Upcoming Trends and Scope Of the Fantasy Sports Industry in 2023
The number of people who participate in fantasy sports has increased significantly over the past several years, going from just 5,00,000 in 1988 to more than 56.8 million in Canada and the United States alone. Fantasy sports undoubtedly generates millions of dollars, and its ecosystem includes elements like online participation, sponsorships, draught parties, merchandise, real-world game tickets, brand promotion, etc. Fantasy sports players are the biggest and most effective influences because they boost the appeal of their real-game equivalents.
The fantasy sports sector, supported by ongoing technological improvements, is seen as one of the key drivers that can help turn casual sports fans into avid participants. The popularity of fantasy sports is skyrocketing, which is causing enthusiasts to experience an adrenaline rush. According to analyst predictions, the worldwide fantasy sports market would expand at a CAGR of around 12% through 2022.
FANTASY SPORTS MARKET: A BRIEF OVERVIEW
The professional league industry used to be very conservative when it came to fantasy sports in the beginning. However, company culture has recently evolved and is now more hospitable and tolerant. Legal authorities previously rejected the emergence of DFS leagues because they believed that such practices abused players by giving them access to assets. However, due to their great appeal, professional leagues have paved the door for a range of daily fantasy and professional league collaborations. The market for fantasy sports is anticipated to surpass $1.5 billion by 2024, with a CAGR of more than 11% over that period.
Click here to read more- Upcoming Trends and Scope Of the Fantasy Sports Industry in 2023
