Market Trends of Fantasy Sports Industry
Rapid Development of the User Friendly and Smartphone Accessible Applications to Drive the Market Growth
- The ecosystem has driven increased internet penetration and usage of low-cost smartphones among urban and rural populations, monetization through revenue streams like pay-per-download and in-app purchases, and the growth of the fantasy sports market through subscription services, gamers, in-app advertising, incentive-based advertising, etc.
- Computers and the internet are used for all major fantasy sports competitions. The main mechanisms for protecting computerized systems are copyright, which grants authors exclusive rights for the publicity, distribution, and use of original literary works; patents, which give inventors exclusive rights for commercial exploitation of new inventions; and trade secrets protection, which safeguards confidential commercial information from potential abuse. Those who breach confidence can be held accountable through legal action.
- The convenience offered compared to other channels, especially when betting is carried out through a connected mobile device such as a mobile phone, is one of the main drivers of the online sports betting and fantasy sports market.
- Bets can be placed on computers, smartphones, and other connected devices through the Internet. Due to an increase in the number of gamblers who place bets on mobile internet, there is a growing opportunity for market growth.
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North America to Hold a Significant Market Share
- The North American football fantasy sports market is very strong. The region is expected to experience significant growth over the next few years due to increased demand for football, rising Internet accessibility tools, sports sponsorship, partnerships, acquisitions, and innovations.
- Smartphones, cloud technology, and mobile gaming apps have increased the significance of the online gaming culture, and various state laws are challenging new players to adopt DFS. As 43 of the 50 states in the United States allow daily fantasy sports (Source: Legal Sports Betting), their popularity has significantly increased across the country. However, many legal barriers prevent daily fantasy sports (DFS) from being offered nationwide.
- Several states do not allow daily fantasy sports and have demanded that DFS sites cease operations. Instead of engaging the AG, the sites have stopped offering their services and are working to push laws that would make states that permit daily fantasy sports. The states that do not allow daily fantasy sports include Hawaii, Idaho, Montana, Nevada, and Washington.
- In addition, Canada's gaming industry is very important. It is varied, ranging from gambling on the Internet to fantasy football and multiplayer first-person shooters. A number of important factors, e.g., technology innovation, consumer preferences for new products, changes in public perception, and innovation, have contributed to the expansion of Canada's fantasy gaming market. Interest from international companies wishing to establish a strong presence in Canada has also increased.
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