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The number of players and platforms for fantasy sports has increased dramatically over the past 20 years. Due to this, the worldwide Fantasy Sports industry is expected to be worth $20.7 billion in 2020. From 2021 to 2027, it is projected to increase at a CAGR of over 13% and be valued at US$ 48 billion.
Fantasy Sports are competitive internet games where participants create a virtual team of real-life athletes and score points based on their performance in actual matches.
They may switch teams, subject to specific in-game restrictions. The goal is still to select a group of players who can provide the user with the most points possible.
Most fantasy sports have a Play-to-Earn (P2E) business model where the team's formation necessitates paying entry fees. After each season or tournament, those who place first on the leaderboard receive rewards with actual money worth.
In addition to the seasonal benefits, several of these platforms now provide Daily Fantasy Sports (DFS), where users can participate in competitions and earn prizes. The allure of fantasy sports has seduced sports fans from all around the world. One in five Americans, or close to 57.4 million people, participate in fantasy sports. The Fantasy Sports market is expected to reach US$ 3.7 billion in India by 2024, expanding at a CAGR of 32%.
Mobile games like DraftKings, Dream11, and MyTeam11, which contain a dark underbelly, have been a significant factor in popularising this new gaming revolution. These platforms, which are all centralized systems, are susceptible to human error, interference, or plain deception.
Users frequently criticize such services for their lack of openness. Users of these programs are compelled to have blind faith in the system because they offer zero insight into what occurs behind the scenes.
For the sole purpose of luring a more extensive user base, game producers have frequently come under fire for showcasing fictitious "winners" with massive rewards while concealing the actual number of players, contests, and distribution percentage to generate large profits.
To benefit the people running the platform, there is also room for illicit or criminal actions, including betting fraud and point manipulation.
Class action lawsuits alleging fraud, negligence, and false advertising have been brought against fantasy sports platforms like DraftKings and FanDuel, leading to investigations into both businesses by the New York State Attorney.
All difficulties with centralization and trust have a ready-made solution in blockchain development services. Fantasy sports companies are quickly adopting blockchain technology to create a decentralized, fraud-proof, and utterly transparent system.
Every transaction is recorded forever on a public ledger, accessible to anyone interested. This eliminates the possibility of fraud by data manipulation or information concealment. Blockchain technology makes the unchangeable tracking of data related to teams, players, and victories feasible.
Decentralization is made possible by blockchain technology, giving users a chance to take part not only in the game but also in the platform's decision-making processes. The influence of game designers and administrators is further diminished as a result.
Several of the largest companies in the online gaming sector, including Sorare and Defi11, have already embraced blockchain technology to provide these unique features. Their sizable user base attests to the necessity of blockchain development services for the fantasy sports market.
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