The Indian fantasy sports industry is set to grow at 33 per cent compound annual growth rate (CAGR) and reach 50 crore users by FY27, according to a report by the Federation of Indian Fantasy Sports (FIFS) and Deloitte.
With over 300 fantasy sports platforms (FSPs) and 18 crore users, India is the fastest-growing fantasy sports market in the world. The industry grew by 31 per cent to ₹6,800 crore in FY22, and is expected to touch ₹25,240 crore by FY27, the report further said.
The industry is currently valued at ₹75,000 crore. Additionally, the report noted that 60 per cent of user transactions on the platforms have come in through tier two and tier three cities.
Joy Bhattacharjya, FIFS Director General, said: “We are thrilled to see the outstanding growth of India’s Fantasy Sports industry and its positive impact on the sports economy, as well as the overall economic health of our country. Even with these heartening trends we believe we are just getting started. We are thankful to MeitY, and believe that under their regulation, our industry will accelerate growth, spur innovation and contribute even more significantly towards nation-building.”
The report showed that the industry attracted ₹15,000 crore in FDI till FY22, which is expected to touch ₹25,000 crore by FY27. It contributed ₹4,500 crore by the way of taxes, and this is expected to reach ₹26,000 crore in the next five years.
GST contributions from the fantasy sports industry is expected to increase by five times in the next five years, from ₹2,800 crore in FY18-FY22 to ₹ 14,700 crore between FY23 and FY27. The industry has also created high-skill jobs for 12,800 people across the economy, creating a far greater impact on the society and larger ecosystem, the report noted.
Fantasy sports platforms indirectly employed 7,500 professionals in FY22, and are expected to generate 10,500 indirect job opportunities by FY27, it added.