Fantasy Sports Market Size, Share & Trends Analysis Report By Sports (Individual Sports, Partner Sports, Team Sports, Extreme Sports), By Sports Type (Sports, Football, Baseball, Basket Ball, Hockey, Cricket, Others), By Demographics (Under 25 Years, 25 to 40 Years, Above 40 Years), By Platform (Website, Mobile Application), By Device (Smartphone, Computer, Others), By Pricing Model (One Time Payment, Subscription, Freemium), By Application (Individual Competition, Team Competition) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Market Overview

The global fantasy sports market size was valued at USD 28.23 billion in 2023. It is expected to reach USD 92.52 billion in 2032, growing at a CAGR of 14.1% over the forecast period (2024-2032). The proliferation of internet-enabled devices, especially smartphones, has significantly expanded the user base for fantasy sports platforms. Easy access to fantasy sports apps and websites drives user engagement and participation.

The rapidly evolving online gaming business places a premium on adopting new technologies for better and more effective operations. With the introduction of secure payment methods, a user-friendly interface, blockchain-based apps, and fantasy chatbots, the fantasy sports sector has experienced significant increases in revenue creation, customer satisfaction, and operational efficiency. It is anticipated that the inclusion of such technologies will continue to provide attractive prospects for market participants to manage users and core operations better.

Fantasy sports are online game platforms in which participants pick and manage virtual teams comprised of actual professional athletes. Users compete against one other's fantasy teams throughout a sports league or season. Users with the highest point totals receive money depending on the actual performance of professional athletes.

Market Dynamics

Market Driving Factors

Expansion of Digital Infrastructure in Addition to Falling Data Prices 

The fantasy sports market share has seen tremendous growth in the past few years. The most influential factor of rapid market expansion is the proliferation of digital infrastructure in the developing region.

Increased Investment from Investors in Fantasy Sports Platforms to Usher Market

Market Restraining Factors

Legal and Regulatory Challenges to Hinder Market Growth

Fantasy sports are often confused with illegal sports betting, though fantasy sports are predominantly skill-based. However, fantasy sports always remain under legal scrutiny by various gambling laws across the countries. The legality of fantasy sports is often based on existing gaming and skill game laws. Though fantasy sports are legal; however, states in the U.S. like Arizona, Hawaii, Alabama, Iowa, Idaho, Montana, Louisiana, Nevada, and Washington State, have banned one or more fantasy sports platforms such as DraftKings, Yahoo, FanDuel, Fantasy Draft, and others. Such instances hinder the market growth.

Global Fantasy Sports Market Opportunities

Early Adoption of Advanced Technologies to Boost Market Opportunities

The rapidly developing online gaming sector gives the adoption of technologies for better and more efficient operations great importance. The fantasy sports sector has witnessed significant improvements in revenue creation, customer satisfaction, and operational effectiveness with the introduction of secure payment gateways, user-friendly interfaces, blockchain-based apps, and fantasy chatbots. Adopting such technologies will continue to offer attractive chances for the market's active participants to better manage users and essential activities.

Regional Analysis

By region, the global fantasy sports market is analyzed across North America, Europe, and the Rest of the World.

North America is the highest revenue contributor. The North American fantasy sports market is studied across the U.S., Canada, and Mexico. Regarding macroeconomic factors, the U.S. is the largest economy in the world in terms of GDP. On the other hand, Canada is equipped with a high-tech industrial economy. The market in North America remains slightly consolidated, with big players such as FanDuel and DraftKings leading the market share in the region. The fantasy sports market growth has attracted prominent media players in the region. Large media houses are collaborating with the platforms for better promotions and advertisements. Furthermore, significant capital investments from various investment firms, including sports teams and broadcasters, and aggressive marketing campaigns emphasizing large cash prizes, have resulted in robust market growth in the region.

Europe is the second largest region. The European region has seen the emergence of new players, particularly on the fantasy cricket and fantasy football platforms. New players with broader product offerings, interactive applications, and large cash rewards have increased traction for contests on fantasy sports platforms in the region. In addition, European fantasy sports operators are now partnering with local sports betting companies to expand their market share and target audience. The European region has seen the emergence of new players, particularly on the fantasy cricket and fantasy football platforms. New players with broader product offerings, interactive applications, and large cash rewards have increased traction for contests on fantasy sports platforms in the region. In addition, European fantasy sports operators are now partnering with local sports betting companies to expand their market share and target audience.

The rest of the world includes analysis for India, Australia, Brazil, Africa, and other countries. These are mainly emerging countries with the rapid expansion of digital infrastructure. The number of internet subscribers has increased enormously in the region. Furthermore, average data usage per subscriber has also increased significantly owing to the availability of affordable smartphones. As a result, countries like India and Brazil are expected to see high market growth in the upcoming years. Supported by content aggregators, sports scoring platforms, sports merchandising, online sports streaming, and digital payments systems, the sports fantasy market has witnessed accelerated growth in the last few years. The Indian Premier League (IPL) continues to remain a widely popular league in the region, with fantasy sports platforms such as Mobile Premier League, Dream11, and MyTeam11 leveraging its popularity to expand in the market.

Segmental Analysis

The global fantasy sports market is segmented into sports type, platform, demographics, and region. 

On The Basis of Sports Type

By sports type, the global market for fantasy sports is classified into football, baseball, basketball, hockey, cricket, and others. The football segment was the highest contributor. A well-respected baseline of statistic/point-value pairings intended to encourage balance across the different fantasy positions make up the standard fantasy football scoring system. The widespread popularity of fantasy football, along with the highly addictive nature of such platforms and the relative ease of obtaining information about a manager's team, has increased fantasy football's popularity. As a result, fantasy football is the leading segment of the global fantasy sports market.

The cricket segment is the fastest growing. Fantasy Cricket is an online, strategy-based sports game where a virtual team of cricketers playing in real matches worldwide is created and competed. Depending on how these players perform in real matches, points are awarded. The user's goal is to select the best playing squad from among the teams competing on a given day to outperform the opposition. There are multiple platforms for fantasy cricket, with players coming up with new improvements and innovations to keep the game engaging and enticing. Such factors contribute to segment growth. 

On The Basis of Demographics

By demographics, the global market for fantasy sports is divided into Under 25 Years, 25 to 40 Years, and Above 40 Years. 25-40 Years was the highest contributor during the forecast period. The evolution of smart mobile devices and the blurring of the lines that separate gambling and gaming have accelerated the trend of fantasy sports amongst millennials. Furthermore, millennial demands easy-to-use interfaces and responsive and minimal friction interface. Moreover, they prefer alternative payment methods such as e-wallets or cryptocurrency. Therefore, engaged players in the industry are partnering with digital wallet service providers to enhance consumer experience and provide seamless transaction facilities to the players.

The Under 25 Years segment is the second largest. The below 25 years users are the highly multitasking audience that prefers quick pace-of-play sports, such as cricket, football, basketball, etc., rather than slow-paced sports such as baseball and golf. Furthermore, this age group is highly tech-savvy and collects information mainly through the internet. Furthermore, various social media platforms also provide tips and tricks regarding fantasy sports, which this particular generation enthusiastically follows.

On the Basis of Platforms

The global market for fantasy sports is categorized into websites and mobile applications. Mobile Application Platform Segment to Hold Prime Share Due To Widespread Adoption of Mobile Phones. Among these, the mobile application segment holds the dominant share and is expected to grow significantly during the forecast period..

Mobile applications have emerged as the frontrunner in the fantasy sports market. They offer several advantages that contribute to their popularity. Mobile apps tend to be 1.5 times faster than their website counterparts, ensuring swift and responsive user experiences. Moreover, they feature a wide range of customization options such as drag-and-drop functionality, pinch-to-zoom, tap, double-tap, and more, which enhance user-friendliness and overall satisfaction.

The website segment, while not as dominant as mobile applications, remains a substantial player in the fantasy sports market. Websites provide users with a user-friendly and interactive experience. Many platforms are now optimizing their websites for mobile devices, ensuring that targeted users can access content seamlessly and stay engaged for extended periods.

On the basis of Pricing Model

The Subscription segment is expected to witness growth due to the reliability and enhanced features it offers to users.Subscription-based fantasy sports platforms require users to pay a recurring fee at regular intervals, such as monthly or annually, to access premium features and content. The Subscription model often provides exclusive benefits, such as advanced analytics, expert advice, and ad-free experiences. It ensures a steady revenue stream for service providers and encourages user loyalty.

The Freemium segment is likely to continue growing as it caters to a wide user base and offers flexibility in monetization.Freemium, a combination of "free" and "premium," is a model that allows users to access basic fantasy sports services for free while offering premium, paid features or content. This model entices users with a free experience, gradually encouraging them to upgrade to the premium version for additional perks. Freemium models often generate revenue through in-app purchases, advertising, or premium subscriptions.

Recent Developments

• April 2024 -SportsMint, a cutting-edge blockchain-based fantasy sports platform that combines cutting-edge technology with skill-based gameplay, was first made public by Mr. Mint. The same day saw the beginning of its presale, which would greatly broaden the possibilities for this genre of entertainment.
• January 2024 - PrizePicks Arena, an exciting new peer-to-peer fantasy sports game, was introduced by PrizePicks, North America's leading daily fantasy sports operator. In the most recent PrizePicks competition, sports enthusiasts can measure their abilities against those of their peers. This competition enhances the current PrizePicks game and broadens the community's access to second-screen sports enjoyment.