The Fantasy Sports Dilemma
The fantasy sports industry in the country is expected to surge by 25-30 per cent (over last year’s revenue), reaching $500-$525 million during the 18th edition of Indian Premier League
- The
Indian Premier League (IPL) has become a perfect vehicle for fantasy sports to
spread its wings in India. The fantasy sports industry in the country is
expected to surge by 25-30 per cent (over last year’s revenue), reaching $500-$525
million during the 18th edition of IPL. Experts have attributed the
growth of fantasy sports industry in the country to increased smartphone
penetration and affordable internet connectivity besides people’s passion for
the sport. The growing popularity of the industry is evident from endorsements
by big names from the sports and entertainment world. My11Circle, a leading
fantasy gaming platform, is currently the associate partner of Tata IPL (in
second year of 5-year partnership). Other gaming platforms may eye similar
collaboration in future and even end up grabbing the sponsorship rights, which
will ensure stable financial health of the sporting event.
- Today,
sports have become a source of earning besides recreation, courtesy the fantasy
sports industry. The presence of this industry is very much felt in all major
sporting events with its global market valued at INR 2.1 lakh crore. India’s
contribution to the industry may be a mere four per cent at present but
observers are hopeful that the country will become one of major contributors with
an estimated value of INR 12, 900 crore by 2029. It’s an achievable target considering
India’s huge tech-savvy population, who are attracted to fantasy sports. To
ensure better participation, the gaming platforms are planning to introduce new
skill-based games along with increased prize money, so that it doesn’t have to
depend on IPL only for requisite funds.
- But
the million-dollar question here is how far India can allow such an industry to
flourish in the country. Although fantasy sports don’t fall under the betting
category legally, its effect is no less severe than traditional gambling. A
statutory warning, cautioning the people about the ill effects of these games,
that comes with every gaming advertisement is clearly not enough to reduce the
severity of damage. Already, instances of people getting into financial
distress due to addiction to such games have come to light. Quite
significantly, the phenomenal rise of fantasy sports in the country over the
last couple of years has put the authorities in a dilemma. If the authority
bans it from operating in the country, it will lose huge revenue. On the other
hand, keeping the door open for the industry may create a social problem, as
addiction will only grow and more poor Indians may fall prey to the temptation
of earning quick money. So, it is time to take a call on whether or not to
allow these gaming platforms to make profits by exploiting our passion for
sports.
