April 26, 2024
If there is one thing that can unite Indians despite their incredible diversity, it has to be cricket. In India, cricket is considered a religion, with massive popularity of both short and regular-format games. While classical one-day international cricket matches retain their timeless appeal, the twenty-twenty short format games have also gained smashing popularity with their high-intensity, adrenaline-pumping excitement.
The immeasurable popularity of cricket has prompted the mushrooming of online cricketing platforms. With the proliferation of smartphones coupled with the easy availability of high-speed internet connectivity, online cricket portals have undergone quite a boom in recent times. Cheekypunter reviewed the online cricket platforms and found that the Indian Premier League (IPL) typically attracts about 100 million viewers for every match.
Online cricket portals transforming the economy
In India, online gaming platforms have seen a sensational rise in the number of registered users in recent times. Cricket remains at the top of all other sporting activities, with the highest number of registered users which is around 85 percent.
The popularity of fantasy cricket has not only altered the way Indian fans interact with cricket but has also emerged as a strong force in boosting the economy of the country. This is because online cricket portals are not only a source of entertainment for the masses but also a platform where cricket fans can make quick money by playing their favorite game. In fact, today there are countless cricket portals online that have been developed specifically around IPL, to lure passionate fans to bet on their favorite teams and win some real money. Market studies say that in 2023, during the IPL season, at least 61 million users registered themselves to engage in fantasy sports games, which resulted in the generation of revenues in the range of INR 28 billion.
Today, India is among the top markets in skill-based cricket fantasy gaming, which is projected to expand rapidly at a CAGR of 38 percent to hit the INR 1.65 lakh crore mark by 2025. Some experts estimate that this CAGR is likely to sustain itself at approximately 30 percent by 2027. Despite the hike in GST for online gaming and betting, the market has continued to experience significant growth. As such, experts have suggested that the average revenue generated by a single online cricket gamer in India can reach a valuation of almost 292 USD. (Source) In the context of the whole market size, this is a whopping figure, to say the least.
Final words
Though the recent GST hike has dealt a sharp blow to the online cricket industry in India, insiders still look positive about its growth. They believe that if the government offers the expected clarity in regulatory policies, it will be conducive to the further growth of online cricket portals in India. This will automatically attract more users, lay the foundation for more new online gaming companies, and generate revenues in greater magnitude, ultimately boosting the economy of the nation.