The Growth of Fantasy Sports and the Growth of Online Fantasy Leagues and Betting
Fantasy sports provide fans with an engaging way to get even deeper involved with their favourite games, enabling them to compete against each other for real cash prizes! Online fantasy leagues have seen tremendous growth over time – their rapid development a key driver of industry expansion.
Popularity of fantasy sports games stems from an interest in deeper engagement, the opportunity to showcase skills and strategies, and feeling part of an immersive game environment. DraftKings and FanDuel dominate North American markets while other players have established themselves quickly around the globe.
Fantasy leagues provide more than just an entertaining way to dive deeper into sports – they also serve as an effective marketing strategy for companies. Playable on various devices from desktop computers to smartphones, fantasy leagues are becoming an increasingly popular way for more and more people to join the fantasy sports fun worldwide.
As such, the global Fantasy sports market is projected to reach over $18 billion by 2024 – which represents impressive growth despite still being considered gambling in some states. Recent debate about FanDuel and DraftKings practices may lead to greater government oversight or even bans of their games altogether.
Grand View Research’s report indicates that fantasy sports industry will experience significant growth over the forecast period. They identified several drivers which will accelerate this development. Chief among them: mobile devices’ increased adoption will make fantasy sports easier to access and play; this is especially evident in developing markets like India and China where mobile data consumption is on the rise.
The report also highlights the rise in fantasy sports apps available, which enable users to easily create and manage teams across various sports. They are user-friendly and available both on iOS and Android platforms for convenience, providing players with various features designed to personalize their gaming experience.
One factor driving the growth of fantasy sports market is increasing interest in team sporting events. Team sports events are projected to account for the highest revenue share within global Fantasy Sports Market due to their immense popularity worldwide – this can be seen through events like FIFA World Cup or other major team sport competitions worldwide.
Finally, the report notes millennials’ growing fascination with fantasy sports games. This demographic group represents the primary target market for fantasy sports companies as ardent sports fans with strong desires for gaming are more likely to afford these types of fantasy sports games and thus take an interest in them due to the lucrative prizes provided.
