By 2027, the global fantasy sports market should jump from the current amount of US$ 22.3 billion and reach figures in excess of US$ 30.5 billion. This is what reveals the trend report "Fantasy Sports Market by Product, Platform and Geography - Forecast and Analysis 2023 - 2027", developed by global TechNavio, a leading market research company.
The survey also predicts annual growth ranging between 5.23% and 7.72% for the next four years and lists the countries of South America as fundamental for this result, contributing with 7.52% to the global fantasy sports market in 2027, and includes Brazil as one of the world's fastest growing economies.
According to the document, in 2019, the country registered a growth of almost 1.1% in the Gross Domestic Product (GDP), due to the increase in sports lovers. Factor that for the president of the Brazilian Association of Fantasy Sports (ABFS), Rafael Marchetti Marcondes, not only weighs in favor of the sector but is also a clear demonstration of the potential of the fantasy sports market to boost the national economy.
“The numbers are important for us to analyze our advances and also allow us to define strategies for assertive action. In addition to the demands of the market, we are also evolving in the public debate, where we are dialoguing with important decision makers to sensitize public opinion about the importance of regulating the sector,” says Rafael Marchetti.
“Today, the fantasy sports sector has more than 30 million Brazilians and this scenario requires regulation to guarantee the safety of consumers, operators and investors in the sector,” observes the president.
Rafael Marchetti Marcondes believes that the bill he is considering in the Federal Senate has synergy with the Economic Freedom Law and with market demands.
Bill 2796/2021, already approved by the Chamber, is being processed by the Federal Senate and aims to encourage entrepreneurship for the production of online games in Brazil, through the regulation of the sector, and for the executive, with the regulation, the growth of the sector of fantasy games is estimated at 120% by 2026.
In addition, more than 5,800 direct jobs can be generated. Rafael also details that the laws in force in Brazil do not follow the requirements of the games sector and highlights that not only the Association, but several companies in the field share the thought that the approval of the Bill is the best way to boost this market.
“The industry is new and our legislation is outdated. We have an increasingly strong electronic games market, with great potential for job creation and revenue. We are the largest games market in Latin America and the 10th in the world in terms of revenue, and we believe that with the approval of the Bill, in the format in which it was voted in the Chamber, we can further boost the national electronic games market, which today collects around of BRL 12 billion per year. In addition, we ensure the development of the entertainment industry and we also ratify our commitment to offer services with more transparency and security to our consumers and the entire chain involved,” highlights Rafael.
The president also notes that the proposal, approved by the deputies on October 19, 2022, in addition to helping to leverage the growth of the entire electronic games industry, “is in perfect harmony with the Economic Freedom Law and has total synergy with the market needs,” he concludes.
Source: GMB
