With the 16th installment of the Indian Premier League (IPL) running in full swing, the cricket season has just begun for the nation. With growing number of avenues for engagement with IPL for users, IPL economy is expecting to see a huge growth this year as well, according to IPL Report 2023 published by Redseer Strategy Consultants, today. The report stated that the Fantasy sports segment revenue is cumulatively expected to grow in the range of 30-35 per cent to Rs 2,900-3,100 crore during the ongoing IPL season over the last year. The IPL market size is expected to grow for varied reasons as it is a cricketing year with a lot of sporting events lined up that will give boost to the IPL economy, according to the market research firm. Furthermore, the IPL season contributes 35-40 per cent of the entire revenue that fantasy gaming platforms earn through the year.
The data estimates also show that 6.5-7 crore users are expected to transact on gaming platforms.
Redseer Strategy Consultants, Partner, Ujjwal Chaudhry said, “Increasing internet accessibiliy and penetration is making it easier for the masses to be able to use gaming platforms, thus providing a push to the industry.”
He added, “Google has allowed Fantasy platforms to be available on Google Play store under a pilot programme. This will further increase the number of transacting users during IPL 2023”.
The report further highlighted that the average revenue per user is expected to grow by 5-10% to Rs 430-450 crore during IPL 2023. There has been increase in efforts to make platforms more secure and reliable for the users. Measures like RNG Certification, Secure payment gateways, Fraud Security and others increase the users’ trust in the platforms, the report added.
To conclude, the reports said that new and upcoming platforms like Cricpe, Gamez, Howzatt are trying to improve their presence in the market which will also bring in more users.
IPL 2023 cricket tournament started on March 31 and will continue till May 28, 2023.