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 sports 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 game 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 the user-based segment has witnessed considerable growth. Aggressive advertising and marketing campaigns, growth in games and events, the increased interest of millennials are major upcoming factors that are expected to support the growth during the forecast period.
OTT (Over-the-Top) platforms are likely to generate significant revenue opportunities for the games and entertainment industry. The growing popularity of OTT platforms is expected to augur well for the fantasy sports segment. The OTT games experience is set to observe innovation, which is mainly driven by the fantasy sports business. These games and OTT platforms have become an apt match for the overall entertainment business. With the growth in streaming service providers and digitalization, the games segment 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’s behavior analysis are expected to drive the 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 by sports, gender, and geography.
Market by 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 market in 2018. The extensive fan engagement is another 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 game 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 games and competitions. Strategic partnerships and the launch of supporting products across 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 market.
Basketball has remained massively popular in the world, particularly in the US. Strategic partnerships and the launch of supporting products across platforms have raised the standards of fantasy basketball in major playing countries.
Market by Gender
The growing awareness of games among womenfolk is boosting the female sports segment
As men have historically been receptive to athletics 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 and maintain a healthy competitive spirit with their peers tends to drive the demand among male users.
However, over the last few years, the female population in fantasy games has witnessed a reasonable surge. The growing number of women-centric events and the increasing awareness about games among womenfolk are the factors boosting the market growth of the female sports segment. Further, the increased support from business entities acts as a catalyst for increasing female participation in games and events. With these games becoming more gender-neutral and inclusive, female attraction toward the games is experiencing a sharp rise.
Market by Geography
Technological advancements backed by strategic partnerships are expected to increase the 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 US market during the forecast period. Further, with the ease in regulation across the US, technological advancements backed by strategic partnerships are expected to increase the market value in the US.
The rising inclination toward diverse sporting categories and the influx of global vendors with innovative offerings are driving the Europe market. The region is home to several clubs such as soccer, basketball, hockey, and cricket. The advent of the DFS model has increased the demand for fantasy games and competitions.
The APAC region, on the other hand, is emerging as a potential market. The market in India, China, South Korea, Indonesia, and Japan is witnessing a high surge in demand due to the increasing millennial engagements, growing digitization, and the rising number of sporting events in developing countries.
The Latin American 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 in the region. Further, the Middle East and Africa (MEA) is an exciting venture for the 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 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, 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
The report provides the following insights into the market for the forecast period 2019–2024.
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