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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 pandemicā€™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. Peopleā€™s obsession with fantasy sports is a major factor in the industryā€™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 platformā€™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 leagueā€™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, FanDuelā€™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 organizationsā€™ 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 leagueā€™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. Canadaā€™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, Italyā€™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 Groupā€™s strategy of investing in building leadership positions in regulated markets globally.

Fantasy Sports

Will Booth: blending the best of fantasy and sports with Pickā€™Em Player Props

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Will Booth: blending the best of fantasy and sports with Pickā€™Em Player Props

 

For those that might not know, can you give us a brief overview of Pickā€™Em Player Props?

In simple terms, the new Pickā€™Em Player Props product from WA.Technology is almost like a hybrid between fantasy sports and sports betting. In the same vein as traditional player props products that you see in traditional sports, players can select markets on individual players ā€“ we have just taken that model and elevated it.

During the game, players can make between two and six bet selections. For example, will Erling Haaland score more or less than 2.5 shots? The number of bet selections the player makes then determines their multiplier. By allowing bettors to unleash their sporting knowledge and provide engaging games for them to play, we are helping our operator partners to not only engage with a wider player base but also to fuel long-term retention. It really is a one-of-a-kind product and one weā€™re incredibly excited about. Itā€™s already proving to be a top performer in LatAm.

 

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Why has now been the right time to unveil Pickā€™Em Player Props?

Over the last few years, weā€™ve seen significant growth in the number of player proposition products. There are several reasons for that. Sports fans have shown a growing affinity for individual players rather than a team. They follow players on social media and engage with content featuring that player.

This reflects the wider trend weā€™re seeing: the new generation of fans is more in love with the players than the team itself. A great example of this is both Lionel Messi and Cristiano Ronaldo. Bettors worldwide would wager on either of those players and engage with their content regardless of which team they played for or what club they supported.

The appetite for player-driven betting is increasing dramatically, resulting in a greater demand for products specifically tailored to individual athletes.

With more traditional sportsbooks, however, weā€™ve found that there isnā€™t as much depth of product regarding player propositions ā€“ aside from goal scorer markets. We wanted to change that ā€“ we wanted to deliver a fun, engaging product that helps build a sense of community among players.

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Since Pickā€™Em Player Props is also a hybrid of fantasy and sports, it can act as an attractive tool to facilitate new market entries, as fantasy sports are not regulated like sportsbooks or iGaming. Take the US for example. In most states, operators do not need a licence to offer a fantasy sports product. This is the case for many markets around the world, too. I believe this will be an attractive proposition for operators looking to expand their international footprint, and as a truly global provider, weā€™re here to make that happen.

 

In your view, what differentiates WA.Technologyā€™s Pickā€™Em Player Props from other player props products on the market?

Currently, we are the only B2B provider to offer a player propositions product that combines sports and fantasy. A handful of companies in the US offer something similar, but they are all B2C companies ā€“ we are bringing something totally unique to the B2B space.

Fantasy Sports have always been popular in the US. But over the last 18 months, weā€™ve seen a meteoric rise in the demand for player proposition markets; we wanted to develop a product that caters to that growth in demand and delivers something unique for our partners.

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For other player props products on the market, something that is worth noting is that the design and UX are doing little to engage Millennial/Gen Z bettors. This audience demands a streamlined UX that is easy to use. Our Pickā€™Em version has been specifically designed with this demographic in mind, although we have been careful not to disenfranchise other age groups. We have kept the design sleek, streamlined and easy to use to deliver that. Itā€™s extremely well-designed compared to what you might see in a more traditional sportsbook.

The game is straightforward to understand because we have fixed multipliers. This decision differentiates us from more traditional products, where the multipliers vary depending on how many bets you place. It also makes the product much more accessible for players who might otherwise not be familiar with fantasy or player props.

Another major defining factor is that we have ensured players can add multiple bets from different markets together. On most sports betting sites out there, you cannot combine player props markets. You couldnā€™t, for example, have a bet slip combining Erling Haaland’s Over/Under Shots and Kevin De Bruyneā€™s Shots on Target. We know this is frustrating for many bettors. We wanted to eliminate that barrier and elevate sports fans’ experience.

 

How does the level of data granularity influence the design and effectiveness of player proposition betting products, particularly in terms of player engagement and personalised betting options?

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We are very fortunate that the data feed we use for our player props markets is the best. We have a wide range of insights and data analytics available, giving us an edge over other companies within the space ā€“ this is a serious differentiator.

The enhanced data range means we can deliver many more bespoke, personalised betting options to players while also getting more granular with the markets we can offer.

Our Managed Services Team, which oversees all things trading, also closely monitors the markets that are most popular with players. For example, if we see an influx in bets on ā€˜shots on targetā€™, we know how to create more promotions around this particular market. We can tailor the CMS to engage better with players and create a more personalised experience.

Players can also ā€˜favouriteā€™ particular players and clubs. Any market featuring that player will automatically appear when the Pickā€™Em Player Props application loads up.

 

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Are there any markets where you believe Pickā€™Em Player Props will prove to be particularly popular? If so, why?

In all honesty, I canā€™t think of a market where this wonā€™t be popular! Regions such as LatAm present an enormous opportunity for the growth of player proposition markets. I believe we can really plug a gap in the products currently offered to bettors.

Across the continent, weā€™ve seen players show a real passion for player-focused markets, and weā€™re here to capitalise on that. In Brazil, for example, if we were to create markets on Neymar, Iā€™d anticipate this would gain much traction!

The real selling point for Pickā€™Em Player Props here is that we offer an extensive range of sports and markets that cater to a broad audience ā€“ but within that, we can personalise sports and bet selections not to overwhelm the player. Iā€™d expect that markets on football will perform exceptionally well across Africa and LatAm, while countries such as South Africa may have a stronger preference for Rugby or Cricket.

Ultimately, itā€™s about understanding the unique preferences of players within each jurisdiction our partners operate in and tailoring the product accordingly. With teams based in various markets worldwide, we can get to grips with the local knowledge and fully understand what resonates with bettors.

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In your view, what are some of the factors behind the growth of player props products in the last 12 months?Ā Ā 

Most definitely shows how sports media companies are incorporating more player-specific content into their roster. This already has a huge impact, and I canā€™t see it changing anytime soon.

Whether itā€™s interviews with specific players, post-match analytics on performance or even the inherent growth of social media, the balance is undoubtedly tipping more towards the player rather than the team.

Personalisation will also have a considerable knock-on effect on the growth of player propositions. Bettors want more bespoke offers, specific bet suggestions and more instant content tailored to their unique playing habits. With a product like Pickā€™Em Player Props, you can personalise that betting experience to your heartā€™s content.

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It also becomes much easier for sportsbooks to align with a specific userā€™s interests when we deliver unmatched data analytics and levels of personalisation that are available via WA.Technologyā€™s product suite.

In short, Pickā€™Em Player Props gives operators the tools they need to create wide-ranging engagement opportunities without sticking to the rigid sporting calendar, where sometimes you might have to wait several days between a game. By incorporating fantasy sports, we can deliver round-the-clock content much faster, therefore meeting the demands of players. If you want to find out more ā€“ make sure to stop by Stand 1095 at SiGMA!

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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 companyā€™s hyperactive user base and mobile development capabilities.

RotoUnderworldā€™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.

ā€œRotoUnderworld 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,ā€ said Matthew Kelley, founder of RotoUnderworld and gameplay architect of FastDraft.

ā€œOur 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. FastDraftā€™s streamlined format makes it easy to engage with the app and significantly increases user spend per session,ā€ 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 Pickā€™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 Pickā€™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 Pickā€™em lineups sell on the secondary market.

ā€œThis 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,ā€ said WagerWire Co-Founder and CEO Zach Doctor.

The newly launched fantasy marketplace is the latest addition to the growing technology portfolio of WagerWireā€™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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ā€œIā€™ve been playing fantasy for years, but being able to sell my DFS lineups is game-changing. Iā€™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,ā€ said Braiden Payne, RealTime Fantasy Sports veteran user.

WagerWire was recently shortlisted for two awards at SBC North America ā€“ Rising Star of the Year and Affiliate of the Year, in addition to EGRā€™s Rising Star of the Year and Hashtag Sportā€™s Best X Presence award.

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