Understanding the Economic Impact of IPL

The Indian Premier League (IPL) is the most anticipated athletic event, with fans across cheering for their favorite teams to win the prized trophy. Millions of people find that the excitement of live matches is insufficient, so they go on to virtual games like fantasy leagues, where users construct teams using virtual money and real-life players.

The Board of Control for Cricket in India (BCCI) launched the Indian Premier League (IPL), a T-20 cricket tournament, in 2007. The league was established in 2008, and it is the richest-ranked sports league in the world which is held every year.

Economy of IPL

The Board of Control (BCI) for Cricket in India has revealed the schedule of the highly anticipated Indian Premier League (IPL) 2024, which began on March 22. During this time, 10 cities will host a total of 21 matches. There will be 333 players in the auction, including 214 Indians and 119 foreign players, including two from partner nations. Thirty of the 77 slots are been aside for players from other countries.

It can be seen that Redseer's data shows that 61 million players played fantasy sports during the IPL season 2023, bringing in revenue of almost Rs 2,800 crore in gaming. With this revenue, it can be said that the market has grown by 30% compound annual growth rate (CAGR) since the 2019 Indian Premier League. This leads to a 24% rise from the 2022 year's revenue of Rs 2,250 crore.

The Mumbai Indians are the most valuable IPL brand, having crossed the $10 billion threshold in brand value in 2023. As of the 16th season of the league, Brand Finance estimates that the IPL system's overall brand value was $10.7 billion. The league's 2009 valuation was $2 billion, and by 2021, it had grown steadily to $4.7 billion.

Even up until 2013–2014, the English Premier League was the main source of fantasy sports popularity in India. However, the Indian Premier League organization later introduced fantasy sports. With the promise of paying crores to the winners of each game, these kinds of gaming apps have grown exponentially in popularity in recent years. The astonishing increase in participation demonstrates how well-liked fantasy gaming is spreading across the country. The fantasy sports market industry is quickly increasing in today's scenario.

IPL VS. Global Sports Leagues

The T20 tournament has grown to be a formidable rival to other major sports competitions. The value of an IPL broadcast each match is $14.2 million (around Rs 118.5 crore). The English Premier League (EPL), Major League Baseball (MLB) in America, which fetches a per-match broadcast value of $11 million (Rs 91 crore), and the National Basketball Association (NBA), with a per-match broadcast value of $9 million (Rs 75 crore), are all surpassed by the IPL cricket league.

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