With the Indian Premier League (IPL) in full swing and ten teams battling it out across 13 cities, there’s another fierce competition unfolding. This one’s happening on screens, not stadiums. Say hello to the booming world of fantasy sports in the country. Fueled by the IPL’s ever-growing popularity, India’s fantasy gaming industry is said to be on fire, and experts say it’s only the beginning.
According to Roland Landers, CEO of All India Gaming Federation (AIGF), the sector is set for a major boost, with projections showing a 25% to 30% jump from 2024. That puts expected earnings for IPL 2025 in the range of a staggering $500 to $525 million.
@aigfofficial also welcomes the move to have @IndiaSports regulate esports as part of multi sports events. Will help in recognition of an India #Esports process for selection of #India teams for international events like #AsianGames & also lead to opportunities for our #players.
— Roland Landers (@rolandlanders) December 27, 2022
Markets and Data reports that the industry is expected to grow at a compound annual growth rate (CAGR) of 21% between 2024 and 2031. It’s projected to soar from $751 million in 2023 to an impressive $3,423.54 million by 2031.
At the end of March, we reported a sharp spike in activity on Blask, an analytics platform that tracks player interest and market trends.
Its key metric, the Blask Index, jumped from 1.60 million on March 21 to 2.39 million just a day later as the IPL season kicked off on March 22.
While that’s just a one-day snapshot, this surge is part of a consistent pattern seen in Blask Index data, which has shown similar spikes on IPL opening days from 2017 through 2025.
Why is India’s fantasy sports market so big?
India’s fantasy sports scene has exploded in recent years, and it’s not just by chance. A big reason is the country’s massive smartphone user base, which is over 650 million people and counting, according to IDC. That makes India the second-largest smartphone market in the world, just behind China. With nearly half the population now owning smartphones, fantasy sports have become easier than ever to access. With 65% of India’s population under the age of 35, there’s a built-in enthusiasm for digital platforms and gaming.
Then came the pandemic. It disrupted live sports for a while, which naturally slowed down fantasy games. But companies pivoted quickly, introducing virtual sports and fresh content to keep users engaged. Once live sports returned, so did the fantasy players, more enthusiastically than ever.
Cricket, of course, plays a huge role too. With international matches and T20 leagues like the IPL growing rapidly, there’s no shortage of action for fans to follow. The IPL, especially, has been a game-changer. Its quick, high-energy format is perfect for live, interactive fantasy play, and platforms like Dream11 and My11Circle have also tapped into the cricket craze.
If your village had a fantasy league, who’s your go-to captain? Dhoni, Gill, or someone local?
Fantasy cricket apps like Dream11 have caught rural India’s attention bringing cricket one step closer to far-flung regions of the country 🏏📱Read more on this fascinating story… pic.twitter.com/d4f1KrVY2B
— Village Square (@VillageSqIndia) May 15, 2025
For example, at the beginning of May, Flutter Entertainment revealed that its Indian iGaming revenue for Q1 was up 45% year-over-year.
And that’s reflected in data from Statista, which reported that by the end of 2023, India had around 180 million registered fantasy sports users, a number that’s been climbing steadily since the surge began in 2017. If the current trend continues, that user base is expected to skyrocket to nearly half a billion by 2027.
‘One of the fastest growing markets’
Tomi Huttunen, senior manager at Online Computer Finland (OCS), says the rise of fantasy sports in India has become impossible to overlook. “I’ve been in the gambling space for a long time now, and India’s fantasy sports boom is impossible to ignore, it’s one of the fastest-growing markets out there, and I’m not surprised it’s exploding,” he told ReadWrite.
According to Huttunen, the success comes down to the perfect blend of factors: a sport-obsessed population, extremely affordable mobile data, and a country rapidly moving toward digital-first behavior. He points out that Indian users aren’t just casually interested, they’re highly involved, whether it’s in cricket, kabaddi, or even football. He also points out the advantage fantasy sports have in India’s regulatory landscape, operating on the “skill-based” side of gambling laws. “Basically, India’s just getting started,” he said.
Kevin Koeppel, Atlas World Sports’ head of fantasy sports, adds that the format’s appeal lies in how it turns fans into active participants. Fantasy sports, he says, allow users to apply their knowledge and strategy, creating a more immersive and competitive experience.
“The ongoing boom in fantasy sports we’re witnessing in India is fundamentally driven by the powerful combination of the nation’s deep sporting passion and the inherently engaging nature of the gameplay,” Koeppel explained. He believes the future is bright, thanks to the market’s legal clarity, user engagement, and growing contribution to the economy. The potential for clearer tax rules around skill-based games, he notes, could further accelerate the industry’s growth.
However, this could all be dependent on how the country’s Supreme Court rules.
Could India’s Supreme Court change the fate of fantasy sports?
The highest court in the land is currently hearing a case that could have big implications for the fantasy sports and online gaming industry. The question on the table: should games of skill like fantasy sports be treated as gambling and taxed like it?
Earlier this month, we reported that the Directorate General of GST Intelligence (DGGI), the country’s tax watchdog, told the court that online gaming platforms are essentially engaging in betting and gambling. Based on that argument, they say these platforms should be taxed under the Goods and Services Tax (GST) framework.
The government’s position is that these activities qualify as “taxable actionable claims” under the Central GST Act of 2017. If the court agrees, fantasy sports and similar games could be hit with a 28% GST rate, the same as gambling.
To support its case, the government drew a comparison to international football. It explained that betting on how many goals someone like Lionel Messi might score is purely speculative, since you can’t control or predict the outcome. In their view, fantasy sports work the same way. Even though players build teams and score points based on real-world games, the outcome is still out of their hands.
The government also argued that fantasy games are designed to entice users with the promise of winnings, and that the platforms sometimes use incentives that could encourage addictive behavior. They’ve also raised serious red flags from investigative agencies about rising cases of fraud and potential money laundering.
Uneven gambling laws
Gambling laws in India are all over the place. There’s no single, unified national market for betting and gaming. Instead, each state does its own thing, with different rules and approaches depending on where you are.
Fantasy Sports Innovation Stalls Under Haryana’s New Gambling Law- A Threat to India’s $1 Trillion Digital Dream? By Nilanjan Banik, Professor at School of Management, Mahindra University, Hyderabad
Read @ANI Story | https://t.co/a73Hn43YSO#Fantasygaming… pic.twitter.com/M51jhaiQPE
— ANI Digital (@ani_digital) May 1, 2025
Some states have taken a hard stance and have outright banned betting. And then there’s the Public Gambling Act of 1867, a law that’s still in effect and makes public gaming houses illegal. The central government has dropped hints in the past about wanting to replace this old law with something more modern and relevant, but so far, nothing concrete has happened.
Last month, Karnataka’s government revealed plans to bring in new legislation focused on regulating online gambling and betting platforms. The goal is to crack down on fraudulent activities while also promoting the legal and regulated side of the gaming industry.
ಆನ್ಲೈನ್ ಗೇಮ್ಗಳ ಹಾವಳಿಯನ್ನು ನಿಯಂತ್ರಿಸುವ ಕುರಿತಂತೆ ವಿಧಾನಸೌಧದಲ್ಲಿ ಇಂದು ಉನ್ನತ ಮಟ್ಟದ ಸಭೆ ನಡೆಸಿ, ಚರ್ಚಿಸಲಾಯಿತು.
ಐಟಿಬಿಟಿ ಸಚಿವರಾದ @PriyankKharge ಸರ್ಕಾರದ ಮುಖ್ಯ ಕಾರ್ಯದರ್ಶಿ ಶಾಲಿನಿ ರಜನೀಶ್, ಡಿಜಿ & ಐಜಿಪಿ ಅಲೋಕ್ ಮೋಹನ್, ಡಿಜಿಪಿ ಡಾ. ಎಂ.ಎ.ಸಲೀಂ ಹಾಗೂ ಐಟಿಬಿಟಿ ಇಲಾಖೆಯ ಅಧಿಕಾರಿಗಳು ಇದ್ದರು. pic.twitter.com/8nCLAxZvuL
— Dr. G Parameshwara (@DrParameshwara) April 8, 2025
Home Minister Gangadharaiah Parameshwara said, “I chaired a meeting regarding online betting and gambling along with the information technology (IT) minister. Representatives from the industry were called. There is nothing to regulate them so far. They have agreed to the introduction of a licence system and regulation as per law.”
So, India might be heading the way of Brazil, which has become the industry’s new crown jewel, but it all depends on whether the country wants to advance nationwide legislation uniformly.
Featured image: Canva
