The Rise of Fantasy Sports and Online Games
The online gaming market is booming with technology. Now, fantasy sports and online games are not only for entertainment purposes. Online games are platforms to show your skillset and use your knowledge to win exciting rewards. Since the launch of the first video game in 1950, the online game has never stopped growing.
Online Gaming Business Across the World
In the year 2020, the global gaming market was approximately $62 million. As per the statistics, the business will be worth $300 billion by 2026. Mobile gaming makes almost 50% of the share market and generates revenue worth $80 billion. Online gaming is the family of streamliners, developers, publishers, gaming arenas, coaches, and 2.5 billion users across the world.
The start-ups of online gaming have grown in India, in the last few years and attracted huge funding from both domestic and foreign investors of more than $ 1 million. The shares of gaming platforms are split between the US and China equally 24 % each, in the Asia-Pacific excluding China is 23%, Latin America has 4%, Canada has 2% and lastly, Europe, Africa, and the Middle East holds 23 % of shares.
Even after such huge success and a big user base, the Indian government online games is not considering the online game legal. In various states of India, playing fantasy sports is not allowed and is considered gambling. Pandemic has just doubled the growth of the online games and fantasy sports industry in India in terms of both fantasy sports app development & fantasy sports app platforms.
Government should look at online gaming with an open mind and understand it in-depth, instead of considering all online games, gambling. Government can target betting and gambling but should spare fantasy sports. However, fantasy sports can help the government to generate huge revenue and increase the economy of the country.
Types of Online Gaming
- Fantasy Sports
One of the most popular gaming platforms for sports fans. Online fantasy is completely different from other gaming styles. The user creates their team online of real players playing out there on the ground. The user’s performance completely depends on the player and real-life statistics of the game.
IPL is the most beloved format of Fantasy Sports in India. Along with playing the game, many users religiously follow the score and live matches on the . It is not a game of chance; you need skills and knowledge of the game to play and win rewards. “NITI Aayog” has released guidelines to play fantasy sports. Users can play fantasy sports for free and real money.
The fantasy sports industry is growing and the user base is increasing exponentially. Due to the involvement of money and few cases on the fantasy platform, the government considered it as a gambling platform and doesn’t consider it legal on the central level. The online fantasy platforms follow all the rules of the Advertising Standards Council of India.
The government has asked state governments to issue guidelines to play fantasy sports.
User base and Revenue
The revenue generated by fantasy sports in 2020 is Rs 2470 crore. 10 crore people play fantasy sports in India and almost 80 crore people watch the game.