fantasy sports market among male users.
However, over the last few years, the female population in fantasy sport has witnessed a reasonable surge. The growing number of women-centric sports events and the increasing awareness about games among womenfolk are the factors boosting market growth of female sports segment. Further, the increased support from business entities act as a catalyst for increasing female participation in sports events. With fantasy sports becoming more gender-neutral and inclusive, female attraction toward the sports is experiencing a sharp rise.
Fantasy Sports Market: Geography
Technological advancements backed by strategic partnerships are expected to increase the fantasy sports market value in the US.
The growing affinity toward sports business and the increase in tech-savvy customers have contributed to the incremental growth of the industry in North America. Several states in the US - Arkansas, Colorado, Indiana, Maryland, Massachusetts, Missouri, New York, Virginia, and Vermont - have legalized the DFS format, which is likely to boost the sports in the US during the forecast period. Further, with the ease in regulation across the US, technological advancements backed by strategic partnerships are expected to increase the fantasy sports market value in the US.
The rising inclination toward diverse sports categories and the influx of global vendors with innovative offerings are driving the Europe fantasy sports market. The region is home to several sport clubs such as soccer, basketball, hockey, and cricket. The advent of the DFS model has increased the demand for fantasy sport competitions.
The APAC region, on the other hand, is emerging as a potential market. The fantasy sports market in India, China, South Korea, Indonesia, and Japan is witnessing a high surge in demand due to the increasing millennial engagements in sports, growing digitization, and the rising number of sporting events in developing countries.
The Latin American fantasy sports market offers reasonable opportunities for vendors. Vendors are opting for diverse marketing strategies by developing online platforms to cater to the untapped audience in the region, which will have significant market growth in the coming years. In addition, vendors are partnering with diverse stakeholders across the region and are opting for assorted marketing strategies to explore the growth of fantasy sports in the region. Further, the Middle East and Africa (MEA) is an exciting venture for any fantasy sport vendors. However, specific regulations, including the Federal Law No. 3 of 1987 are expected to hamper the growth in the Middle East.
Key Countries Profiled
Key Vendor Analysis
The global fantasy sports market is currently undergoing several transformations from being consolidated to fragmented. Vendors catering the market have a vast range of opportunities to capitalize upon. They are also focusing to maintain certain basic fan requirements such as security, transparency, fantasy insights, interactive user interface, and technological leverages. Further, vendors are looking forward to expanding in new regions and countries, depending upon demand growth and trying to utilize maximum digital fan-centric content creation to capitalize upon the exponentially growing market.
Other prominent vendors are Ballr, BalleBaazi, Boom Fantasy, Binoba11, Daily Fantasy Cricket, Draftstars, DraftTeam Fantasy Sports, Dream11, Eksab, Fanamana, FanFight, FanMojo, Fantain, FantasyDraft, Fantrax, HalaPlay, Jiyo11, My11Circle, MoneyBall, MyTeam11, PlayON, Sportito, StarsDraft,Starpick, Swoopt Fantasy Sports, and 11Wickets (Ability Games).
Key Market Insights
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