Fantasy Sports Market: Introduction
- A fantasy sport, also called rotisserie sport or roto, is often played with the help of the internet on a computer or smartphone. A fantasy sport is an online game where participants gather virtually or in imaginary teams of real players of a professional sport. Virtual teams play based on the statistical performance of professional players in actual tournaments. This performance is transformed into points that are compiled and summed according to a roster selected by each fantasy team’s manager. The team manager’s key responsibilities include drafting, trading, and dropping of players.
Key Drivers of the Global Fantasy Sports Market
- Rising consumer spending on recreational activities and growth in urban population are driving the demand for fantasy sports across the world. Furthermore, young consumers prefer fantasy sports as an alternative to other online games. Technology advancement and rising consumer awareness in untapped markets is expected to boost the growth of the fantasy sports market in the near future.
- Disposable income of millennial population has increased significantly during recent years. Thus, consumers are willing to spend on multiple entertainment alternatives. Affordable subscriptions of mobile-apps and low cost of internet is shaping consumer attitude and preference for innovative recreational activities such as fantasy sports. Moreover, key companies engaged in the development of fantasy sport platforms are designing more user-friendly and easy to understand mobile applications at reasonable membership charges.
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Opportunity in the Global Fantasy Sports Market
- Transformations in internet infrastructure and rising government initiatives to support the digital economy is anticipated to offer significant opportunities to the fantasy sports market in the near future. This progress in digital infrastructure enables the availability of high speed internet to large consumers, helping in the adoption of fantasy sports. The option of playing the sport on a handheld device and at any given point irrespective of location and time has significantly helped user engagement around fantasy sports.
COVID-19 Pandemic to Offer Significant Opportunities in the Coming Years
- The Covid-19 pandemic has affected the overall sports industry largely and so also the fantasy sports market. Many sports tournaments on the national and global level have been postponed or cancelled due to social distancing requirements and worldwide lockdowns. As a result, the fantasy sports market is facing major challenges.