Fantasy Sports Market: Current Analysis and Forecast (2024-2032)

The global market of fantasy sports is a quickly developing segment where people use Internet-based services to create virtual teams with real-life players to compete based on real games. The drivers creating the potential for this market are the expanding consumption of Smartphones & internet facilities, zeal for sports, technological integration of Artificial Intelligence & data analytics for improved efficiency in user experience, and M&A by league sports with the facility providing Fantasy Sports platforms. The sense of sports consumption has increased over the years, along with the ability for promotion through social media platforms also plays a big role in growing the market.

The Fantasy Sports market is set to show a growth rate of about 14.13%. This is due to the increased internet and smartphone penetration. Also, increasing R&D, investment, product advancements, and collaborations in this industry drive the Fantasy Sports market. For instance, in March 2023, DraftKings Inc. announced intentions to establish its famed online sportsbook in Massachusetts, pending licensing and regulatory permission. Boston-based DraftKings will open its online sportsbook in Massachusetts, making it the 21st state in the nation. DraftKings will provide Massachusetts consumers with access to a variety of bet options, including same-game combinations, player accessories, unique odds, boosting selections, and more, as well as appealing and exclusive incentives.

Based on sports type, the market is segmented into football, baseball, basketball, hockey, cricket, and others. Among the categories, the most significant market share is dominated by the football category as the fans of the sport are located across the world and the matches are regularly held offering plenty of engagement opportunities. Companies and brands that are associated with football leagues like the NFL, EPL, La Liga, and UEFA Champions League get millions of people interested in joining the fantasy platforms to flex muscles and play according to match analytics. Includes superior formats, individual player statistics, and high media visibility in addition to user participation, making football the foundation of growth and monetization for fantasy sports.

Based on the platform, the market is bifurcated into website and mobile applications. Among these, the mobile application category is the largest contributor to the fantasy sports industry. This is mainly due to easy-to-use interfaces, real-time match tracking, and live updates that have made mobile applications the preferred choice for fantasy sports. Rising smartphone ownership, accessible data tariffs, and the development of such features as AI improve initiate rates and thus, the number of consumers, particularly in developing countries.

Based on the demographics, the market is segmented into under 25 Years, 25 to 40 Years, and above 40 Years. Among these, the 25 to 40 Years category is the largest contributor to the fantasy sports industry because they are technologically inclined, have money to spend, and are sports enthusiasts. This demographic enjoys tactics, rivalry, and social relations that fantasy sports provide. Marketing captive in social networks, their constant participation in online leagues increases market growth, the use of targeted marketing, and gamification, accustomed to the preferences of the league.

For a better understanding of the market adoption of fantasy sports, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Among these, the North American market for fantasy sports has become the largest globally due to the availability of high internet connection, improved sports attitude, and strong techniques. A large and highly active population of players is situated in North America where many of them participate in the companies with the focus on platforms for football (NFL), basketball (NBA), baseball (MLB), and hockey (NHL). Continued legalization of the use of technology in sports betting in different states has extended market expansion, investment, and new products. Bonds with professional leagues, increased usage of mobile applications, and growing interest in Fantasy Sports have led North America to become the most dominant market in fantasy sports.

Some major players running in the market include Dream Sports Group; Quadronica; Flutter Entertainment; Rotoworld (NBC Sports); FantasyPros; DraftKings Inc.; Fantrax; NFL Enterprises LLC; CBS Interactive (Paramount Streaming); Low 6 Limited.