Cricket-crazy Indians not only helped the broadcasters of the money-spinner Indian Premier League set multiple records this season while TV ratings jumped, but millions also bet their money on fantasy apps that saw robust revenue growth.
According to Redseer’s analysis, the IPL season generated a gross gaming revenue of approximately Rs 2,800 crore, with a staggering 61 million users participating in fantasy gaming. This represents a 24% increase from the previous year’s revenue of Rs 2,250 crore, and the market has experienced a compound annual growth rate (CAGR) of 30% since IPL 2019.
IPL is the most awaited sporting event, with fans across the country cheering for their favourite teams to take the coveted trophy home. The rush of live matches isn’t enough for the millions, so they take it to the fantasy league – a virtual game where the participants can create their own teams based on real-life players and virtual currency,” Redseer said in a report.
The analysis reveals that the IPL 2023 attracted a substantial number of new users, with 35% of them playing on fantasy gaming platforms for the first time. This influx of new users led to an 11% increase in cash users during the season, with an average spend of approximately Rs 127 per match per user.
The analysis reveals that the IPL 2023 attracted a substantial number of new users, with 35% of them playing on fantasy gaming platforms for the first time. This influx of new users led to an 11% increase in cash users during the season, with an average spend of approximately Rs 127 per match per user.
The top 3 platforms captured approximately 96% of the market share during the IPL 2023, and had an average revenue of Rs 458 per user for the season. The excitement of IPL also trickled into non-IPL sporting events during the season, contributing to ~13% of the revenue,” said Ujjwal Chaudhry, partner at Redseer.
