Fantasy Sports Made INR 2800 Crore In IPL 2023: Report Redseer's analysis shows a 24% jump in gross gaming revenue from INR 2250 crore in IPL 2022, and the market has grown at a CAGR of 30% since IPL 2019
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A report by Redseer Strategy Consultants stated that the gross gaming revenue from fantasy gaming increased by 24% to INR 2,800 crore with 61 million users participating in fantasy gaming compared to INR 2250 crore in IPL 2022. Redseer's analysis shows a 24% jump in gross gaming revenue from INR 2250 crore in IPL 2022, and the market has grown at a CAGR of 30% since IPL 2019.
The virtual teams put together by users help them score points through the real-life performances of their players in the match. At the end of the season, the participants can win prizes or cash based on their scores. The strategy consultant's analysis shows that the IPL 2023 had a strong user acquisition engine, with 35% of new users playing for the first time on the platforms. The influx of new users led to an 11% increase in cash users during the season, with the average spend per match of INR 127 per user.
"The top 3 platforms captured 96% of the market share during the IPL 2023, and had an average revenue of INR 458 per user for the season. The excitement of IPL also trickled into non-IPL sporting events during the season, contributing to 13% of the revenue," said Ujjwal Chaudhry, partner, Redseer.
Analysing the average gross gaming revenue (GGR), Chaudhry noted that the GGR during weekdays was 1.3 times compared to weekends and peaked during the final match. The Mega Tables, which is the sum of all the highest prize pool tables in every match across the platforms, dropped in size by 30% during weekends due to multiple matches on the same day. However, Mega Tables have a higher rake rate of 24%, contributing 60 per cent to the revenue during the season.
Moreover, the report said that during the latest season, a total of INR 10,000 crore was spent on advertisements, of which BCCI, franchises, and Broadcasters earned 65% of the total spend as direct revenue. The remaining 35% of indirect revenue was earned as ad revenue by social media platforms, traditional media, and other internet platforms.