New Delhi: A rising tech-savvy millennial inhabitants, elevated affiliation to sports activities, fast smartphone penetration and availability of low-cost cellular information will assist India’s fantasy sports activities market contact ₹1.65 lakh crore by FY2025 with a compound annual development fee (CAGR) of 38%, as per a report by trade physique Federation of Indian Fantasy Sports activities (FIFS) and Deloitte. The fantasy sports activities market presently stands at ₹34,000 crore.
Titled ‘Fantasy Sports activities: Making a Virtuous Cycle of Sports activities Improvement’, the report mentioned India is the world’s greatest fantasy sports activities market with a consumer base of over 13 crore folks.
In contrast to its world counterparts, the place fantasy sports activities customers are predominantly male, accounting for 67% of the full income generated, presently, it’s estimated that near 30% of the registered consumer base on fantasy sports activities platforms in India are girls, a quantity that’s anticipated to constantly rise within the subsequent few years.
The report additionally mentioned about ₹5,200 crore income has been generated from fantasy sports activities in FY21, which is prone to have additionally created an oblique income of roughly ₹5,500 crore by its distributors and repair suppliers.
It added that GST, earnings tax on winnings and company tax paid by fantasy sports activities operators has grown 10 instances over the previous three years to ₹1,450 crore in FY21. In accordance with the legislation, earnings tax on prize-winning cash from this fantasy sport is taxable at 30% excluding cess and surcharge.
The projected cumulative tax contribution by the trade is prone to develop to Rs. 24,300 crore by FY2025, as per the report.
Cricket, the dominant sports activities on fantasy sports activities platforms, might even see its share going to different sports activities resembling kabaddi, hockey, soccer and volleyball that are rising in reputation, however is predicted to proceed rising at 30% CAGR over the subsequent 4 years and stay the best contributor to the general income of the fantasy sports activities trade, the report mentioned.
Ladies’s cricket has additionally gained reputation with fantasy sports activities; the primary 12 matches of the 2020 ICC Ladies’s Twenty20 World Cup generated 4.1 crore viewing hours in India, a 213% enhance from 2018. Throughout Part 1 of the 2021 version of the Indian Premier League (IPL) alone, the fantasy sports activities trade consumer base in India grew by over 20 lakh.
Half the consumer transactions on fantasy sports activities platforms have been pushed by tier 2 and tier 3 cities, the report discovered.
“Fantasy sports activities is creating extremely expert jobs, attracting overseas direct funding (FDI) and producing important income for the exchequer,” mentioned FIFS chief govt officer Anwar Shirpurwala.
Prashanth Rao, associate at Deloitte India mentioned, on-line fantasy sports activities have, over the previous few years, witnessed unparalleled development and widespread acceptance among the many Indian sports activities followers.
Supply: Live Mint