Scope of Fantasy Sports Industry in the Year 2023

Commencing from just 5,00,000 in 1988 to more than 56.8 million in Canada and USA alone, the count of fantasy sports users has grown tremendously in the past few years. Undoubtedly, fantasy sports is multi-million dollar and its entire ecosystem comprises aspects such as online playing, sponsorships, draft parties, merchandise, actual game tickets, brand marketing , etc. The biggest and most powerful influencers are the fantasy sports players who elevate the popularity of the real games counterparts. Backed by the on-going advancements in technologies, the fantasy sports industry is witnessed as one of the significant catalysts that can contribute in transforming the casual sports fans into the enthusiastic players. The popularity of fantasy sports is increasing tremendously and spinning the adrenaline rush of the fantasy sports fans. As per the prediction by analysts, the market of global fantasy sports is expected to grow at a CAGR of nearly 12% till 2022.

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Overview of Fantasy Sports Market

In the initial years, the industry of professional leagues used to stay quite conservative for fantasy sports activities. But in recent years, the view of industry has become more accepting and liberal. Previously, the advent of DFS leagues were dismissed by legal authorities as they felt that players get exploited in the form of assets through such activities. However, due to acceptance by the large populace, the way for different daily fantasy and pro league partnerships has been made by the professional leagues. The market size of fantasy sports is expected to reach beyond $1.5 billion by year 2024 as it’s CAGR growth rduring 2018-2024 is more than 11%.

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Factors that can Contribute in Enhancing Growth of Fantasy Sports Market

Growing Marketing and Advertising Spend

There is a significant spend on advertising and marketing methodologies for fantasy sports industries which is ultimately contributing towards the enhancement of the fantasy sports industry. The crucial announcements such as lifting up of ban on fantasy sports ads by Google in certain states of the US also boost up the advertising campaigns of fantasy sports. The growing advertising and marketing campaigns lead to more popularity of this lucrative industry and drive more count of audience towards it.

Increasing count of sports events worldwide contributes to the growth of the fantasy sports industry significantly.

Urge of Participation

The urge of participation rather than just watching the sports events has hiked the bar of fantasy sports market significantly. Nowadays people are more keen towards participating in a sport, showcase their gaming skills and getting rewarded for it. But it is practically not possible for them to get into the gaming arena of real sports thus to bring their fantasy into reality, fantasy sports has proven to be a one-stop solution. Thus, the urge of participation of fantasy sports enthusiasts brings greater engagement.

Technological Advancements & Availability of Trusted Streaming Partners

Various technological advancements have led to the enhanced count of audiences for fantasy sports. Development of ultra-modern fantasy sports platforms make it quite convenient for the players to take part in fantasy sports contests. Multiple state-of-the-art features such as achievement badges, loyalty programs, etc bring more engagement to the people. Availability of various reliable streaming partners also contribute to enhancing the popularity of fantasy sports.

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Fantasy Sports Market Segmentation

The segmentation of fantasy sports market by sports is as follow:-

The increasing popularity of Football globally proves to be a major cause for its highest share in the fantasy sports market segment. In 2018, this segment captured nearly half of the market in 2018. Higher fan engagement also contributes in driving the market segment of fantasy Football. Strategic partnerships and supporting products launch across the fantasy platforms are the major contributors in raising standards and enhancement of fantasy Basketball across different countries.

By Gender

As per gender, fantasy sports market can be segmented as:-

Men have always been more receptive towards sports and games thus the male segment always accounts for major share market of fantasy sports. However the female segment is also growing rapidly and the major reason for it is the increasing awareness about the fantasy sports and launch of women-centric sports.

Increasing tech-savvy clients and affinity towards the fantasy sports businesses has lead to increased growth of industry in North America. The legalization of DFS format in several states of US including Indiana, New York, Vermont, Maryland, Arkansas, Virginia, etc will boost up the industry growth in forecast period. The factors such as ease in regulation, technological advancements and strategic partnerships will contribute in enhancing the market value of fantasy sports in the US. The higher inclination of people towards the different categories of sports is driving the fantasy sports market of Europe. The market of fantasy sports in Japan, India, Indonesia, China and South Korea are witnessing great surge in the demands because of higher engagements of millennials, more count of sports events and growing digitization in the developing countries. Reasonable opportunities are offered for the vendors by the Latin American fantasy sports market. Vendors have opted different strategies of marketing to develop the online platforms for catering the region’s untapped audience that will lead to noticeable growth of market in the upcoming year of 2023.

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Expected Queries of Fantasy Sports Businesses in 2023

What is the expected revenue of the fantasy sports market in the upcoming years?

The revenue of the fantasy sports market is expected to reach nearly 32078 million USD in the year 2025.

What is the possible rate of growth of the fantasy sports industry in the upcoming time?

The revenue of the fantasy sports market was nearly 15680 million USD in the year 2019 and is expected to grow at 12.67% CAGR in the year 2021-2025 & reach nearly 32078 million USD in the year 2025.

Has the fantasy sports industry witnessed growth or declination in the past 5 years in the US?

The size of fantasy sports has grown on average 2.4% per year in the US between 2015-2020.

What is the comparison between the fantasy sports industry and other industries in terms of growth?

The fantasy sports industry has grown exponentially and its market size has also increased significantly as compared to the other industries and has also witnessed multiple technological advancements and partnerships.

What is the biggest growth opportunity in the fantasy sports industry?

The count of online services perfectly depicts the increasing usages of the Internet by businesses and consumers for the services that used to get paid in physical form. Thus the rise of Internet penetration and migration of consumers to online sources signify a revenue uptick of the fantasy sports industry as the online gaming activities will become more popular.

Which factors can affect the growth of the fantasy sports industry?

The factors that can affect the growth of the fantasy sports industry are the growing count of mobile users, legalizations and fantasy sports software development companies.

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How to Accelerate the Growth Rate of your Fantasy Sports Business?

Stay Updated with Industry Trends

The fantasy sports businesses must keep themselves updated with the trends of the fantasy sports industry in order to ensure that they cover all the state of the art features in their platform.

Choose a Suitable Geographic Location of Operation

Before proceeding towards further steps of fantasy sports businesses, one must opt for a suitable geographic location of operation where there is possibility of great count of interested audience.

Understand your Target Audience

Having a deep understanding of the target audience is one of the most crucial factors for accelerating the growth of fantasy sports businesses. You must analyse the exact requirements of your users so that you inculcate all the on-demand and trending features in the software.

Integrate Multiple Major Sports in Platform

The fantasy sports platform must be integrated with all the major popular sports so that all the audience with different sports interests can get covered.

Opt for a Reliable Fantasy Sports Software Provider

You must opt for a reliable and renowned fantasy sports software provider so that you can get a feature-rich and ultra-modern fantasy sports software for engaging more users towards it.

Pay Deep Consideration to Marketing and Promotional Strategies

Along with the development of fantasy sports software, you must also pay deep consideration to the marketing and promotional strategies for establishing your brand presence.

Go for Fantasy Sports Mobile App Development

Witnessing the current scenario of mobile users, the businesses must consider getting a fantasy sports mobile application for attracting more users towards their platform.

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How to Choose a Reliable Fantasy Sports Software Development Company?

The global market of the fantasy sports market is getting transformed from consolidated to being fragmented and thus the vendors are witnessing an array of opportunities for capitalizing upon. Vendors are also keeping their focus for maintaining the basic fan requirements including interactive user interface, security, fantasy insights, technological leverages and transparency. Further, they are also looking for expansion in new countries and the regions as per the growth of demand and they are also making a try to utilise the digital content creation that is fan-centric for capitalizing upon the rapidly growing fantasy sports market. For choosing a reliable fantasy sports software vendor, you must consider following aspects:-

Research for Reliable Companies

You must choose a reliable and dependable company that can serve you with the best possible fantasy sports software solutions within the specified time frame.

Opt for a Team of Technically Sound Professionals

Opting for a team of technically sound professionals can ensure you for getting a well-functioning and feature-rich fantasy sports platform.

Count on Fantasy Sports Industry Experts

You must consider a team of fantasy sports professionals who are well-versed with the on-going trends of the fantasy sports industry and are capable of integrating state-of-the-art features in the platform.

Collaboration with Reliable Third-Party Providers

The fantasy sports businesses must count on the companies that are collaborating with the reliable and renowned third-party providers of data feeds, payment gateways, etc.

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Which are the Different Non-Sports Categories in Fantasy Sports?

Some of the popular non-sports categories in the fantasy sports include :-

and many more

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Which are the Major Requisite Features that must be Integrated in a Fantasy Sports Software?

Leaderboards

Integration of state-of-the-art leaderboard in the fantasy sports software helps in perfectly depicting the winning outcomes of the players at various gaming levels.

Exciting Game Types

The fantasy sports software must cover all the major exciting game types for enticing major count of users.

Multiple Draft Types

Various draft types such as auction draft, offline draft, etc must be covered in the fantasy sports software.

Best Data Feeds

The platform must be integrated with the best data feeds provided by the reliable data feed providers.

Live Field View

The feature of live field view enables the users to get the perfect view of the fantasy sports gaming arena.

Live Score Updates

Live scores updates help the fantasy sports players in having a perfect and profitable gameplay.

Robust Payment Gateways

Integration of safe and multiple payment options is one of the most crucial feature of fantasy sports software.

Mobile Responsive

The fantasy sports software must be mobile responsive for the convenience of the various mobile users.

Analytics Dashboard

A comprehensive analytics dashboard is a necessary feature of the fantasy sports platform.

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GammaStack : One-Stop Destination for a Feature-Rich Fantasy Sports Software

All the aforementioned features are perfectly covered in the fantasy sports platform developed by GammaStack. We offer a feature-rich and futuristic fantasy sports software that is integrated with all the requisite features that can be customized completely as per the requirements of clients. Backed by a team of innovative and tech-savvy designers and developers, we are capable of offering you a feature-wrapped and state-of-the-art fantasy sports platform. We aim at serving our valuable clients with best possible solutions without burning holes in their pockets thus we follow zero revenue share policy that distinguishes us from other competitors of the industry.

FAQs

Which are the popular game formats of fantasy sports?

Popular fantasy sports game formats include daily, weekly and season-long.

Which are the popular non-sports categories in fantasy sports?

Popular non-sports categories in fantasy sports include esports, politics, reality TV, celebrity leagues, etc.

Which are the necessary features in fantasy sports software?

Some of the necessary features in a fantasy sports software include:

Leaderboards
Multiple Draft Types
Live Field View
Different Game Types
Referral Bonuses
etc

Which are the different fantasy sports draft types?

Different fantasy sports draft types include auction draft, offline draft, salary caps, live draft, pick’ems, auto draft, etc.

Which is the best fantasy sports software provider?

GammaStack is one of the most renowned fantasy sports software provider which offers advanced fantasy sports platform integrated with all the necessary and ultra-modern features.