IPL 2023 season witnessed a surge in gross gaming revenue in the fantasy sports market, reaching approximately INR 2,800 Cr, with an active participation of 61 million users.
Redseer’s analysis shows a 24 pc jump in gross gaming revenue from INR 2250 Cr in IPL 2022, and the market has grown at a CAGR of 30 pc since IPL 2019.
The strategy consultant’s analysis shows that IPL 2023 had a strong user acquisition engine, with 35 pc of new users playing for the first time on the platforms. The influx of new users led to an 11 pc increase in cash users during the season, with the average spend per match of INR 127 per user.
Shedding light on IPL 2023’s ad revenue, Redseer estimates a total of INR 10,120 Cr was spent on advertisements in which BCCI, Franchise, and Broadcasters earned 65 pc of the total spend as direct revenue. The remaining 35 pc of indirect revenue was earned as ad revenue by social media platforms, traditional media, and other internet platforms.
Commenting on the IPL market overview, Ujjwal Chaudhry, partner at Redseer, said, “The top 3 platforms captured ~96 pc of the market share during the IPL 2023, and had an average revenue of INR 458 per user for the season. The excitement of IPL also trickled into non-IPL sporting events during the season, contributing to ~13 pc of the revenue. Analyzing the average gross gaming revenue (GGR), GGR during weekdays was 1.3x compared to weekends and peaked during the final match. 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% during weekends due to multiple matches on the same day. However, Mega Tables have a higher rake rate of 24%, contributing 60% to the revenue during the season.”
