Fantasy Sports Market By Type(Football, Baseball, Cricket, Basketball, Car Racing, Others), By Platform(Website, Mobile Application), By Demographics(Under 25 Years, Between 25 and 40 Years, Above 40 Years), By Application(Individual Competition, Team Competition), By Region And Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, And Forecast 2024-2033

Report Overview

The fantasy sports market was valued at USD 27.6 billion in 2023. It is expected to reach USD 69.9 billion by 2032, with a CAGR of 10% during the forecast period from 2023 to 2032.

The surge in demand for smartphones and televisions, as well as internet connectivity, are some of the main driving factors for the fantasy sports market expansion. The sudden rise in sports is another key factor in the growth of the fantasy sports market.

According to the news release published by the St. Bonaventure and Siena Research Institute, 70% of Americans are sports fans, and more than 71% of American individuals are avid sports people who love to watch sports games, read news, and talk about sports, while 26% are “involved” sports fans who relate to sports at least many times a week.

Currently, fantasy sports are gaining more popularity among individuals as an interesting way to engage with the different worlds of sports. It is a type of sport that is generally played over the internet in which individuals form some kind of imaginary team made up of players from the real world.

Fantasy sports are online forecast games or sports in which you create a virtual team. The rise of the internet and the digital revolutions have provided a platform for fantasy sports, which have grown from a small hobby to a worldwide phenomenon. The Internet has made it easy to access fantasy sports from anywhere and anytime.

The fantasy sports industry is being propelled forward by fan passion, fueling an explosion in revenue growth. There are some fantasy sports platforms like Maincard, Yahoo Sports, and ESPN Fantasy. These platforms have made it much easier to streamline fantasy sports, which makes them user-friendly and removes the requirement for manual number munching.

There are several other advantages of fantasy sports games, such as enhanced learning ability, better decision-making capability, and providing a realistic opinion while playing any kind of sport. It also helps in inefficient planning, and the main part is that through this platform, any individual can earn real money and rewards.

Additionally, fantasy sports always start with friendly competitions, and it helps to know about the depth of football and other sports games. The demand for fantasy sports will increase due to individuals' keen interest in sports, which will help in market expansion in the coming years.

Fantasy Sports Market Dynamics

Engaging Experience Elevates Fantasy Sports Market

Fantasy sports are gaining unprecedented traction, chiefly due to their capacity to provide an immersive and interactive experience for sports enthusiasts. This sector thrives on the deep engagement of its users, who relish the thrill of building and managing virtual teams based on real-life sports data. This engagement is not just a matter of passive viewership but active participation, where fans become virtual team managers, making strategic decisions that mirror the complexities of actual sports management. This heightened level of interaction deepens the fans' connection to the sport, transforming traditional spectating into an active, engaging experience. This evolution from mere viewership to interactive engagement is fundamentally reshaping the landscape of sports fandom and is expected to continue driving the market's expansion.

E-Sports and Online Gaming Fuel Fantasy Sports Market Growth

As e-sports continue to carve out a mainstream presence, they bring with them a new wave of enthusiasts eager to engage in fantasy sports. This expansion is not only increasing the customer base but also opening new avenues for revenue creation and investment. The intersection of e-sports, with its digital-native audience, and fantasy sports, is creating a synergistic effect, propelling the sector forward. This collaboration between two rapidly growing digital domains is not a transient trend but a pivotal shift, signaling a new era in both the gaming industry and sports industries where virtual and real-world sports experiences coalesce.

League Expansion and Game Innovation Drive Fantasy Sports Market

As these leagues grow and diversify, they cater to a broader audience with varying interests, from mainstream sports like football and basketball to niche areas like e-sports and individual athletics. This diversification is not just about quantity but also about quality, with new games offering innovative play mechanics and unique strategic challenges. The development in the fantasy sports market is an indication of an industry that is constantly adapting to the changing tastes of consumers and emerging trends. The ongoing expansion and innovation within leagues and games are not merely adding to the market's breadth but are fundamentally enriching the fantasy sports experience, making it a dynamic and continually evolving sector.

State Bans on Fantasy Sports Platforms Limit Market Growth

Some U.S. states have banned one or more fantasy sports platforms, which can significantly limit market growth. These bans, often due to legal interpretations of gambling laws, prevent residents of certain states from participating in fantasy sports. This not only directly reduces the potential user base but also creates a fragmented market, complicating national marketing strategies and partnerships for fantasy major companies. The inability to operate uniformly across all states hampers these companies' growth potential and could deter new entrants from investing in the market due to the uncertain legal landscape.

Confusion with Illegal Sports Betting Impacts Fantasy Sports Market Perception

Fantasy sports are frequently confused with illegal sports betting, which can create a negative perception and impact market growth. Despite being recognized as games of skill rather than chance in many jurisdictions, the close association with sports betting can lead to misconceptions about the legality and ethical nature of fantasy sports. This misunderstanding can deter potential users who are wary of engaging in activities that might be illegal or frowned upon. Additionally, the stigma associated with gambling can make certain advertisers and partners hesitant to associate with fantasy sports platforms, further impacting market growth potential.

Fantasy Sports Market Segmentation Analysis

By Type Analysis

In the fantasy sports market, Football stands out as the dominant segment. Its widespread popularity, particularly in regions where football is a cultural phenomenon, drives significant engagement and participation in fantasy leagues. People are attracted to fantasy football because of the deep involvement it provides with the game and allows them to use their skills and knowledge in a competitive environment.

While football leads due to its massive global fan base and extensive coverage, other sports like Baseball, Cricket, Basketball, and Car Racing also have substantial followings. Cricket is particularly popular in countries like India and Australia, Basketball resonates strongly in the United States and various other countries, and Baseball has a dedicated following, especially in the U.S. and Japan. The 'Others' category encompasses a range of niche sports, each offering unique appeal and fan engagement opportunities.

By Platform Analysis

Websites are the dominant platform for fantasy sports. They provide a comprehensive and accessible way for users to manage their teams, access statistics, and interact with other participants. The traditional desktop experience offers a robust and stable environment for detailed analysis and team management, which is particularly appreciated by serious players.

While websites lead due to their established presence and comprehensive offerings, Mobile Applications are rapidly gaining traction. They offer the convenience of managing fantasy teams on the go, reflecting the increasing preference for mobile-first solutions among a younger, tech-savvy demographic.

By Demographics Analysis

The key demographic group between 25-40 Years is especially involved in the world of fantasy sports. This age group often has disposable income, technological savvy, and sports knowledge that make them ideal participants. They are typically very engaged, seeking both the fun of competition and the community aspect of fantasy sports.

While this age group leads, the 25-year segment is growing rapidly, driven by younger individuals' familiarity with digital platforms and enthusiasm for interactive gaming experiences. The Above 40 Years demographic also participates significantly, bringing a wealth of experience and long-term fandom to the fantasy sports landscape.

By Application Analysis

Individual Competition is a key driver in the fantasy sports market, with many participants enjoying the challenge of building and managing their teams against a wider community. This format allows for personal skill, knowledge, and strategy to play a central role in the experience.

While individual competition leads due to its widespread accessibility and appeal, Team Competition is also a significant segment, providing an opportunity for groups of friends, colleagues, or online communities to engage in collective competition, enhancing the social aspect and shared enjoyment of fantasy sports.

Fantasy Sports Industry Segments

By Type

• Football
• Baseball
• Cricket
• Basketball
• Car Racing
• Others

By Platform

• Website
• Mobile Application

By Demographics

• Under 25 Years
• Between 25 and 40 Years
• Above 40 Years

By Application

• Individual Competition
• Team Competition

Fantasy Sports Market Growth Opportunity

Competitive Spirit Fuels Growth in the Fantasy Sports Market

Participants' desire for competition, strategy, and engagement with sports through a virtual platform is increasing. As fans look for more interactive ways to connect with their favorite sports and athletes, fantasy sports offer an appealing combination of entertainment and competition. This growing interest feeds the expansion of the market, as more users join platforms to test their skills and knowledge against others, indicating a robust growth opportunity driven by the competitive nature of sports enthusiasts.

Popularity Among Casual and Betting Users Spurs Fantasy Sports Growth

Casual players enjoy the social and entertainment aspects while betting users are attracted by the potential for financial gain and more intense competition. This dual sports apparel broadens the market's customer base and encourages the development of various types of fantasy sports platforms, from those focused on social play to others catering to more serious betting. The rising number of both casual and betting users signifies a growing and diversifying market, driven by a wide range of consumer interests and motivations.

Fantasy Sports Market Regional Analysis

North America Dominates with 28.04% Market Share in Fantasy Sports Market

North America's 28.04% share of the industry of fantasy sports is driven by the deeply-rooted culture of sports and the enormous acceptance of leagues like those of the NFL, NBA, and MLB. The United States and Canada have a significant number of passionate sports fans who actively participate in fantasy sports as a way to engage more intimately with their favorite games and players. Additionally, the region's advanced digital infrastructure and high internet penetration rates contribute to easy access and widespread adoption of online fantasy sports platforms. The legalization and regulation of sports betting in various states also boost the market's growth, encouraging more users to participate.

North American market dynamics are distinguished by user-friendly platform offerings that appeal to a wider demographic, increasing fantasy sports appeal among them. Social media integration, AI-powered analytics and predictions as well as substantial advertising/sponsorship deals in sports industries provide an ideal environment for fantasy sports growth in North America; additionally, partnerships between fantasy sports platforms and professional leagues further legitimize this market and drive its expansion.

Europe: Increasing Popularity and Regulatory Advancements

Europe's fantasy sports market is propelled by an explosion in football (soccer) popularity, coupled with regulatory advancements for online gaming. Europe's diverse sporting culture and increased adoption of mobile and internet technologies fuel this expansion, as do dozens of leagues hosting passionate fans who provide fertile ground for fantasy sports to flourish.

Asia-Pacific: Rapid Growth and Expanding Digital User Base

Asia-Pacific region fantasy sports market is experiencing rapid expansion due to an expanding digital user base and rising cricket interest, especially in countries like India. Smartphone penetration rates, rising middle-class disposable income levels, and cultural shift towards online entertainment and interactive gaming drive the demand for fantasy sports platforms across this region; internet access continues to expand along with sports industry development; these factors all present significant growth potential for fantasy sports markets like this in Asia-Pacific.

Fantasy Sports Industry By Region

North America

• The US
• Canada
• Rest of North America

Europe

• Germany
• France
• The UK
• Spain
• Italy
• Russia
• Netherlands
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• New Zealand
• Singapore
• Thailand
• Vietnam
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• South Africa
• Saudi Arabia
• UAE
• Rest of Middle East & Africa

Fantasy Sports Market Share Analysis

It is Fantasy Sports an industry that is driven by fans' participation and use of technology. companies play an integral influence on the way that consumers experience experiences and trends within the market. Dream11 stands as a market leader, especially in cricket-dominated regions, known for its user-friendly platform and extensive user base. Its strategic positioning emphasizes accessibility and engagement, significantly influencing market growth in emerging markets.

DraftKings as well as ESPN are two of the most prominent companies within the North American industry, offering many games and a complete user experience. Their market influence is marked by innovative features and partnerships that enhance user engagement and loyalty. Yahoo and CBS, with their integrated sports and media platforms, cater to a broad audience, reflecting the industry's shift towards more immersive and content-rich fantasy sports experiences.

NFL Fantasy and Fox Sports Fantasy Football, as league-affiliated platforms, offer fans unique and official fantasy experiences, showcasing the market's potential for niche and branded offerings. Bovada and StarsDraft, known for their betting-oriented platforms, cater to a segment of users seeking more risk-oriented fantasy sports engagements.

Fantasy Sports Industry Key Players

• Dream11
• Fantasy Feud
• MyFantasyLeague
• Fox Sports Fantasy Football
• StarsDraft
• DraftKings
• Bovada
• Yahoo
• CBS
• NFL Fantasy
• ESPN
• Sportech
• Fantrax
• Digital Works.Pvt. Ltd.
• Sideline Software Inc.
• Blitz Studios Inc.
• I3 Interactive Inc.
• OFP Hosting Inc.

Fantasy Sports Market's Recent Development

• In March 2023, DraftKings Inc. disclosed plans to open its renowned online sportsbook in Massachusetts, subject to licensing and regulatory approval. DraftKings, based in Boston, will make Massachusetts the 21st state in the union to offer an online sportsbook. In addition to providing Massachusetts residents with access to various bet types such as same-game parlays, player props, unique odds, boost options, and more, DraftKings will also provide attractive and exclusive bonuses to clients in the state.
• In January 2023, Fantasy Akhada, a GMR Group affiliate, announced plans to sell a significant stake to GMR Sports for an estimated USD 160-175 million (INR 1,300-1,400 Crore). The transaction is expected to be completed in stages, with GMR displacing some early investors in the subsequent rounds.
• In January 2023, In Ohio, FanDuel introduced its mobile sports betting sportsbook. They also announced the opening of their retail sportsbook at Belterra Park in Cincinnati. This launch is expected to help the company provide the best betting experience possible to its Ohio users.

Report Scope