Globally, sport is a unique and powerful cultural phenomenon, which both unites and divides communities, as well as engendering an increasing element of entertainment value. The global sports market reached a value of nearly $500 billion in 2023 and is expected to grow at a compound annual growth rate of 5 – 7%.
Sport is a booming industry, not just globally, but also in India. The country has a sports consumer base of approximately 722 million, a significant portion of which engages with sports beyond just watching the matches. This engagement has been fuelled by the availability of inexpensive smartphones and affordable mobile data. According to reports, there are over 600 million smartphone users in India and 4G mobile internet data is available for as cheap as $1 per month. Further, India also boasts of an instant payment service, known as Unified Payments Interface, which, ever since demonetization, has seen significant growth and rise in mobile internet payments in India. These factors allow for a large consumer base willing to interact with sports and spend money while doing so. Thus, India has also seen the rise of several fantasy sports applications, other casual gaming applications that offer paid games of skill (which are deemed as legal in most parts of the country), and Esports.
Enormous consumer demand has increased the revenue generated by this industry in the past few years. With an increase in the demand and investment in the industry, the government and national federations, in India, have been trying to revamp the present functioning to attract more investments. A testament to these efforts is the introduction of the National Sports Governance Bill, 2024, the National Sports Policy, 2024 and India having sent the letter of intent to host the 2036 Olympics. There has also been a rampant increase in the role of private bodies, aimed to match international standards and to provide stability in upcoming ventures, ensuring that India’s sports landscape is well poised for a transformative leap towards a bigger and brighter future.
Various initiatives by the private sector, for sports other than cricket, like the establishment of Indian Super League, Ultimate Table Tennis, Indian Racing League, Pro Kabaddi League, to name a few, have successfully changed the manner in which people perceive sport. Hosting of international events like the FIFA U-17 World Cup and the Cricket World Cup, and the increasing popularity of the flagship government school sports initiative, the ‘Khelo India Games’, and the introduction by the government of the ‘Khel Mahakumbh’, have created a larger potential for hosting similar events, as well as created opportunities for both, domestic and international investments, whether involved directly in sporting activities or the broader framework of associated services i.e., it has opened avenues for further investment not just in sport, but also allied industries like sports tourism and export of sports goods. These concerted efforts continue to strengthen India’s standing in the global market.
The above-mentioned developments and the potential in the industry brings with them vast opportunities and challenges to professionalise and commercialise sport & gaming and along with it the need for professional expertise in the fields of science, management, media and law relating to the business of sports & gaming.