Fantasy gaming platforms clocked Rs 2,800 cr revenue during IPL 2023
Fantasy gaming platforms made Rs 2,800 crore in gross revenue during the IPL season in 2023, with 61 million users participating on these platforms. This was a 24 percent jump in gross gaming revenue from Rs 2,250 crore in IPL 2022, and the market has grown at a CAGR of 30 percent since IPL 2019, according to the report by Redseer Strategy Consultants. "The top three platforms captured 96 percent of the market share during the IPL 2023 and had an average revenue of Rs 458 per user for the season," said Ujjwal Chaudhry, partner at Redseer.
The influx of new users led to an 11 percent increase in cash users during the season, with the average spend per match of Rs 127 per user. The excitement of IPL also trickled into non-IPL sporting events during the season, contributing to 13 percent of the revenue, he added. Redseer estimates that a total of Rs 10,000 crore was spent on advertisements in which BCCI, franchise and broadcasters earned 65 percent of the total spend as direct revenue.
The remaining 35 percent of indirect revenue was earned as ad revenue by social media platforms, traditional media, and other internet platforms. 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 percent during weekends due to multiple matches on the same day. However, Mega Tables have a higher rake rate of 24 percent, contributing 60 percent to the revenue during the season.
