Redseer’s analysis shows a 24% jump in gross gaming revenue from Rs 2250 crore in IPL 2022, and the market has grown at a CAGR of 30% since IPL 2019
IPL is the most awaited sporting event, with fans across the country cheering for their favourite teams to take the coveted trophy home. The rush of live matches isn’t enough for the millions, so they take it to the fantasy league – a virtual game where the participants can create their own teams based on real-life players and virtual currency.
IPL seasons are a money spinner for fantasy gaming platforms, and IPL 2023 witnessed a gross gaming revenue of approximately Rs 2,800 crore with 61 million users participating in fantasy gaming.
Redseer’s analysis shows a 24% jump in gross gaming revenue from Rs 2250 crore in IPL 2022, and the market has grown at a CAGR of 30% since IPL 2019.
The virtual teams put together by users help them score points through the real-life performances of their players in the match. At the end of the season, the participants can win prizes or cash based on their scores.
The strategy consultant’s analysis shows that the IPL 2023 had a strong user acquisition engine, with 35% of new users playing for the first time on the platforms. The influx of new users led to an 11% increase in cash users during the season, with the average spend per match of Rs 127 per user.
Shedding light on IPL 2023’s ad revenue, Redseer estimated that a total of approximately Rs 10,000 crore was spent on advertisements in which BCCI, franchise, and broadcasters earned 65% of the total spend as direct revenue. The remaining 35% of indirect revenue was earned as ad revenue by social media platforms, traditional media, and other internet platforms.
Ujjwal Chaudhry, partner at Redseer, said, “The top 3 platforms captured ~96% of the market share during the IPL 2023, and had an average revenue of Rs 458 per user for the season. The excitement of IPL also trickled into non-IPL sporting events during the season, contributing to ~13% of the revenue.” Analysing the average gross gaming revenue (GGR), notes that the GGR during weekdays was 1.3x compared to weekends and peaked during the final match. The Mega Tables, which is the sum of all the highest prize pool tables in every match across the platforms, dropped in size by 30% during weekends due to multiple matches on the same day. However, Mega Tables have a higher rake rate of 24%, contributing 60% to the revenue during the season.
