TechNavio's "Fantasy Sports Market by Product, Platform and Geography - Forecast and Analysis 2023 - 2027" report analyzes the global and regional market status and trends for fantasy sports. The report points out that South America was the 4th largest market region in 2022 and will continue to be the 4th largest segment in 2027.
The expectation is that the region will have an average annual growth rate of 9.34% between 2022 and 2027, varying between 8.27% and 10.51% of annual growth. It will be the fastest growing region in the overall market and will grow from US$1.4 billion in 2022 to US$2.2 billion in 2027, with incremental growth of US$8.6 billion and contributing 10.12% of the Incremental global market growth between 2022 and 2027.
South America contributed 6.57% to the global fantasy sports market in 2022 and its contribution will increase to 7.52% in 2027. The region will generate growth in every year of the forecast period between 2022 and 2027.
The growth of the fantasy sports market in South America is driven by the growth in smartphone sales and the increasing purchasing power of the middle class population. The significant presence of an urban and young population in the country is also a relevant factor for the development of the sector.
Brazil is one of the fastest growing economies in the region. In 2019, it witnessed a growth of almost 1.1% in gross domestic product (GDP), with direct growth of household income and the Brazilian economy. These are factors that encourage the digital market and demonstrate that fantasy sports is growing significantly in Brazil compared to other countries in the region.
The subject is gaining more and more relevance on the national scene and now it should gain a legal framework, which is about to be voted on in the Senate.
Fantasy Sport is an electronic sport in which the competitor becomes a virtual coach of a virtual team based in the real world. Each player scales his team according to his best strategy, going through his knowledge of the sport, understanding of the market and acquired skills. Each virtual team will score according to the performance of people and teams in the real world, resulting in points that, added or subtracted, will make up the player's performance in the overall ranking.
Source: GMB
