Technology is making the online gaming market a booming business. Online gaming and fantasy sports are more than entertainment. Online games let you showcase your skills, and allow you to make exciting winnings. Online gaming has seen a steady growth since 1950, when the first game was released.
Online Gaming Business Across the World
The global gaming market in 2020 was valued at $62 million. According to statistics the business will have a value of $300 billion by 2026. Nearly 50% of the share markets are dominated by mobile gaming, which generates revenue totalling $80 billion. Online gaming involves streamliners. Developers. Publishers. Gaming arenas. Coaches. There are 2.5 billion players worldwide 마이랭크.
India has seen an increase in online gaming start-ups in recent years. These companies have received more than $1 million in funding from foreign and domestic investors. The US and China split the shares of gaming platforms equally at 24 % each. In Asia-Pacific excluding China, it is 23%; Latin America has just 4%; Canada has 2%; and finally, Europe, Africa and Middle East have 23 %.
Despite its enormous success and huge user base, India’s government still doesn’t consider online gambling legal. Fantasy sports is prohibited in various Indian states. Pandemic has just doubled India’s growth in online games and fantasy sporting industry in India. This includes both app development for fantasy sports apps and platforms for fantasy sports.
It is important that the government considers online gaming as a whole and not just gambling. While gambling and betting are possible, government should keep fantasy sports out of its sights. Fantasy sports can still generate substantial revenue and improve the country’s overall economy.
Online Gaming: Types
One of the most popular platforms for gamers who love sports. Online fantasy gaming is completely different from any other type of gaming. The user creates their virtual team online with real players. The player and other statistics in the game will directly impact the user’s performance.
IPL is India’s most loved format for Fantasy Sports. In addition to playing the game, many people also follow the live matches and score updates on the Fantasy Sports platforms. It’s not a game of chance. To play and win rewards, you will need to have knowledge and skills. “NITI Aayog” has provided guidelines for playing fantasy sports. Fantasy sports are available for both real and free money.
The number of people who are interested in fantasy sports is growing rapidly. Because there was no money and very few cases, it was considered a gambling site by the government and is therefore not legal at the federal level. The rules of India Advertising Standards Council are followed by all online fantasy platforms.
The government requested that the state governments provide guidelines to allow fantasy sports.
Revenue and user base
Fantasy sports are expected to bring in Rs 2470 Crore revenue by 2020. India has 10 crore fantasy sports players and nearly 80 million viewers.
Rummy has a large following online and is a highly-popular card game. Rummy is an online card game. To win, you must memorize the discarded card and be able calculate the chance of winning. Every game is dependent on the unsold cards. It can be paid for or free. The winner and loser in the game are determined by the user.
User base and revenue
The report states that in 2019 the Indian market had an online rummy worth $335million and will likely increase to $1.4 by 2024.
The user is the sole responsible for losing or winning the game.
It is also known to be esports (a game based upon skill). eSports take place in video games format. They can be played both online as well offline. There are many tournaments on esports. Many electronic forms offer live telecasts for sports like football, cricket, and others.
Users Base and Revenue
The US market for esports in 2021 is expected to be worth $1.08million. Asia and North America account for the majority of esports players. Sponsorships and advertisements generate all of the esports industry revenue. 474 people are expected to watch esports globally in 2021. These numbers will increase to 577,000,000 in 2024.
Esports has been recognized by both the Olympic Council of Asia & the International Olympic Committee. India won the Asian Games 2018 medal.
Online Poker requires both skill, and luck. It is possible to play the game with real cash. The players call the bank and place real bets that involve money. The gambling and betting involved makes it illegal.
Revenue and user base
India’s poker market is growing at a 35%- 40% annual pace. India currently boasts 3 million users of online gambling.