In the energetic world of Indian sports, where cricket reigns supreme, IPL has always been more than just a tournament—it’s a festival that grips the nation. And as the cricket fever spreads, another game unfolds on millions of screens and devices: fantasy sports. This year, IPL 2024 has once again shown the immense potential of this digital phenomenon, turning casual fans into strategic players, and boosting the fantasy sports market to new heights.
In our interim IPL article, the expectations were high. We predicted a significant increase in user engagement and revenue, setting the stage for what was to come. Now, with the season behind us, the numbers are in, and they paint a fascinating picture of growth and innovation. Fueled by the IPL frenzy, the fantasy sports market has not just met but surpassed many of our projections, solidifying its place in the Indian entertainment ecosystem.
Our benchmarks team dug deep into the metrics and trends that defined this season. From impressive revenue spikes to shifts in user behavior and strategic moves by major platforms, the data reveals how the IPL has reshaped the fantasy sports landscape in India. Join us as we dive into the story behind the numbers and explore this dynamic evolution.
1. Fantasy Sports Score Big: IPL 2024’s Market Surge
With IPL 2024 behind us, the fantasy sports sector is tallying up its wins. During the season, fantasy sports platforms collectively generated a staggering $510 million in Gross Gaming Revenue (GGR), marking a 27% year-on-year growth. This impressive figure fits well within our pre-season forecast range of $500 million to $525 million. The revenue boost came primarily from a 20% increase in average revenue per user (ARPU) and a 6% rise in the unique transacting users.
Dominating the market, the top three fantasy sports platforms continued to hold a commanding 96% market share. This year, we noticed a shift in marketing strategies. While cricketers were the face of campaigns in IPL 2022 and Bollywood celebrities took the spotlight in IPL 2023, this year saw the promotion of various regional celebrities and influencers along with cricketers and Bollywood celebrities. The message was clear – a healthy competition between different regions.
Additionally, cash prizes on the platforms significantly increased. Not only did the scale of cash prizes grow, but material prizes such as cars, bikes, and mobile phones were also awarded, adding to the excitement and engagement.
2. Hitting Revenue Out of the Park: ARPU and User Growth
The results from IPL 2024 go beyond cricket scores highlighting a winning streak for the fantasy sports industry. The surge in GGR during IPL 2024 was driven by two main factors: a 20% rise in ARPU and a 6% increase in transacting users. The growth in ARPU came from platforms raising their commission/rake rate by about 3 percentage points on average compared to the previous season. Additionally, the average user spent roughly 6% more on contest entries compared to the last edition, showing a deeper engagement and a willingness to invest more in their fantasy sports experiences.
The increase in transacting users was especially significant in Tier 2 and beyond cities, where targeted marketing campaigns and attractive prize offerings brought new users into the game. This broader market reach has been key to the overall revenue growth, highlighting the expanding popularity of fantasy sports across India.
3. IPL vs. Off-Season: A Game-Changer for Fantasy Sports
Ever wondered how the IPL stacks up against the quieter times? Let’s break it down: When comparing the IPL 2024 season to business-as-usual (BAU) periods, like January and February, where cricket was barely on the radar, the impact of the IPL on fantasy sports is crystal clear. During the IPL, daily GGR was a whopping 3.4 times higher than in the BAU period, and the number of daily transacting users shot up by 2.8 times.
These numbers highlight how the IPL season isn’t just a peak period—it’s a game-changer for fantasy sports platforms. The excitement and buzz around the IPL drive massive user activity and revenue, making it the most crucial time of year for fantasy sports.
4. Match Moments: Revenue Highlights of IPL 2024
Who says weekdays can’t be as thrilling as weekends? Revenue trends during IPL 2024 varied across the season, with the finals peaking at $11.3 million in GGR. Interestingly, weekday matches outperformed weekends, generating 1.4 times higher average GGR per match. This unexpected trend was driven by larger prize pools on weekdays, attracting more participants and countering the usual expectation that weekends would naturally draw more users. This strategic move by the platforms paid off, showing that bigger prizes can successfully boost engagement even during the week.
5. From Peaks to Puddles: How Matches Drove Weekly Earnings
The IPL season is always full of surprises, and this year was no different. Weekly analysis of GGR per match shows fluctuations throughout the IPL season. The peak occurred in the fourth week, driven by higher commission rates and prize pools. In contrast, week ten saw the lowest revenue due to rain-induced cancellations.
Final matches and key clashes between top teams consistently saw higher engagement and revenue. The finals, recording the highest per match GGR, were part of a broader trend where high-stakes matches drew more participants.
6. Innovations and Star Power: Driving User Engagement
The IPL 2024 season wasn’t just about thrilling cricket matches; it was also a showcase of innovative strategies and marketing brilliance. This season brought several exciting innovations aimed at boosting user engagement. Higher prize pools were a major draw, with over 360+ people making crorepatis walking away with prizes worth INR 1 Cr+ (USD 125K each). The inclusion of material prizes like cars and bikes added even more thrill to the mix.
Platforms rolled out new features to improve gameplay and user experience. Dream11 introduced the ‘2x powerplay,’ My11Circle launched the ‘Prime Contest,’ and Dream11’s ‘Pro Mode’ made team creation easier and faster. These changes helped users dive into contests with greater ease.
Throughout the IPL season, several key moments triggered revenue spikes. Matches featuring Royal Challengers Bangalore (RCB) generated the highest GGR, 7% above the average while Sunrisers Hyderabad came in a close second.. These trends show how popular teams can significantly influence user activity and spending. Additionally, close contests or last-over finishes also saw increased user engagement and spending, as the thrill of the game translated into higher participation in fantasy contests.
7. Fantasy Sports: Setting the Stage for Future Growth
The IPL 2024 season has truly been a game-changer for the fantasy sports industry in India, driving significant growth in both revenue and user engagement. With a 27% increase in GGR and new strategies that attract and keep users hooked, the future of fantasy sports in India looks very promising. As platforms continue to evolve and innovate, the IPL is likely to stay a key driver of growth and excitement in the fantasy sports arena.
In the rapidly changing world of fantasy sports, staying ahead of the curve is crucial. The insights from this IPL season give us a clear roadmap for the future, emphasizing the importance of innovation, user engagement, and smart marketing. The game is evolving, and the future of fantasy sports in India is looking more exciting than ever.
For more insights into the IPL, fantasy gaming, or other industries, connect with our industry expert Saurav Kumar Chachan from the Benchmarks team. Stay informed by subscribing to our newsletter today! Get the latest trends and analyses delivered straight to your inbox.
