Fantasy games enable participants to create their own virtual teams of real players in relation to a professional sport. These teams compete based on the statistical performance of players in actual games.
The rise in the potential accessible customer base contributes heavily to the growth of the global fantasy games market. Growing inclination of millennials towards fantasy games is the major factor that is driving the market growth. Many companies are taking this leverage by introducing new games and luring customers. For instance, Dream11, one of the India’s biggest fantasy games company, which values more than USD 1 billion, established a cricket application that permits users to connect with contests for all formats of international cricket and gain rewards on the basis of performance of actual players.
The company has currently nearly 80 million registered users. Such high statistics drive the market growth. Other elements include the rise in 5G infrastructure in developing & underdeveloped countries, increase in popularity of certain types of sports, rise in state-of-the-art internet infrastructure in major countries, and a continuous technical development in fantasy games platforms. Many non-industry players are keen on exploring the high potentials of the fantasy games market. For instance, on September 1, 2021, Facebook introduced Facebook Fantasy Games in the US and Canada. The addition of fantasy games will aid the company to boost the time users spend on its application. This will facilitate the market growth over the forecast period.
The global fantasy games market is separated based on product type, application, and region. The global market, based on product type, has been further classified into fantasy football, fantasy baseball, fantasy hocky, fantasy soccer, fantasy car racing, fantasy basketball, and others. The market based on application is bifurcated into private and commercial.
Geographically, the North American region is expected to dominate the global fantasy games market due to the rapid launches of fantasy games and fantasy sports application in the countries, such as US and Canada. Moreover, the European region is expected to grow a steady rate over the anticipated period owing to the increased awareness & adoption of fantasy games and high investment in internet infrastructure. Asia Pacific region is estimated to be the fastest growing region with credibility towards surging demand from developing countries such as India, Australia, and South-East Asia. On the other hand, the rising research and development preceded by awareness about fantasy game platforms boosts the growth of the fantasy games market in rest of the world.
The global fantasy games market constitutes several players that offer cutting-edge competition to each other. Chief players include DraftKings, FanDuel, Fantrax, Yahoo, CBS, ESPN, NFL Fantasy, MyFantasyLeague, Fox Sports Fantasy Football, Sportech, Bovada, and StarsDraft, among others. In April 2020, FanDuel Group and New York Liberty signed a partnership deal. Under the terms of the agreement, FanDuel became an official partner of the New York Liberty.