The online gaming market is booming thanks to technology. Now, fantasy sports and online games are not just for entertainment. Online games are platforms where you can show your skills and use your knowledge to win exciting rewards. Since the first video game was released in 1950, online gaming has never stopped growing.
Online gaming businesses worldwide
In 2020, the global gaming market was approximately $62 million. According to statistics, the trade will be worth USD 300 billion by 2026. Mobile games account for nearly 50% of the market share and generate $80 billion in revenue. Online gaming is a family of streamliners, developers, publishers, gaming arenas, trainers, and 2.5 billion users worldwide. The WPC2027 game also has good popularity in the Philippines.
Online gaming start-ups in India have grown in the past few years and have attracted huge funding of over $1 million from both domestic and foreign investors. The share of game platforms is divided equally between the US and China at 24%, in Asia and the Pacific excluding China it is 23%, Latin America has 4%, Canada has 2% and finally Europe, Africa, and the Middle East hold. 23% of the shares.
Even after such a huge success and a large user base, the Indian government does not consider the online game to be legal. In various states of India, playing fantasy sports is not allowed and is considered as gambling. The Pandemic has just doubled the growth of the online gaming and fantasy sports industry in India in terms of fantasy sports app development and fantasy sports platforms.
The government should look at online gaming with an open mind and understand it in depth instead of considering all online games, and gambling. The government can focus on betting and gambling, but it should spare fantasy sports. However, fantasy sports can help the government generate huge revenue and boost the country’s economy.
Types of online games
Fantasy Sports
One of the most popular gaming platforms for sports fans. Online fantasy is quite different from other gaming styles. The user creates his team online from real players who play on the ground. The performance of the user is completely dependent on the player and the actual game statistics.
IPL is the most popular Fantasy Sports format in India. Along with playing the game, many users religiously follow scores and live matches on fantasy sports platforms. It is not a game of chance; you need skills and knowledge of the game to play and earn rewards. “NITI Aayog” issued guidelines for playing fantasy sports. Users can play fantasy sports for free and for real money.
The fantasy sports industry is growing and the user base is increasing exponentially. Due to the involvement of money and several cases on the fantasy platform, the government considered it a gambling platform and does not consider it legal at the central level. Online fantasy platforms follow all the rules of the Advertising Standards Board of India.
The government has asked state governments to issue guidelines for playing fantasy sports.
User base and revenue
The revenue generated by fantasy sports in 2020 is Rs 2,470 crore. In India, 10 million people play fantasy sports and nearly 80 million people watch the game.
Online Rummy
Rummy is a very popular online card game with a huge user base. Rummy is a game of skill; it requires memorization of the discarded card and the ability to calculate the probability of winning the game. The player should be a keen observer and all his play depends on the undealt cards. It can be played for free or for money. Winning and losing the game depends on the user.
User base and revenue
According to reports in 2019, the online joker was worth $335 million in the Indian market and is likely to grow to $1.4 in 2024.
The user is solely responsible for winning or losing the game.
Electronic sports
It is also known as esports, a skill-based game. eSports are played in a video game format and take place both online and offline. Many tournaments are held in esports. Numerous electronic forms are live telecasts of sports like cricket, football, etc.
User base and revenue
The US global esports market is estimated to reach $1.08 billion in 2021. North America and Asia are the biggest consumers of esports. All revenue in the esports market is generated from sponsorships and advertising. In 2021, 474 people watch esports worldwide, in 2024 these numbers will increase to 577 million.
Esports is a game recognized by the Olympic Council of Asia and the International Olympic Committee as India won a medal at the 2018 Asian Games.
Final words
All online games that involve money are eagerly waiting for NITI Aayog’s final guidelines for a seamless gaming platform. The government’s approval will help online games to host a number of tournaments and generate huge revenue. I hope the government will soon legalize online games that involve money.
