Fantasy Sports Market
Dublin, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The "Fantasy Sports Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global fantasy sports market is projected to be valued at $12,872.86 million by 2028, from $6,456.45 million in 2022, growing at a CAGR of approximately 12.19% from 2022 to 2028
The fantasy football segment is expected to be the largest segment in the global fantasy sports market. One of the factors for the success of fantasy sports within football is the distribution of prizes (big money) to the contest winners.
For instance, certain fantasy football contests pay winners more than USD 9.8 million weekly. Sponsorship deals with NFL teams are another factor in the Fantasy Football segment. For instance, FanDuel and DraftKings have had sponsorship deals with more than 25 teams of the 32 teams in the NFL.
Further, fantasy Football has even resulted in higher match viewership across the leagues. All such factors are anticipated to propel the growth of the global fantasy football market in the years to come. Vendors can consider targeting the huge fan base in the segment via their interactive and innovative offerings and hence aim at maximizing profits considerably.
One of the most popular sports worldwide, soccer is followed passionately by people of almost all age groups. The global fantasy soccer market was valued at USD 1.4 billion in 2022, and it tends to provide immense opportunities for the fantasy sports market owing to the high fan following of the game itself. Also, with the launch of numerous leagues, one can certainly feel the electrifying effect when some internationally renowned players are playing for local clubs across countries.
The fantasy sports market has considerable growth opportunities via the fantasy soccer sports segment. Today, various vendors are engaged in delivering fantasy soccer games, including the likes of Fantrax, ESPN, DraftKings, and MLS Fantasy, among others.
MARKET TRENDS AND DRIVERS
Fantasy Sports Platform Development
Various fantasy sports vendors are entering the fantasy sports market with the rising potential of fantasy sports. Recently, various vendors have stepped into the industry, and many are in the pipeline. Fantasy sports companies create a platform with various features and enhancing user interface, which helps attract a large market customer base.
Influence of Social Media on The Fantasy Sports Market
Promotional activities carried out by fantasy sports vendors on social media attract a large customer base, which is expected to drive the global fantasy sports market in the future. Social media also helps in customer engagement, such as vendors holding contests, providing advice, and embracing the current trend in fantasy sports.
Rise in Female Participation
In recent years, women gamers have increased worldwide owing to the rise in awareness of fantasy sports through social media and other advertising mediums. The rise in social media platforms such as Twitter, Instagram, Facebook, and other sites has created new avenues for gaming to come together and share insights.
This encourages women to participate and showcase their presence in the gaming industry, and this rapid growth is expected to add more revenue to the global fantasy sports market. There has been an audience shift toward exploring the fantasy football industry by women. Although the sport is considered to be male-dominated, these days, women are actively participating in this sport.
Regulatory Restrictions Across Regions
Various countries worldwide impose restrictions on fantasy sports as they find gambling and sports betting, which could lead to financial loss. Thus, such restrictions can become a major restraint for the fantasy sports market as the vendor will lose out on the industry from the region where fantasy sports are banned. Several states in the US are imposing restrictions on fantasy sports and are even posing fines against some fantasy sports platforms for disobeying the laws.
North America is a key region for the global fantasy sports market owing to the high popularity of various sports in the region. Ever since the inception of fantasy sports in the region, several vendors, such as ESPN, Yahoo, FanDuel, and DraftKings, have developed their wide range of fantasy sports offerings.
The region is home to more than 60 million fantasy sports players today. It is highly promising for the vendors to target as the demand for fantasy sports contests remains at an all-time high in the US and Canada. The US holds the key to the North American region's growth in the fantasy sports business. The Fantasy Sports & Gaming Association (FSTA) is the only association looking after the interests of fantasy sports vendors catering to the region.
The fantasy sports market in Europe was valued at USD 1.05 billion in 2022 and was led by regions like Germany, the UK, France, Italy, and Spain. The demand for fantasy sports in the European industry is growing, while upgrades and innovative offerings drive industry growth. Further, Western European economies are showcasing strong demand owing to the rising inclination towards diverse sports categories and an influx of international vendors.
The APAC region is home to some of the highly enthusiastic sports fans across the globe. APAC is a hub for millennials, primarily driven by the millennial population across significant countries such as China and India. For instance, China and India have more than 409 million millennials, which is about five times more than that in the US. The millennials account for most sports fans and the target audience for fantasy sports vendors.
The APAC region holds a key interest for vendors in the fantasy sports market due to the high demand for sports and games among millennials. Sports such as cricket, soccer, and basketball, among others, are quite popular in the region. The region is also home to one of the widely followed sports (cricket) and hosts major cricket-playing nations such as India, Sri Lanka, and Bangladesh, among others. The fantasy sports market in APAC is expected to grow at a CAGR of over 12% during the forecast period.
The fantasy sports market was initially served by vendors such as Yahoo and ESPN and is currently dominated by DraftKings and FanDuel, primarily in the North American region. While significant vendors in the global fantasy sports market, such as FanDuel, DraftKings, Yahoo, ESPN, and CBS, are the major revenue generators. Other vendors such as PlayOn, FanTrax, StarsDraft, Dream11, and Sportito are thriving hard to gain a better industry share in the future.
Further, vendors catering to the fantasy sports market have a vast range of opportunities to capitalize on, while they also have a list of responsibilities to carry out simultaneously. For instance, the regulatory restrictions across regions tend to imply certain conditions for the fantasy sports operators catering to that area. Failing to abide by these regulations can result in the company being ruled out of the region.
Also, while offering these services, one has to ensure that the company stands up to the tax policies and other stringent regulations concerning player earnings and the company's winnings as set before the game.
No. of Pages
2022 - 2028
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2028
Compound Annual Growth Rate
Key Company Profiles
Other Prominent Vendors
Daily Fantasy Cricket
DraftTeam Fantasy Sports
NFL (National Football League)
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the Study
4.4 Market Segments
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Premium Insights
7.1 Market Overview
7.2 Market Dynamics: Key Trends, Drivers, and Restraints
7.3 Segment Analysis
7.4 Geographical Analysis
7.5 Competitive Landscape
7.6 About the Report
8.1.1 Gaming Industry - Major Trends in 2022
8.2 Fantasy Sports Market
8.3 Demographics of Fantasy Sports Market
8.4 Value Chain
9 Market Opportunities & Trends
9.1 Growth in Count of Global Sports Events
9.2 Increasing Number of Internet Users
9.3 Fantasy Sports Platform Development
9.4 Rise in Female Participation
9.5 Ar-&-Vr-Enabled Fantasy Sports
10 Market Growth Enablers
10.1 Influence of Social Media on Fantasy Sports Market
10.2 Capitalizing Ott Platform
10.3 Rise in Partnerships in Fantasy Sports Market
10.4 Increasing Popularity Among Millennial & Gen Z Population
11 Market Restraints
11.1 Regulatory Restrictions Across Regions
11.2 Growth in Technicalities Hampering Growth
11.3 Stringent Regulations Against Betting
11.4 Risk of Fraud & Privacy Issues
12 Market Landscape
12.1 Market Size & Forecast
12.2 Five Forces Analysis
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Fantasy Football
13.4 Fantasy Soccer
13.5 Fantasy Basketball
13.6 Fantasy Baseball
13.7 Fantasy Hockey
13.8 Fantasy Golf
13.9 Fantasy Cricket
13.10 Other Fantasy Sports
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
For more information about this report visit https://www.researchandmarkets.com/r/6jtpsv
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