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The fantasy sports market is expected to grow at approximately 14% during the period 2020−2026, according to a new report.
Key Report Highlights:
* Global fantasy sports market expected to witness an absolute growth of around 120% between 2020 to 2026 with an incremental growth of over $1 billion.
* The growing demand for improving online gaming infrastructure and the rise in application-based user experience is expected to boost the fantasy cricket market, which is expected to grow at a CAGR of over 13% during the forecast period.
* Owing to the popularity of the sport in the biggest fantasy sports market in the world, American football has been able to draw a significant audience. North America is expected to record an incremental revenue of around $539 million during 2020-2026 in the football fantasy sports segment.
* The female segment in global fantasy sports is expected to reach $737 million by 2026 due to the rising awareness about fantasy sports among female through social networking websites.
* Application-based fantasy sports market has a large customer base with rise in use of smartphones, where the segment is expected witness an incremental revenue of $729 million between 2020 to 2026, growing at a CAGR of around 14%.
Fantasy Sports Market - Dynamics
The rising number of sports events across the world is creating high opportunities for fantasy sports. It is encouraging the maximum participation of fantasy sports players.
However, due to the outbreak of the COVID-19 pandemic, various sports events were either canceled or postponed, which had a negative impact on the fantasy sports market.
Since the beginning of 2021, some restrictions and regulations were relaxed for conducting sports events. However, the presence of a physical audience at live sports events is still regulated but has created an opportunity for fantasy sports, as people sitting in their places can play fantasy sports as well as enjoy the real game.
In addition, sports events today have a global reach as traveling has become much affordable. Earlier, tickets for sports events were largely sold in the domestic market but as interest is growing and tickets have become affordable, people have started taking part in fantasy sports to enhance their sports experience.
Fantasy Sports Market - Geography
North America is a key region for the global fantasy sports market owing to the high popularity of various sports there. Ever since the inception of fantasy sports in the region, several vendors such as ESPN, Yahoo, FanDuel and DraftKings, among others, have launched their wide range of fantasy sports offerings.
The region is home to more than 60 million fantasy sports players today and is a highly promising market for the vendors to target.
The region has undergone several transitions regarding regulatory restrictions related to the fantasy sports business. With the demand for betting rising in recent years, regulatory authorities have taken stern steps to prevent the same from penetrating restricted areas.
The thin line of difference between fantasy sports and betting is differentiated as a game of skill versus a game of chance; this topic is a highly debatable one.
Previously in markets:
* Global Chewing Gum Market On Fire.
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