Fantasy Sports Market In Nigeria

What is Fantasy Sports?

Fantasy sport can be determined as an online prediction game where we put a virtual team of real sports players and one earns points on the basis of real life statistics that are converted into fantasy points.

The better the player performs in the real match, the bigger are the points you earn in fantasy, and the player with the maximum number of points at the end of the game is declared as the winner.
All the players are assigned with certain points based on their previous performances and the drafting of the team has to be done under a particular number of points which is already set and is the same for all the gamblers.
Special multipliers are granted to the captain and vice captain of the team and gambler have the privilege of choosing their own captain or vice captain
Fantasy sport enables the players to be a part of different sports leagues or fixtures. Some of the fantasy applications even provide an opportunity to play for free which is very helpful for the beginners.
Over the years, fantasy sports have gained a lot of popularity and is truly an innovative and inventive idea in the world of iGaming.It is one of the most preferred platforms of gamblers and punters in all over the world.

Types Of Fantasy Sports

Fantasy sport is an extremely unique and creative approach towards iGaming, fantasy sports can be classified into 2 major categories:

Season Long Fantasy Sport: As the name implies, season long fantasy sports are played for an entire season and it requires a lot of skills as the team is drafted before the season begins and the same team is continued for the entire season.
-The season-long fantasy sports involves evaluation of the value of players, drafting a team, starting lineup setup & negotiating for the upcoming and unusual problems.
-A majority of Nigerians love to play football and follow various leagues like La Liga and Bundesliga, Thus providing a platform where they can draft their team for a sport they adore will help in gaining a huge profit.
-The excitement which a player experiences when they draft their team in the beginning of a season then continuously/weekly keeps checking the updates and in the end when their team wins is really exceptional.
-Such a unique and exciting platform will surely attract a lot of Nigerians as they would love to play such a sport where they can use and enhance their skill in order to earn money.

Daily Fantasy Sports: Daily Fantasy Sport can be summarized as a small twist in the season long fantasy sport where the time taken to reach the outcome and awards is expeditious and the player can move ahead with drafting their new team instead of waiting for the season long game to end.
-A team in DFS can be drafted hours before the match and one can see the result right after the match is over.
-DFS will enable Nigerians to play a particular match and to draft their team for that match.
-An amature player can also participate in DFS as he/she can change the draft once the match is over. Thus a lot of new Nigerian players can be brought to the fantasy world.
-One of the unique feature that makes DFS fascinating is that it provides more of an adrenaline rush in the midst of players when compared with season-long fantasy Sports.

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Worldwide Fantasy Sports

Approximately 60 million people love fantasy sports in all over the world.

North America: According to the statistics of 2016, gamblers had spent over $3.6 billion alone on Fantasy Sports.

United Kingdom: Approximately over 8.5 million players in the UK are attracted towards Fantasy Sports according to legalsportsreport.com.

Canada: As reported by the studies of FSTA more than 3.1 Million peoples in Canada enjoy playing Fantasy Sports out of which majority of the payers are Teenagers.

Europe: Fantasy Sports have recently arrived in Europe and now Europe holds the second largest market in Fantasy Sports in the world.

India: The fantasy sports market in India has shown a significant growth.According to the FIFS-KPMG 2020 report The Gross revenues of online fantasy sports operators for FY20 was ₹2,400 crore and was ₹920 crore for FY2019 which is almost three times.

Mexico:As per the reports, the fantasy soccer segment dominated other sectors and accounted for nearly 42% of the market share. The craze for soccer in Mexico has resulted in making fantasy soccer as one of the most popular game.

Source – https://www.mordorintelligence.com/industry-reports/fantasy-sports-market

Scenario of Fantasy Sports Industry in Nigeria

Fantasy sports in Nigeria is purely and entirely authorized. It is completely legal to play Fantasy sports in Nigeria and it is famous among teenagers and adults of age 45 years.

With increasing development and innovations there is an increase in the number of people with smartphones and internet in Nigeria enabling it to be a part of the fast growing world.

Fantasy sports has become a prevailing concept among normal people and the educated middle class especially for Soccer.

About 800K Nigerians are involved in Fantasy leagues which does not provide any sort of money in case of winning.

A gigantic sporting culture can surely be seen in Nigeria as more than 85 Millions Nigerians follow Football leagues like UEFA Champions league, La Liga , Bundesliga etc.

Out of 200 Million 100 Million of Nigerians are connected to the Internet. Nigeria is having one of the world’s highest economic growth rates according to the Nigerian economic report released in 2019 by the world bank.

Challenges Faced by Fantasy Sports Industry in Nigeria!

Some of the common challenges that are faced by fantasy sports industry in Nigeria are:

Advertising: Most of the fantasy sports software in Nigeria might face this problem as it is a huge country in the continent of Africa. With the help of proper advertising one will be able attract and pull various fantasy sports players towards their platform. Thus advertising can be determined as a challenge that one can face

Data Management: One should have dedicated developers and designers who are experienced enough to integrate and manage all the data ranging from the teams, their statistics, the players, the history of the team, and many others into one fantasy sports application, as fantasy application for Nigeria is a huge project and there is a lot of data that has to be managed, Otherwise it can led in to a chaos and can ultimately be a biggest challenge to overcome.

The App and the User: It is one of the major challenges faced by the fantasy sports industry in Nigeria. To avoid such scenarios the fantasy sports betting application should be light in size as the player might not be able to download or use as it might take some excess space, plus the application should be smooth and should be user friendly thus the player can feel relatable and will have an immense gaming experience.

Important Terminologies used in Fantasy Sports in Nigeria

Draft: Draft can be defined as how a contestant positions the players in his/her team.

Entry Fees: Entry fees refers to the amount of money that is required to participate in a fixture or a league.

Triple Up: It can be determined as a contest where the champion triple the amount of their entry fees.

Multipliers: It allows the player to multiply the total amount of money that he/she paid as their entry fees.

Mock draft: It can be determined as a practise draft which can help the participant in forming strategies for the upcoming match.

Breakout: This term is used for a player who performs higher than the expectation of the participants.

Player Pool: It can be said as a bank of players which are available for drafting.

Undroppables: It refers to the prime players which cannot be removed from the lineup

Why are Fantasy Sports Popular in Nigeria?

Nigerians have a special place for soccer in their hearts and they will be glad to experience a forum where they can win real money from the sport they love.

More than half of the total population of Nigeria is connected to the internet creating a fast growing user base, Thus introducing the concept of gaming on the online platform will be a nice thought and will surely attract multiple players.

A productive business through a fantasy football software can quickly gain the market in Nigeria.

With the boom of the internet in the midst of Nigerians, providing a platform where one can earn real money will help a number of Nigerians to be financially stable.

Fantasy sports will even attract the regular or common persons as it will be a great opportunity for new gamblers.

Fantasy Sport will enable players to play regular and monetized sports from any place and will be able to choose different matches happening in all over the world.

As the economic growth in Nigeria is gaining pace, providing a Fantasy Sport platform with real money will surely benefit the Nigerians as well as to the Company.