Over the previous several decades, there’s been a rapid shift in sports, and Indian sports have found their way beyond cricket. Over the years, the sports economy has accelerated and expanded. The Indian sports business has profited dramatically from industrialisation as well. In emerging countries such as India, the government has moved its attention to the development of industries, one of which is the sports sector, which has enormous growth potential. According to Business Insider, in 2020, the sports industry is estimated at Rs 5,874 crore, with cricket representing 87% of the sponsorships.
The economy also developed online with online betting sites like BetUS, letting Indian players place bets on their favourite sports. Online betting sites feature the best sports competitions from the Indian Premier League to NBA lines.
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Cricket Still Dominates the Market
Obviously, cricket is still the most popular sport in India. As previously stated, it represented 87% in 2020. The most significant share of the industry is still owned by media diffusing the events, but a shift started in 2020 towards athlete endorsement, which grew 5%.
When sports events couldn’t occur, the athletes saw an increase in their social media influence and out of 377 endorsement deals, 275 were cricket players. The growth of tech in India also led to the development of new sectors like esports. This part of the market is still tiny compared to cricket. Still, online gaming is expected to grow by 40% in 2022, according to the FICCI (Federation of Indian Chambers of Commerce & Industry).
Is Esports the Future of India’s Economy?
While in 2021, gamers were disappointed to see the prolonged ban of their favourite title PUBG Mobile. However, the community kept esports alive on PC. Indian gamers found new games to enjoy together with Valorant, Apex Legends and Call Of Duty: Warzone.
This is surprising that Indian players didn’t simply migrate to another mobile title, but it’s also a sign of its emerging economy as the younger generation is well-versed in technology and better equipped. Over eight million people watched the Skyesports Valorant League 2021.
What to Expect in the Future
The Indian sports industry is unlike any other, and the most followed sport isn’t football like in most countries but cricket. Yet, the recent technological boom of the country seems to be pushing athletes on social media and allowing for the development of esports competitions. However, we can still expect live events to represent the most significant part of the industry for years to come, with the Indian Premier League still gathering millions of people.
