What are Fantasy Sports?
A popular online game in which gamers make teams from players who compete in professional leagues is fantasy sports. Based on their stats from a live game, these teams face off against one another. Every sport has a scoring system that is based on how well each participant performs. The winning team is the one with the most points.
Cricket is unquestionably among the most widely played outdoor sports in India. With fantasy sports getting hugely popular, apps like DeFi11 and Dream11 are establishing. Due to the popularity of the English Premier League (EPL) in England and the NBA (National Basketball Association) competition in the United States of America, other sports, such as football and basketball, have grown significantly in popularity and have a large number of competitors in the fantasy gaming industry. Extremely well-liked regional sports like Kabaddi and hockey have also become well-known in the fantasy sports world.
Let’s examine what India’s fantasy sports industry might look like in the future.
Future development projections for fantasy sports gaming
In India, fantasy sports gambling has increased by an astounding 700 percent over the last ten years. In India, there were 90 million fantasy sports players in 2019, and it is predicted that there would be up to 150 million players here by the end of 2022. By 2024, it is anticipated that the fantasy sports business will produce about $3.7 billion.
The development of fantasy sports
The proliferation of user-friendly fantasy sports platforms and increased internet usage across the nation are mostly to blame for this growth spike. Digitization is anticipated to be a key element in the release of numerous additional fantasy sports apps. This quick increase is also due to the fact that the internet is now accessible to a large number of tech-savvy people, the majority of whom are millennials.
The platform for fantasy sports is set to change.
Platforms for fantasy sports are anticipated to undergo some adjustments to improve user experience. More platforms now offer a specialized customer support system that is available around the clock to address users’ demands. Platforms typically allow users to withdraw money by connecting their bank accounts and crypto wallets. Further, to make it easier for consumers to pay their bills, certain fantasy sports sites have started to enable withdrawal using wallets like Paytm and Amazon Pay.
Challenges
Granting access to gamers in states where fantasy sports are prohibited in India is another significant shift that is anticipated in the future. Some of the northern states, including Assam, Sikkim, and Nagaland, as well as some of the southern states, including Karnataka, Odisha, Andhra Pradesh, and Telangana, have prohibited users from playing these games. This is because fantasy sports are not regarded as skill-based in these states.
However, a state rule that outlawed online fantasy sports in the region was recently overturned by the Karnataka High Court. The rule was enacted in response to high court rulings that declared fantasy sports to be legal commercial endeavors under the Indian Constitution in states like Punjab, Haryana, and Rajasthan. Soon, additional jurisdictions might adopt similar legislation and legalize fantasy-based gaming.
A further modification that is anticipated is the use of cryptocurrencies for in-game purchases. There are fantasy sports that would be happy to give payment gateways for cryptocurrency investments to play fantasy sports and withdraw money in the same form of digital currency because it is the newest big thing. However, according to India’s most recent budget, gains from virtual assets would be taxed at a rate of 30% + 1% TDS on transfers that exceed a certain amount. Even while this concept might not catch on right away, it has the potential to materialize in the not-too-distant future.
This is a summary of how we perceive fantasy sports’ potential in India. There are now many gaming options available on fantasy sports applications, and we anticipate that in the future, they will draw a wider variety of participants.
About DeFi11
DeFi11 is a DeFi-powered decentralized gaming ecosystem built on top of Matic Blockchain with Ethereum as the base layer. The platform aims to establish ethical standards in gaming by making the system transparent, auditable and incentivizing. In this way, we are trying to bring more individuals to an already ripe gaming market, which has been stifled due to a lack of innovation.
DeFi11: Re-imagine the BLOCKCHAIN GAMING EXPERIENCE.
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