Fantasy Sports Global Market 2024 - Assessing Industry Landscape, Future Trends, Segmentation, and Players

The fantasy sports market size has grown rapidly in recent years. It will grow from $25.43 billion in 2023 to $28.41 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to internet and mobile penetration, increased popularity of major sports leagues, social connectivity, growth of interactive and engaging platforms, cross-platform accessibility.

The fantasy sports market size is expected to see rapid growth in the next few years. It will grow to $47.02 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to emergence of new sports, enhanced user engagement features, gamification elements, legalization and regulation, integration with social media. Major trends in the forecast period include integration of augmented reality (AR) and virtual reality (VR), incorporation of blockchain technology, collaborations with sports leagues and teams, AI-driven recommendations, customization and personalization.

Market Overview -
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.

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Driving Growth In The Fantasy Sports Market Through Increased Demographic Participation
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. For instance, in November 2022, according to a report published by the European Commission, a Belgium-based commission that oversees and implements EU policies, as of January 1, 2021, the youth demographic, defined as individuals aged 15 to 29 years, constituted approximately 16.3% of the European Union's total population. Notably, certain NUTS level 3 regions stood out, with youth accounting for over a quarter of the total population. Specifically, the Danish capital region of Byen København led with 26.7%, followed by the student cities of Overig Groningen in the Netherlands at 25.4%, and Heidelberg, Stadtkreis in Germany at 25.1%. These regions showcased a significant concentration of young people within their populations. Thus, the increasing youth population propels the growth of the fantasy sports market.

Competitive Landscape -
Major companies operating in the fantasy sports market report are ESPN Inc., FanDuel Group, DraftKings Inc., CBS Sports, Dream Sports, PlayON Fantasy Sports, Mobile Premier League, PlayUp Limited, PrizePicks, RotoWire.com LLC, Bovada, FantasyPros, Good Gamer Corporation, Fantrax LLC, Sleeper, Boom Sports, Battlefy Inc., MyFantasyLeague.com, 11Wickets, Sofa Superstars, WinView Games, SportTechie, BalleBaazi, NFL Fantasy Football, Yahoo Fantasy Sports, NBC Sports Edge, Fox Sports Fantasy Football, Victiv, Draft Team Fantasy Sports, Sportito, Own The Play, FSM Fantasy Sports

Major companies operating in the fantasy sports market are developing innovative products, such as fantasy sports platforms, to meet larger customer bases, increase sales, and increase revenue. A fantasy sports platform is an online application or website that enables users to create and manage virtual sports teams composed of real-life players from professional sports leagues. For instance, in September 2023, Mojo, a US-based company that specializes in creating hypercasual games, launched a daily fantasy sports game. Mojo Fantasy stands out with its distinctive features in the fantasy sports gaming arena. The platform offers contests where users can participate by selecting combinations of at least four player-based props, adding an element of strategy to the game. A unique aspect is the real-time trading option, which allows users to trade specific bets while salaries continue to fluctuate throughout the contest, providing an interactive and dynamic gaming experience. Furthermore, Mojo enables competitors to build portfolios that directly compete during live matches, enhancing the engagement and competitiveness of the gaming environment. Notably, the startup adopts a revenue model by taking three to five percent of the buy-in on each contest, establishing a sustainable framework for its operations.

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Key Segments -
The fantasy sports market covered in this report is segmented -
1) By Sports Type: Football, Baseball, Basket Ball, Hockey, Cricket, Other Types
2) By Platform: Website, Mobile Application
3) By Usage Type: Free, Paid, Hybrid
4) By Application: Individual Competition, Team Competition

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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