Fantasy Sports Market - Global Outlook & Forecast 2023-2028
The fantasy sports market is expected to grow at a CAGR of approximately 12.19% from 2022 to 2028
MARKET TRENDS AND DRIVERS
1. Fantasy Sports Platform Development
Various fantasy sports vendors are entering the fantasy sports market with the rising potential of fantasy sports. Recently, various vendors have stepped into the industry, and many are in the pipeline. Fantasy sports companies create a platform with various features and enhancing user interface, which helps attract a large market customer base.
2. Influence of Social Media on The Fantasy Sports Market
Promotional activities carried out by fantasy sports vendors on social media attract a large customer base, which is expected to drive the global fantasy sports market in the future. Social media also helps in customer engagement, such as vendors holding contests, providing advice, and embracing the current trend in fantasy sports.
3. Rise in Female Participation
In recent years, women gamers have increased worldwide owing to the rise in awareness of fantasy sports through social media and other advertising mediums. The rise in social media platforms such as Twitter, Instagram, Facebook, and other sites has created new avenues for gaming to come together and share insights. This encourages women to participate and showcase their presence in the gaming industry, and this rapid growth is expected to add more revenue to the global fantasy sports market. There has been an audience shift toward exploring the fantasy football industry by women. Although the sport is considered to be male-dominated, these days, women are actively participating in this sport.
INDUSTRY RESTRAINTS
Regulatory Restrictions Across Regions
Various countries worldwide impose restrictions on fantasy sports as they find gambling and sports betting, which could lead to financial loss. Thus, such restrictions can become a major restraint for the fantasy sports market as the vendor will lose out on the industry from the region where fantasy sports are banned. Several states in the US are imposing restrictions on fantasy sports and are even posing fines against some fantasy sports platforms for disobeying the laws.
SEGMENTATION ANALYSIS
INSIGHTS BY SPORT
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