Research Analysis: The Fantasy Sports Industry (Part III & IV)

III. Global Market Analysis

Current Market Size and Historical Growth (2022-2024)

The global fantasy sports market has demonstrated consistent and robust growth over recent years. In 2022, the market was valued at USD 25.87 billion. For the year 2024, various market research sources report a range of valuations, indicating the dynamic nature and differing methodologies in market estimation. Figures for 2024 include USD 23.09 billion , USD 24.85 billion , USD 28.95 billion , USD 29.85 billion , and USD 30.83 billion. This variability in reported market sizes underscores the inherent complexities and uncertainties in forecasting a rapidly evolving industry influenced by technological disruption, regulatory changes, and shifting consumer preferences.   

Market Forecast and Compound Annual Growth Rate (CAGR) (2025-2035)

The future outlook for the global fantasy sports market is characterized by substantial projected growth, with multiple sources forecasting strong double-digit CAGRs. Projections include:

• USD 40 billion by 2035, with a CAGR of 10.45% from 2025 to 2035.   

• USD 67.03 billion by 2033, with a CAGR of 9.29% from 2025 to 2033.   

• USD 59.63 billion by 2029, with a CAGR of 14.9% from 2024 to 2029.   

• USD 67.32 billion by 2033, with a CAGR of 12.6% from 2025 to 2033.   

• USD 56.38 billion by 2030, with a CAGR of 15.2% from 2025 to 2030.   

• USD 89.92 billion by 2032, with a CAGR of 13.2% from 2022 to 2032.   

• USD 61.2 billion by 2030, with a CAGR of 14.2% from 2023 to 2030.   

The general consensus across these forecasts points to significant market expansion over the next decade. The divergence in specific figures, where some estimates for similar periods vary substantially, highlights the dynamic nature of the market and the influence of various external variables and internal innovations on its trajectory. This underscores the need for companies to adopt agile strategies and continuously monitor market dynamics rather than relying on a single projection.

Table 1: Global Fantasy Sports Market Size & Forecast (Selected Projections)

Regional Market Share Analysis

The global fantasy sports market showcases a diverse landscape across regional segments, with varying engagement levels and preferences.

North America consistently leads the global market in terms of market share. In 2023, the region accounted for over 30% of the global market , a share that increased to over 35.0% in 2024 and over 37% in 2024. This dominance is primarily attributed to a deep-rooted sports culture, the widespread popularity of major professional leagues such as the NFL, NBA, MLB, and NHL, and high internet and smartphone penetration rates. The region's technological adoption and increasing consumer spending on fantasy sports further solidify its leading position.   

Asia-Pacific is projected to be the fastest-growing region in the fantasy sports market. It is expected to grow at a CAGR of over 17% from 2025 to 2030. This rapid expansion is fueled by a large, young, and tech-savvy population, rising smartphone penetration, increasing disposable incomes, and a growing interest in cricket and football. India stands out as a key market within this region, having grown to an estimated 100 million fantasy sports players by 2020. For global fantasy sports companies, future growth is significantly dependent on successful expansion into Asia-Pacific. This necessitates localized content, a nuanced understanding of regional sports preferences (e.g., cricket's substantial influence in India), adaptation to diverse regulatory environments, and potentially forming local partnerships to effectively penetrate and build trust within this massive, increasingly affluent, and digitally connected demographic. This indicates a strategic shift in investment focus towards high-growth Eastern markets.   

Europe follows North America in market size, with a valuation of USD 3.0 billion in 2024, projected to reach USD 9.0 billion by 2035. The region exhibits steady growth, primarily fueled by improved internet access and the rising popularity of esports. Some reports also anticipate Europe to experience the fastest growth during the forecast period.   

IV. North American Market Analysis

Current Market Size and Historical Growth (2022-2024)

North America has a well-established history of fantasy sports participation, forming the bedrock of the global industry. The number of fantasy sports players in the United States and Canada has steadily increased, reaching 59.3 million in 2017 and further expanding to 62.5 million in 2022. This substantial user base underpins the market's significant valuation. In 2024, the North American market was valued at USD 6.5 billion , with another report indicating a market revenue of approximately USD 9.23 billion. The region consistently accounts for a dominant share of the global fantasy sports market, ranging from over 35.0% to over 37% in 2024.   

Market Forecast and CAGR (2025-2035)

The North American fantasy sports market is projected to continue its strong growth trajectory. It is expected to reach USD 20.0 billion by 2035. A compound annual growth rate (CAGR) of 13.6% is anticipated from 2025 to 2030, with projected revenue reaching US$ 19,265.5 million (approximately USD 19.27 billion) by 2030. This sustained growth, despite North America already being the largest market with high penetration rates, suggests that expansion is not solely reliant on acquiring new users. Instead, it indicates a deepening engagement and increased spending from the existing user base. This implies that innovation in user experience and monetization within the current large user pool is as crucial as expanding market reach, driving continuous investment in enhancing the platform and offerings.   

Table 2: North American Fantasy Sports Market Size & Forecast (2023-2035)

Dominance and Key Contributing Factors

North America's dominance in the global fantasy sports market is driven by a confluence of factors. The region boasts a deeply embedded sports culture, characterized by the widespread popularity of major leagues such as the NFL, NBA, MLB, and NHL. This fervent fan base provides a fertile ground for fantasy sports participation. High internet penetration and widespread smartphone adoption are also crucial, enabling seamless access to fantasy platforms and enhancing user convenience.   

A significant contributing factor to the region's growth is the legalization and rapid expansion of sports betting across multiple states. This development has intensified fantasy sports market demand by integrating fantasy elements with betting opportunities. Daily Fantasy Sports (DFS), in particular, has seen substantial growth due to its shorter commitment periods and frequent play, aligning well with the fast-paced nature of modern digital engagement. The interplay between regulatory advancements and technological innovation is particularly noteworthy. The increasing clarity in regulations, often distinguishing DFS as a game of skill, has unlocked the potential for technological advancements, such as AI-driven analytics and user-friendly interfaces, to further enhance the gaming experience. This symbiotic relationship between regulatory progress and technological sophistication has created a highly conducive environment for market growth, positioning the U.S. as a blueprint for other regions considering similar regulatory shifts.  

United States Market Share within North America

Within North America, the United States accounts for the overwhelming majority of the market share. In 2024, the U.S. held over 83.70%  and over 86% of the North American fantasy sports market. This substantial share is a testament to the country's dynamic sports culture and continuous technological advancements. Over 60 million individuals participated in fantasy sports in the U.S. in 2022, a figure that has been consistently rising over the past decade. The market's strength in the U.S. is further bolstered by innovations such as AI-driven analytics and user-friendly interfaces, which significantly enhance the gaming experience and drive sustained engagement.