With the proliferation of data users across the country, India is emerging as one of the leading online fantasy sports gaming platform throughout the world. The United States of America (USA) had the largest Fantasy Gaming market by user base, with industry reports attesting to daily fantasy sports contests in the US generating USD 2.91 billion in revenue and valuing the market at USD 7.22 billion as of 2017, until recently, when it was overtaken by India.
KPMG India in its July 2020 report, ‘Business of Fantasy Sports’ says number of users participating in online fantasy sports in India grew at a compounded annual growth rate of 212 per cent between June 2016 (2 million) and December 2019 (90 million). It says that venue of fantasy sports players grew from Rs 262 crores in Financial Year 18 (“FY’) to Rs 924 crores in FY19 and Rs 2,470 crores in FY20. Similarly, the Price Cooper India in its May 2019 Report, noted that the fantasy sports industry has the potential to generate an additional 5000+ direct and 7000+ indirect job in next 2-3 years.
The potential growth in the Indian markets has considerably enlarged the scope of fantasy sports games in India but with them comes several other intricate issues. The legality of fantasy gaming is one of such issues which opens up the Pandora’s Box for those platforms that provide online fantasy gaming services.
What are Fantasy Sports Games?
Fantasy sports games are games which involve…