Veli Services has invested in Fan2Play, an Indian provider of fantasy sports contests. The two companies have agreed to collaborate in positively exploiting the lucrative Indian fantasy sports market. Gia Janashvili, a well-known iGaming investor and co-founder of VeliServices, is pleased that his company has met its expansion target. In the rapidly expanding global fantasy sports industry, Veli Services has been actively looking for a partner, more so in the lucrative Indian market. The new partnership marks a tremendous milestone for India’s iGaming industry.
An Overview of the Indian Fantasy Sports Market
In the last few years, India’s fantasy sports market has grown rapidly. India’s iGaming industry is currently worth US$930 million. This figure is expected to rise significantly in the coming years in order to correspond with the projected global increase.
The country’s iGaming market is especially intriguing due to its unconventional nature. One of its unusual characteristics is its expansion despite gambling prohibition. One would expect India’s fantasy sports market to trail the rest of the world. Given that the country has three laws governing the gambling industry, this is a reasonable expectation.
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However, contrary to popular belief, the laws have little impact on the sector’s growth. They are permeable and a little too hazy to govern the relatively new iGaming industry. Similarly, differences in state laws do not have the expected impact on growth.
Overall, Indian laws try to prohibit gambling activities, but current events indicate that the country’s gambling industry is still expanding. The legality of casino operations in the Indian states of Goa and Sikkim suggests the possibility of widespread gambling acceptance.
Forecasted Growth
The Indian fantasy sports market is growing in line with global trends. It has the characteristics of a typical market with a foreseeable future. Digitalization is one indicator used to forecast market growth. Indians are increasingly adopting smartphone use as manufacturers produce more affordable models. The spread of high-speed internet and the development of more affordable data bundles fuels the growth of digital infrastructure. The number of internet subscribers has increased from 560 million in 2018 to 658 million in 2022 as a result of these related features. By 2025, the number of subscribers is expected to exceed 900 million.
The ongoing influx of tech companies and internet service providers indicates the country’s projected market future. Experts predict that the country will have a competitive iGaming market in about five years. It will almost certainly have a number of vendors selling related products and services online.
Local players are expected to increase significantly, particularly if the authorities follow the current wave of gambling legalization. Some are expected to choose to serve specific segments of the large and diverse player population. Global fantasy sports companies are also expected to look for opportunities in India. Some have already expanded their reach into the country’s fantasy sports market. Between August 2020 and January 2021, India’s gaming sector received US$44 million in investments.
Market Potential
Veli Services, owned by Gia Janashvili, is one of the foreign companies that has recently joined the ranks of foreign investors looking to capitalize on India’s growing opportunities. Its investment in Fan2Play stems from a well-informed assessment of the country’s iGaming future.
B2B2C partnerships are one of the most promising aspects of the Indian iGaming market. Foreign firms can succeed in the local market if they seek effective partnerships. They need the support of local firms to strengthen their appeal to the local market. Fortunately, many domestic firms are eager to form alliances in order to accelerate their growth rates. Multiple local firms are earmarked for steady growth in the near future, increasing the potential for B2B2C collaborations.
The Indian fantasy sports market has the potential for innovation as well. This market has distinct characteristics that necessitate the use of novel approaches in order to succeed. This characteristic can be used by both domestic and foreign businesses to expand their market share. One of the best ways to capitalize on this potential is to tailor services to the fans’ specific tastes and preferences. The ability of a company to capitalize on this potential can determine its dominance or failure in the Indian market.
Overall, the Indian iGaming industry has massive room for expansion. Gambling legalization is expected in the foreseeable future, given that other Asian countries and some states have recently accepted gambling as a source of revenue.
In addition, players in India, like the rest of the world, are entering the era of online gaming. More fantasy sports players can be expected as more vendors offer a wider range of gaming options and customization. The Indian fantasy sports industry appears to be on the right track.
