Fantasy gaming platforms saw a surge in revenue during the 2023 Indian Premier League (IPL) season, according to a report by Redseer Strategy Consultants. The platforms raked in a gross revenue of INR 2,800 crore, a significant jump of 24% from INR 2,250 crore in 2022. The market has been growing at a compound annual growth rate (CAGR) of 30% since 2019.
The report also revealed that 61 million users participated on these platforms during the IPL season, with the top three platforms capturing a staggering 96% of the market share. The average revenue per user for the season was INR 458. Additionally, the influx of new users led to an 11% increase in cash users, who spent an average of INR 127 per match.
While the IPL remained the primary driver of revenue, the excitement spilled over to non-IPL sporting events, contributing to 13% of the total revenue. This highlights the growing popularity and engagement of fantasy gaming platforms beyond the cricketing realm.
The report estimated that a total of INR 10,000 crore was spent on advertisements during the IPL season, with 65% going to the Board of Control for Cricket in India (BCCI), franchises, and broadcasters as direct revenue. The remaining 35% of indirect revenue was earned through ad placements on social media platforms, traditional media, and other internet platforms.
One interesting trend noted in the report was the drop in size of the Mega Tables, which are the sum of all the highest prize pool tables in every match across the platforms. The size of these tables decreased by 30% during weekends due to multiple matches taking place on the same day. However, despite the decrease in size, the Mega Tables still contributed significantly to the revenue, accounting for 60% with a higher rake rate of 24%.
Overall, the findings of the report highlight the booming popularity and financial success of fantasy gaming platforms in tandem with the IPL. These platforms continue to attract millions of users and generate substantial revenue, with potential for further growth in the future.
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