Millions of fans follow IPL, the most awaited sporting event in the country. While the quality time spent in the evenings with friends and family watching their favorite teams play keeps most engaged, others are glued to their screens for a chance to add to the excitement and win big. To the average enthusiast, fantasy cricket platforms bring the value of watching the game and participating in it and having a shot at the prize pool. Not surprisingly, the market has maintained steady growth at a CAGR of 30% since 2019.    

With IPL finishing another successful season for the stakeholders, it’s time to crunch the numbers. In this article, we offer an overview of the IPL market online, and on the field.

1. Fantasy sports platforms cumulatively made ~ INR 2,800 Cr. in Gross Gaming Revenue (GRR) during IPL 2023   

The IPL 2023 witnessed revenue of ~INR 2,800 Cr. with ~61 million users participating on fantasy gaming platforms, and the numbers being very close to what we estimated for the season. Revenue for the platforms grew from last season by 24% because of two major factors — First, there was an increase in transacting users on the platform by 11%, and second, the average revenue per user also grew by 12%. It’s also essential to note that the top 3 platforms had ~96% market share for IPL 2023.

2. IPL 2023 had a strong user acquisition engine, with 35% of users playing for the first time in IPL 2023  

Over the last five IPL seasons, the number of cash users (people who routinely transact on platforms during IPL days) grew at a CAGR of 18%. During IPL 2023, an influx of new users – people playing fantasy sports using cash/money for the first time shot up, contributing to 35% of cash users for the season. Overall, there was an 11% increase in cash users from 55 Mn in IPL 2022 to 61 Mn in IPL 2023. Coming down to the specifics at the user level, each spent ~INR 127 per match this season, with the platforms having an average revenue per user of ~INR 458. 

3. The average GRR per match during weekdays was 1.3x compared to weekends, and peaked during the final match   

The average Gross Gaming Revenue (GRR), which is the commission charged by the platforms, were lowest during the league matches and peaked during the finals. The average GRR was 1.3X higher during the weekdays as the size of the Mega Tables dropped by 30% on weekends due to multiple matches being held on the same day. 

4. 60% of GRR for the platforms came from mega tables, which have a higher Rake Rate of 24% 

The Mega Tables is the sum of all the highest prize pool tables in every match across platforms. Having a higher rake rate of 24%, mega tables are where platforms make the bulk of their revenue (60%), although it only contributes to 55% of the amount collected from users as the entry fees.  

5. On the field, BCCI, Franchise, and Broadcasters earned 65% of the total 10,120 Cr. Ad spend  

The total money spent on advertising was ~ INR 10,000 Cr during the IPL 2023, out of which 65% was direct revenue to the BCCI, franchisees, and broadcasters Star and Jio Cinema. The direct revenue came from different sponsors, while indirect revenue, which constituted 35% of the total, came from ad revenues on social media, traditional media, and other platforms on the internet.  


  • Ujjwal has expertise in multiple sectors including e-commerce, healthcare and fintech. He has helped large corporates enter into new products and categories.