Fantasy sports pegged to grow at 40% CAGR for FY21-27: Sumit Kumar Jha

Fantasy Akhada, India’s fastest growing fantasy sports platform, with nearly 2.5 million users, has unveiled a new campaign, titled #KhelTumharaAkhadaHumara, featuring Harsha Bhogle, the voice of cricket, and actor Ali Fazal, which opened to a massive response from the time of its launch in the Indian and global markets. Fantasy Akhada, backed by the voice of Harsha Bhogle, offers a platform to play fantasy football, Kabaddi, basketball  and fantasy cricket, enabling people to win exciting contests and cash prizes. The campaign features Harsha Bhogle being kidnapped by Ali Fazal, who plays ‘Mannu Bhaiyaa’ in the ad and what follows is a playful banter of him telling Bhogle that if he teaches him how to play on Fantasy Akhada, he will let him go. Till date, the platform has held 12 lakh contests, distributing Rs 120 crore in cash winnings.

In conversation with Adgully, Sumit Kumar Jha, Founder, Fantasy Akhada, said, “The fantasy sports market is growing rapidly in India. Recently, the India FS overtook the US market to become the largest market globally. With a huge potential to grow, on the back of sustained increase in digital penetration, the market is expected to grow exponentially with a CAGR of around 40% for FY21-27”. Excerpts:

How has the journey of Fantasy Akhada been so far?

We started off this journey in January 2020 with a very clear vision of enhancing sports engagement in India. Out of the overall bouquet of ideas, we believed that fantasy sports was one of the lowest hanging fruits.

Hence, Fantasy Akhada came into being with a motivation to stand out with the highest level of customer centricity in the industry. Since then, with the right focus on customers and sports, we have bolted our way through into the top five apps of the country; from the 181st position by virtue of our launch date.

Sustained growth over the first two years, with the support of Harsha Bhogle as brand ambassador and investor, followed by a mega IPL campaign in 2022, has helped us reach more than 2.5 million users.

Currently, the app offers cricket, football and Kabaddi, basketball and in our endeavour to reach more users with an enhanced user experience, we plan to launch our new application along with the basketball as an offering soon.

What is the future of the fantasy sports market in India?

The fantasy sports market is growing rapidly in India. Recently, the India FS overtook the US market to become the largest market globally. With a huge potential to grow, on the back of sustained increase in digital penetration, the market is expected to grow exponentially with a CAGR of around 40% for FY21-27. Fantasy Akhada will continue to contribute to the overall growth, work towards an increased market share, and make fantasy sports a household phenomenon in the years to come.

What is the scope of skill-based gaming in India?

In India, the Supreme Court ruling and various high court judgements have settled the matter of legality of the FS as a game of skill and not a game of chance. However, it is very important that all platforms in the space, along with the self-regulatory body, and the Federation of Indian Fantasy Sports work towards standardisation of best practices that fall under the ambit of the Supreme Court orders.

Fantasy Akhada is a gold member of FIFS and has been an active contributor in engaging with various stakeholders to further strengthen the regulatory frameworks for FS. The Indian government is also taking steps in the right direction by engaging with various stakeholders to define a framework that benefits all platforms, while safeguarding the interests of the consumer.

What is the changing landscape of sports consumption and engagement in India?

The increasing mobile penetration in India, comfort in mobile usage, and, to some extent, the pandemic has shifted Indians to consume sport through online media. The IPL rights for OTT being sold almost at-par with the TV rights is the perfect testament of the same. As mentioned earlier, FA is working towards increasing sports engagement and, together with other businesses, also revolutionising the way sports is consumed.

The very nature of fantasy sports ensures a symbiotic relationship with real sports and the growth of the two is highly intertwined. FA is working with various state and international boards to sponsor tournaments across cricket, football and Kabaddi that help sports reach more people and also develop more sports persons.

How is sports being democratised in India?

The advent of sports leagues across sports in India is one of the biggest steps towards democratisation in the country. While the success of IPL is the flagbearer of this movement, the other smaller leagues have contributed massively in helping young talents being unearthed across sports. The contribution of various corporates towards Indian sports cannot be undermined; as such backing has helped various team as well as individual sports persons give their best performances at the international level.

Broadcast in regional languages and the inclusion of sports like Kho Kho, table tennis in national leagues has helped sports penetrate to a new set of Indians in rural areas.

What is the changing landscape of the gaming industry?

The gaming sector is still a sunrise sector in India and it is going to become an important part of how Indians spend their leisure time. Apart from opportunities to enjoy, the gaming industry will contribute majorly in employment and the Indian government’s vision of a 5 trillion economy.

It is important for fantasy sports platforms to continuously evolve and also reach out to the masses with innovative marketing. Such initiatives shall help FS become a household name and build a strong community of users. Fantasy Akhada has more than 50% users from Tier 2 and Tier 3 cities, and our name, along with focussed marketing, helps users in the non-metros to connect with us and make FA their preferred fantasy platform. Our 24x7 helpline has helped users feel comfortable in interacting with the platform and getting their issues solved.

While at the initial stage currently, we see OTT platforms, blockchain technology, and inclusion of users from various age groups, regions and genders in pivoting the industry to the next level.

What more needs to be done to promote fantasy sports in India?

It is very important that we differentiate game of skill and game of chance. Perception that fantasy sports is akin to betting or gambling is something that all platforms should work towards changing. It is very important that all platforms promote and adhere to the basics of responsible gaming.

Apart from this, the availability of fantasy sports apps on popular app distribution platforms like Google Play Store will really help the industry grow to the next level. As mentioned earlier, the government and the platforms are working together towards a more robust regulatory framework, which will help massively in the growth of the sector.