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Fantasy Sports

Fantasy Sports Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)

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Fantasy Sports Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

 

Reportlinker.com announces the release of the report “Fantasy Sports Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)”

Key Highlights
In recent years, the introduction of multiple sports leagues in badminton, soccer, football (rugby), basketball, and volleyball has driven a shift in sporting culture. Technology advancements, increasing smartphone and internet penetration, have accelerated the growth of sports in various countries. An enthusiastic fan base has emerged, with an increasing number of people participating in, discussing, and competing in these sports, which has changed the way fans engage in sports, fueling the growth of fantasy sports.
Sports Tech is expected to create opportunities for highly skilled software engineers, data scientists, and cyber security professionals. It will likely increase sports viewership, sponsorships, and participation, directly impacting sports development. Hence, sports fan engagement platforms, such as Fantasy Sports, are altering how fans interact with live sporting events.
Several software and platforms are introduced in the market to help the users customize and analyze their players, allowing them to choose the right players for their draft based on data. For instance, according to The Analyst, in June 2022, the Stats Perform group introduced their new and improved NBA Draft Model, which helps the users/franchises to plan and choose their players based on a performance slider. These sliders represent different on-field actions and stats of a professional athlete, giving an overall DRIP rating and helping users make the appropriate choice. Some sliders include boxes, passes, shooting, post-ups, attacking, etc.
One of the major market drivers for online sports gambling and fantasy sports is the convenience offered when compared to other channels, particularly when the betting is conducted through a connected mobile device such as a smartphone. Bets are placed through computers, smartphones, and other connected devices through the internet. With the increase in the proportion of bettors who place a bet using mobile internet, there are increasing growth opportunities for the market.
Further, increased internet penetration and usage of low-cost smartphones among the urban and rural populations, and realization of monetization through revenue streams, like in-app purchases, pay-per-download, and subscription services, by gamers, and in-app advertisements, incentive-based advertisements, etc., by the ecosystem, have been driving the growth of fantasy sports market.
As fantasy sports are similar to sports betting, they can position themselves as an important and legal alternative to sports betting in the future. However, the fairness and legality of fantasy sports and the secure nature of transactions are known only to fewer people, suggesting that further awareness and education should be required to familiarize people with these core aspects of fantasy sports.
Even though COVID-19 caused problems for some fantasy leagues, these leagues have remained active despite the shortened professional seasons starting in 2021. Despite the pandemic’s setback, the long-term prospects for fantasy sports are anticipated to stay positive. The market has seen a major influx of new participants and well-funded new startups due to renewed interest brought on by the legalization of “sports betting”in the United States. People’s obsession with fantasy sports is a major factor in the industry’s expansion. According to Sensor Tower, ESPN fantasy sports had 60,000 downloads and made USD 30,000 in revenue during July 2020. ?

Key Market Trends

Fantasy Soccer to Hold a Major Share

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Fantasy football or soccer is the most popular, just like the real game, with thousands of leagues to compete in. According to FIFA, football, or soccer as it is more often known in the United States, has over 5 billion fans worldwide. Some major football leagues include Premier League, La Liga, the Bundesliga, MLS, Serie A, Ligue 1, etc.
Fantasy soccer has various equivalent formats played worldwide with over nine million participants. Entrepreneurs are offering these sports platforms from multiple locations to appease the growing demand from fans for virtual versions of their preferred sports.
The fantasy football leagues (for soccer) often replicate the official leagues in various jurisdictions, such as Fantasy Premier League, Fantasy La Liga, Bundesliga, Serie A, etc. However, players can also build customized leagues with several possibilities.
Various leagues have partnered with fantasy sports platforms to engage fans better and increase their fan base. For instance, in March 2022, MLS announced a multi-year partnership with Sorareto to launch non-fungible tokens (NFTs) for all MLS clubs and players that can be collected and used by the platform’s 1.5 million users across 184 countries in its blockchain-based fantasy game. Major League Soccer (MLS) created a new emerging venture team focused on three areas, increasing the league’s fan base, driving revenue, and bringing in new and emerging technologies to be utilized by the league and its 28 clubs.
Moreover, prominent market players such as DraftKings, FanDuel, etc., are generating revenues significantly from fantasy soccer platforms. For instance, according to Pennsylvania Gaming Control Board, In February 2021, DraftKings accounted for the highest share of adjusted revenue from fantasy sports in Pennsylvania, amounting to approximately USD 1,1170.03 thousand. In comparison, FanDuel’s fantasy sports revenue reached roughly USD 743 thousand.

North America to Hold a Significant Market Share

North America presently holds a prominent position in the football (rugby) fantasy sports market. In the future, it will account for notable expansion due to economic growth, the increasing demand for football (rugby), a growing number of internet-accessible tools, and sports sponsorships, partnerships, acquisitions, and innovations.
For instance, in February 2021, To expand current daily fantasy sports (DFS) and content partnership to Canada, the National Football League (NFL) and DraftKings Inc., a pioneer in the digital sports entertainment and gaming industry and for its daily fantasy sports and mobile sports betting apps, have made a partnership. The two organizations’ connection has been strengthened by the announcement of an expanded agreement, which will also improve the DFS user experience in Canada as the NFL season moves closer to the Super Bowl.
American football (rugby) has a much more significant player base than other fantasy sports like fantasy baseball, basketball, or ice hockey in the US. Since the NFL accepted the concept of fantasy leagues considerable percentage of all fantasy league players nationwide currently participate in fantasy football (rugby). For decades, all fantasy leagues were unofficial and had no connection to the NFL. DraftKings became the league’s first official daily fantasy partner in 2019. Through the agreements, the operators will have access to official game information and content and a presence on NFL.com and the official NFL app.
Fantasy football (rugby) and fantasy gridiron football are the two most prominent fantasy sports in the United States. Due to rising interest in football leagues like the Greater Oakland Professional Pigskin Prognosticators League (GOPPPL), National Football League (NFL), and American Football League, football (rugby) alone commands the largest portion of the fantasy sports market.
Canada has a significant gaming industry. Canada’s gaming industry is diverse, from online gambling to fantasy football and multiplayer first-person shooter games. The expansion of the Canadian fantasy gaming market has been driven by several key factors such as technological innovations, consumer preferences for new products, shifts in public perception, and innovation. This has further translated into interest from international companies wanting to make a strong foothold in Canada.
The region is witnessed various acquisitions for increasing performance metrics. For instance, in December 2021, A daily fantasy sports business called Betcha Sports, which blends gaming with social networking elements, was acquired by Vivid Seats for USD 25 million in Vivid Seat stock.

Competitive Landscape

The Fantasy Sports Market is fragmented, and the companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. However, with technological advancements and product innovations, mid-size to smaller companies are growing their market presence by securing new contracts and tapping new markets.

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April 2022 – DraftKings and the Mashantucket Pequot Tribal Nation announced that they have agreed to a deal to expand their relationship and pave the way to offering the DraftKings online and retail sports betting experience in Puerto Rico, subject to applicable licenses and regulatory approvals being obtained. The DraftKings retail sportsbook will be located inside the Foxwoods El San Juan Casino and is expected to open in the coming weeks, pending receipt of applicable licenses and regulatory approvals. Once complete, the space will feature a massive video wall, bar and dining services, two over-the-counter ticket windows, and six betting kiosks.
December 2021 – Flutter Entertainment plc announced the acquisition of Sisal, Italy’s prominent online gaming operator, from CVC Capital Partners Fund VI for a consideration of EUR 1.913 billion / GBP 1.62 billion. The acquisition fully aligns with the Group’s strategy of investing in building leadership positions in regulated markets globally.

Fantasy Sports

RotoUnderworld Closes $1.5 Million in Pre-Seed Round to Transform Fantasy Sports & iGaming with FastDraft Mobile Platform

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RotoUnderworld Closes $1.5 Million in Pre-Seed Round to Transform Fantasy Sports & iGaming with FastDraft Mobile Platform

 

RotoUnderworld, a technology company that analyzes statistical data for fantasy sports, announced that it has raised $1.5 million in a pre-seed funding round to build the next-generation fantasy gaming platform. The round was led by iGaming mavens and technology investors recognizing the company’s hyperactive user base and mobile development capabilities.

RotoUnderworld’s new FastDraft app is revolutionizing the iGaming sector with high-engagement fantasy contests that appeal to both low and high-volume customers. By reducing draft times, simplifying the user experience, and providing more actionable in-game data, FastDraft is accessible to a wider audience of sports fans and fantasy enthusiasts.

“RotoUnderworld is on a mission to bring knowledge and joy to sports. Soon after our sports data business ramped up, we were inundated by fantasy sports consumers eager for more mobile fantasy gaming options, especially in the rapidly growing best ball vertical. We listened and delivered,” said Matthew Kelley, founder of RotoUnderworld and gameplay architect of FastDraft.

“Our drafts finish in under 5 minutes, which is 10 times faster than traditional best ball formats. By simplifying the scoring and reducing the time to draft, FastDraft appeals to over 50 million fantasy gamers worldwide who love drafting but often feel overwhelmed by the complexity, competition and time commitment. FastDraft’s streamlined format makes it easy to engage with the app and significantly increases user spend per session,” said Kelley.

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After acquiring more than 1000 new FastDraft users in the first month, the company is preparing a seed funding round to scale the platform, introduce new contest formats and promote the brand to the millions of fantasy gamers worldwide eager to start drafting faster.

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Fantasy Sports

WagerWire Launches Buying and Selling of Fantasy Entries in App

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WagerWire, a sports gaming marketplace technology company serving sportsbooks and fantasy operators, announced that buying and selling is now live in their app, available in the iOS and Google Play stores. This marks the first time that fantasy players can legally buy and sell daily fantasy Pick’em entries with the tap of a button.

WagerWire users are now able to buy and sell RealTime Fantasy Sports entries on the app, with more fantasy operators to be added for trading soon. WagerWire announced their integration with RealTime Fantasy in January 2024, allowing users to sell their Pick’em lineups while in progress, including during the actual game, directly on the RTFS platform. During the NFL playoffs, the marketplace saw 12% of all DFS Pick’em lineups sell on the secondary market.

“This is a paradigm shifting moment for fantasy. This launch represents a way to bring more ownership and control over their entries. For the first time, there is a way to cash in on your lineups even if they go on to lose – by selling it to a friend or on the open market. The excitement is palpable,” said WagerWire Co-Founder and CEO Zach Doctor.

The newly launched fantasy marketplace is the latest addition to the growing technology portfolio of WagerWire’s parent company Wire Industries Inc. Their app already hosts an array of marketplace tools for both sports betting and fantasy including stat tracking, account syncing, bet value graph builders and calculator, and social features that allow users to follow how their friends, influencers, or sharps are playing.

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“I’ve been playing fantasy for years, but being able to sell my DFS lineups is game-changing. I’m also loving being able to buy and sell in-game and see the progress of my picks with live price suggestions. The RT marketplace in the WagerWire app takes an already great and easy-to-use experience to the next level,” said Braiden Payne, RealTime Fantasy Sports veteran user.

WagerWire was recently shortlisted for two awards at SBC North America – Rising Star of the Year and Affiliate of the Year, in addition to EGR’s Rising Star of the Year and Hashtag Sport’s Best X Presence award.

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Fantasy Sports

Canton Welcomes the Return of the Country’s Largest Fantasy Football Expo to Hall of Fame Village in August

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Hall of Fame Village announced that the largest Fantasy Football Expo in the country will be making a comeback, and looks to bring thousands to Canton. Fantasy Football Expo 2024 will be hosted on the Hall of Fame Village campus at the Center for Performance from August 9 to 11, 2024. This event, in its 5th year, takes place for a second time at the Village and brings together passionate fantasy football fans and top experts from around the country for 3 days of ultimate fantasy football fun.

Fantasy Football Expo 2024 has 3 days of experiences planned, uniting enthusiastic fans and leading experts nationwide. The weekend includes a blend of fantasy drafts, networking opportunities, and expert insights, bringing together seasoned veterans and newcomers to experience all things “fantasy football” under one roof.

“Hosting the Fantasy Football Expo 2024 fits perfectly within our Company’s model of bringing sports and entertainment together, especially with fantasy and the virtual experience being such integral parts of how fans engage with sports. We are thrilled to leverage our world-class venue to enhance and elevate this extraordinary event, considering the popularity of fantasy football and our mission to inspire and entertain guests,” Michael Crawford, President & CEO at Hall of Fame Village, said.

Bob Lung, Director of the Expo, said: “I’m incredibly thankful to work with Hall of Fame Village to bring the Expo back for another fantastic year. Hall of Fame Village offers an unparalleled backdrop for the event, providing the perfect setting for fantasy football enthusiasts to come together and celebrate their passion.”

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Key highlights of the event include the introduction of Sports Betting Saturday, Presented by Underdog Fantasy, offering a unique opportunity to learn strategies and techniques to help enhance your experience in the sports betting world. Expert panels and workshops will be a focal point, delivering valuable insights and strategies from esteemed names in the sports betting and fantasy football industry. Sports Betting Saturday is committed to promoting responsible gaming practices and recognizing the importance of maintaining a safe and enjoyable environment for all participants. With dedicated sessions led by experts and sports gaming representatives, attendees will gain comprehensive insights into responsible gaming measures, including strategies for setting limits, recognizing problem gambling behaviors, and accessing support resources.

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