Reportlinker announces the release of the report “Fantasy Sports Global Market Report 2023”.
The global fantasy sports market grew from $25.44 billion in 2022 to $28.96 billion in 2023 at a compound annual growth rate (CAGR) of 13.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The fantasy sports market is expected to grow to $40.88 billion in 2027 at a CAGR of 9.0%.
The fantasy sports market includes revenues earned by entities by operating E-sports facilities.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Fantasy sports, often known as rotisserie sports or roto, are any of a variety of games that allow a player to play a virtual game or a virtual season of a league.These teams compete based on the statistical performance of those players in actual games.
In fantasy sports, a player earns points based on real-life statistics that are converted into fantasy points. The fans take on the roles of both general manager and field manager for their team, assembling a squad through a draft and deals and putting together lineups in desire of the highest statistical output.
North America was the largest region in the fantasy sports market in 2022.Asia-Pacific is expected to be the fastest region in the forecast period.
The regions covered in the fantasy sports market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of fantasy sports are football, baseball, basketball, hockey, cricket, and others.Fantasy football is an interactive game in which people battle as general managers of virtual clubs against one another.
Fantasy baseball is a game in which the participants serve as owners and general managers of virtual baseball teams of real Major League baseball players.Fantasy basketball is a game in which the players take the role of general managers of the fantasy teams they create from drafting actual National Basketball Association players based primarily on their basketball statistics.
Fantasy hockey is a game where players build a team that competes with other players who do the same, based on the statistics generated by professional hockey players or teams where the majority of fantasy hockey pools are based on the teams and players of the ice hockey National Hockey League.Fantasy Cricket is an online game based on a strategy where a player has to create a virtual team of real cricketers playing in real matches around the world and points are scored depending on how those players perform in real-life matches.
The different usage types include free, paid, and hybrid and is implemented in various platforms such as website, and mobile application. It is used in both individual and team competitions.
The increasing youth population is contributing to the growth of the fantasy sports market.The present youth spending more and more time on smartphones and, by extension, social media, and fantasy sports has provided them with the possibility to connect and have more enjoyable conversations and competitions with their peers.
According to the World Youth Report (2020), there were 1.2 billion young people aged 15 to 24 years, accounting for 16% of the global population. By 2030, the world’s young population is expected to increase by 7% to 1.3 billion. Thus, the increasing youth population propels the growth of the fantasy sports market.
Artificial intelligence is a key trend gaining popularity in the fantasy sports market as it can help a player to focus on the decisions that matter such as whom to start with and which players to trade.Artificial intelligence (AI) is the capacity of a computer or a robot operated by a computer to do activities that normally involve human intelligence and discernment.
Major players operating in the fantasy sports sector are focused on artificial intelligence technology to reduce the complexities in fantasy sports trading.For instance, in September 2020, IBM and ESPN introduced a new fantasy football app feature that uses IBM Watson’s artificial intelligence to generate fair transactions and keep players informed.
The feature develops on ESPN and IBM’s efforts to use artificial intelligence to make fantasy football more interesting (AI).
In January 2021, Bally’s Corporation, a US-based gambling company acquired Monkey Knife Fight (MKF) for an undisclosed amount.The acquisition makes Bally’s the third sports betting company in the USA to have a fantasy sports segment, and advances the company’s long-term growth and diversification strategy to become the first truly vertically integrated sports betting and iGaming company in the USA with a B2B2C business model.
Monkey Knife Fight (MKF) is a North America-based fantasy sports gaming website.
The countries covered in the fantasy sports market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The fantasy sports market research report is one of a series of new reports that provides fantasy sports market statistics, including fantasy sports industry global market size, regional shares, competitors with a fantasy sports market share, detailed fantasy sports market segments, market trends and opportunities, and any further data you may need to thrive in the fantasy sports industry. This fantasy sports market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.