Fantasy sports fans, get ready for some good news! The fantasy sports market is about to go through the roof!
According to the latest research, the market is set to increase at a Compound Annual Growth Rate (CAGR) of 12.19% from 2022-2028. Now, for those unfamiliar with CAGR, the acronym stands for Compound Annual Growth Rate.
It’s a metric used to measure an investment’s growth rate over a certain period, usually measured in years. It calculates an investment’s average annual growth rate during a specified period.
It is commonly used to measure an investment’s growth rate over time, such as the growth of a stock or mutual fund. Still, it can also be used to measure the development of a company’s revenue or other financial metrics.
That said, it’s not hard to see why the market is booming.
The rise in sports events worldwide, more internet users, and the development of fantasy sports platforms are just a few factors driving the growth. Even the ladies are getting in on the action, and with the incorporation of AR & VR in fantasy sports, the possibilities are endless.
The big players in the game, like FanDuel and DraftKings, are pumping some serious cash into TV commercials during the NFL season to grab users’ attention. This is a prime opportunity for them to showcase their branding and target a wider audience. Marketers and media companies are also jumping on the fantasy sports bandwagon to increase revenue.
North America is a significant player in the fantasy sports market, with more than 60 million fantasy sports players. The US and Canada are prime targets for vendors since the demand for fantasy sports contests are at an all-time high. The Fantasy Sports & Gaming Association (FSTA) is the only organization examining the interests of fantasy sports vendors catering to the region.
So, the fantasy sports market is set to grow big time in the next few years, and we expect to see more fantasy sports platforms, events, and advertising. It’s a fantastic time to be a fantasy sports fan!
Check out this infographic: