New Delhi, April 19 : The ongoing Indian Premier League (IPL) season is serving as a significant economic driver, fostering business growth and engagement across various sectors, including fantasy sports revenue.

Gaming app platforms like Dream11 and My 11 Circle have shown an impressive surge in both daily active cash users and revenue per person.

This year, the fantasy sports revolution is sweeping through smaller towns and cities, with over 65 per cent of revenue coming from local internet economies.

According to Saurav Kumar Chachan, Associate Partner at market research firm Redseer Strategy Consultants, fantasy sports revenue is gearing up for a 25-30 per cent surge compared to last year, reaching $500-525 million in IPL 2024.

'It's this grassroots enthusiasm that's fuelling the fantasy platforms' meteoric rise,' he said.

The spike in user engagement and investment during the IPL season has fuelled this segment's rapid growth, 'proving that fantasy sports are no longer just a niche hobby but a major economic driver,' the report noted.

While daily cash users have jumped by 2.8 times from the Business as Usual (BAU) standards, the fantasy sports market revenue has seen a substantial 2.3 times increase in the limited amount of matches that have been played.

Guaranteed cash prizes have also increased compared to the highest prizes from BAU.

The Fantasy sports platforms have also increased the distribution of cash prizes.

'Dream 11, for instance, has provisions where up to four winners can win a minimum of $125k per day,' said the report.

The report mentioned that with the IPL acting as a catalyst, there is an unparalleled integration of entertainment, sports, and economics, 'creating a win-win scenario for various stakeholders, from tech giants to local businesses in smaller cities'.

/IANS