Juxtaposed against this is the evolving nature of the sports fan in India. Today, the fan has evolved into being far more engaged and from a consumer of sporting content has become an active participant via fantasy sports platforms. The Indian sports fan now has her skin in the game and hence is engaged with and a part of the sport much beyond watching matches. The vigour sports enthusiasts hold to participate in online fantasy sports with a winning spirit has also pushed them to sharpen their knowledge on different sports, to be able to participate on a wider scale. This has led to deeper active engagement which, according to studies, has led to 60 percent of fantasy sports users viewing more sports than before. This is also why leagues and events are finding fantasy sports platforms as the right partners to grow their engagement with fans.
With this evolving ecosystem and fan base, this sector continues to grow vigorously. According to a PwC report, it is estimated to contribute revenue of ₹13,500 crore to the exchequer in three successive financial years. Further, the industry has attracted over ₹10,000 crore in FDI so far and is estimated to attract ₹15,000 crore in the next three years, adding significant value to the economy.
Beyond its contributions to the economy, the fantasy sports sector has also created a myriad of job opportunities for certain skilled sectors in India, ranging from software engineers and data scientists, to developers and cyber security professionals. It also welcomes the services of creative talent such as graphic and motion designers, and creative content writers. The industry is set to create up to 10,000-15,000 direct job opportunities for such skilled workers. It clearly serves as an effective tool for cognitive development and nurturing young, enthusiastic professionals.
Despite several hurdles that the fantasy sports sector has overcome, it continues to be under legal scrutiny in many states, where it is misinterpreted and associated with activities such as gambling, betting, and labelled as a harbinger of addiction. The Madras High Court has dismissed this claim given no data or research backing the claims. Many fail to comprehend that since fantasy sports are based on games in real time, they cannot be played in the absence of live sporting events. Given the industry’s tremendous growth so far as well as what it is set to attain, it is imperative to identify fantasy sports as a distinct and independent category. Garnering steady policy support would not only bolster this sunshine segment of the Indian startup sector, but also expand the sports ecosystem as a whole. The government appointing a new task force for the AVGC (animation, visual effects, gaming and comics) sector in the latest Budget paves the way for further upskilling and career opportunities for the youth.
To conclude, the need of the hour is a combination of accurate regulatory policies, rational GST valuation, to help the fantasy sports industry flourish and thrive to serve the growing socioeconomic ecosystem of service providers, fans and sports at large.
First Published: Jun 15, 2022, 11:43
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