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Fantasy Gaming in India: The Game Beyond the Game

  • Writer: Agastya Arora, Naman Talreja and Aryan Jain
    Agastya Arora, Naman Talreja and Aryan Jain
  • 1 day ago
  • 6 min read

Overview


Fantasy sports gaming is a fast-growing segment of the online gaming industry. It allows users to create virtual teams made up of real-world players and earn points based on their performances in actual matches. Platforms like Dream11, My11Circle, and ESPN Fantasy have made fantasy sports a popular pastime among millions of sports fans, blending the excitement of live sports with the thrill of strategic gaming and friendly competition.


Unlike traditional video games, fantasy sports gaming combines real-world sports knowledge with strategy, analysis, and a bit of luck. Players must study player statistics, predict match outcomes, and make informed decisions when selecting their fantasy teams. The competitive element adds extra excitement to sports viewing, as users are personally invested in how individual athletes perform. It transforms passive spectators into active participants who engage deeply with every moment of the game.


Technological advancements have fueled the rapid rise of fantasy sports gaming across the world. Mobile apps, live data integration, push notifications, and user-friendly interfaces have made participation easy, fun, and accessible to users of all ages. Additionally, fantasy sports leagues offer cash prizes, merchandise rewards, leaderboard rankings, and social interaction, encouraging regular user engagement and building strong online communities centered around shared sports passions and rivalry.


What is Fantasy Gaming?


A. High-Speed Internet and Smartphone Penetration


Affordable high-speed internet ($0.17/GB) and widespread smartphone penetration (820 million users) have made gaming highly accessible in India. The rollout of 4G and 5G networks has enabled more complex games on mobile devices, attracting both casual and hardcore gamers. As a result, mobile phones contribute to 90% of India’s gaming market, far higher than in the US and China


B. Demographic Dividend


India’s young population (600 million) and rising disposable incomes are driving the gaming industry's growth. Tech-savvy youth readily adopt new entertainment forms, boosting demand for games. Increasing spending power fuels investments in gaming hardware, software, and in-game purchases. A cultural shift toward viewing gaming as legitimate entertainment and career further strengthens the industry's long-term prospects.


C. Global Investments


Increased global investments and the recognition of gaming careers have fueled industry growth. International investors are backing local startups, with India producing three gaming unicorns: Game 24X7, Dream11, and Mobile Premier League. The government's 100% FDI policy has further boosted funding, bringing capital, expertise, and global best practices, allowing Indian companies to scale and compete globally.


D. Cultural Adaptation


The integration of vernacular language and Indian cultural elements in games has significantly boosted user engagement and broadened the gaming audience to Tier-II and Tier-III cities. Culturally resonant games like "Ludo King" demonstrate the power of localization, which extends beyond language to include tailored game mechanics, storylines, and monetization strategies, making games more relatable and culturally enriching for Indian users.


Figure 1: Industry Valuation of Fantasy Gaming in India from 2025-2030
Figure 1: Industry Valuation of Fantasy Gaming in India from 2025-2030

Major Players in India


  • Dream 11

    Dream11 is an Indian fantasy sports platform where users create virtual teams for cricket, football, basketball, kabaddi, and hockey matches. Players join free or paid contests, earn points based on real performances, and win prizes. Dream11 charges a 15% platform fee and lets 50% of participants win.


  • MPL

    MPL (Mobile Premier League) is a leading mobile e-sports and real-money gaming platform from India. It offers users a variety of skill-based games like fantasy sports, rummy, and puzzles. Players compete in tournaments to win cash prizes. MPL focuses on accessibility, quick gameplay, diverse offerings, and secure experiences for millions of users globally.


  • My11Circle

    My11Circle is an Indian fantasy sports platform launched in 2019 by Play Games24x7. It lets users create virtual cricket teams and earn points based on real match performances. Users compete in cash and practice contests. My11Circle is the official fantasy partner of IPL and features top cricketers as brand ambassadors


Figure 2. Market Share Of Major Players
Figure 2. Market Share Of Major Players

Legal Distinction: Game of Skill vs Gambling


The key legal issue in fantasy sports is whether these games should be classified as games of skill or games of chance (gambling). This distinction is crucial because the legal treatment of these games varies significantly:


Games of Skill: In India, games of skill are recognized as legitimate business activities and are generally not subject to restrictive gambling laws.


Games of Chance (Gambling): In contrast, gambling is highly regulated and often restricted in many states, with real-money gambling platforms facing heavy scrutiny.


Supreme Court's Ruling: Fantasy Sports as Games of Skill


The Supreme Court of India has played a pivotal role in shaping the legal framework surrounding fantasy gaming. In a landmark judgment in 2022, the Court ruled that fantasy sports platforms, such as Dream11, constitute games of skill. The Court highlighted that success in fantasy sports depends on the player's knowledge of the game, the statistical analysis of player performance, and strategic decision-making. This ruling reaffirmed that fantasy sports are not games of chance and should not be treated as gambling. The Court's decision aligns with the recognition of skill-based games as legitimate under the Constitution of India


Case Study: The IPL 2024 Fantasy Sports Surge


Overview


The Indian Premier League (IPL) 2024 season significantly boosted the fantasy sports sector in India, with platforms like Dream11, My11Circle, and MPL experiencing remarkable growth in user engagement and revenue. This surge was fueled by strategic innovations, targeted marketing, and the inherent excitement of the IPL.


Key Highlights


  • Gross Gaming Revenue (GGR): Fantasy sports platforms collectively generated approximately $510 million in GGR during IPL 2024, marking a 27% year-on-year growth


  1. User Engagement

    a) Average Revenue Per User (ARPU): Increased by 20%, driven by higher user spending and adjusted platform commission rates.

    b) Transacting Users: Saw a 6% rise, with significant growth from Tier 2 and beyond cities, contributing over 65% of the revenue.


  1. Daily Activity:

    a) Daily GGR: During the IPL, daily GGR was 3.4 times higher compared to non-IPL periods.

    b) Daily Transacting Users: Increased by 2.8 times during the IPL season.


Strategic Innovations


  • Enhanced Prize Pools: Platforms offered larger cash prizes, with top rewards reaching $375k–$500k, significantly higher than the usual $185k. Material prizes like cars and bikes were also introduced.

  • Feature Enhancements:

    a) Dream11: Introduced the ‘2x Powerplay’ and ‘Pro Mode’ for easier team creation.

    b) My11Circle: Launched the ‘Prime Contest’ and distributed material prizes to top winners


  • Marketing Strategies: Shifted focus to regional celebrities and influencers, alongside cricketers and Bollywood stars, to appeal to a broader audience.


Revenue Trends


  • Match-Specific Revenue: Weekday matches outperformed weekends, generating 1.4 times higher average GGR per match, attributed to larger prize pools.

  • Peak Revenue: The finals recorded the highest GGR at $11.3 million. Matches featuring popular teams like Royal Challengers Bangalore and Sunrisers Hyderabad also saw above-average engagement.


Implications


The IPL 2024 season underscored the symbiotic relationship between live sports events and fantasy gaming platforms. The strategic enhancements and targeted marketing not only increased user engagement but also expanded the industry’s reach into new demographics. This case study illustrates how aligning fantasy sports platforms with major sporting events like the IPL, coupled with strategic innovations and targeted marketing, can drive substantial growth in user engagement and revenue.


Figure 3. Gross Gaming Revenue Of Fantasy Sports Market
Figure 3. Gross Gaming Revenue Of Fantasy Sports Market

Conclusion


Fantasy gaming in India has rapidly evolved from a niche interest to a mainstream digital pastime, driven by high smartphone penetration, affordable internet, and a young, tech-savvy population. Platforms like Dream11, MPL, and My11Circle have successfully blended sports fandom with strategic gameplay, creating a unique and engaging experience for users. Legal validation by the Supreme Court has further legitimized fantasy sports as games of skill, paving the way for continued growth and innovation. As investment and localization continue to rise, fantasy gaming is poised to become a significant pillar of India’s digital economy, offering not just entertainment but also entrepreneurial and career opportunities for the next generation.

Agastya Arora is an Analyst at IFSA Hansraj

Naman Talreja is an Analyst at IFSA Hansraj

Aryan Jain is an Analyst at IFSA Hansraj


References






  • NITI Aayog. (2020). Guiding principles for the uniform national-level regulation of online fantasy sports platforms in India (Draft for discussion). https://niti.gov.in/sites/default/files/2020- 12/FantasySports_DraftForComments.pdf




 
 
 

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