For a few years now, the Indian sports market has been thriving, and entrepreneurs have especially been emphasising Indian fantasy sports games. One such investor is Gia Janashvili. He has been talking about the potential and opportunities the Indian iGaming market will have in the future and has stated that out of all countries, India has immense potential, especially in the iGaming sector. Being an entrepreneur himself and co-founding Veli, Janashvili thinks the Indian fantasy sports market will grow rapidly in the coming years. We sat down with Janashvili and talked about what led him and Veli to move into this particular market with their Fan2Play investment.
Why is the Indian iGaming market so attractive for entrepreneurs and investors like yourself?
For about two or three years now, tech investors, business leaders, and various internet services have been trying out their luck in the Indian market. Because of the large population, the marketplace for technological goods is promising. You add in the increase of people starting to use the internet, and you have an iGaming market that can grow. Here at Veli, we haven’t stayed far behind. Look at the statistics for the past two or three years, and you’ll see that investments worth hundreds of millions of dollars were poured into the Indian iGaming market. This is a great sign that not only iGaming will grow, but it can become one of the best industries in India. In the past couple of years, we have contacted several Indian up-and-coming tech businesses and offered our services. However, Fan2Play seemed the best decision for now.
Which past experiences have nudged you to go with a project like Fan2Play?
All of our past ventures have been in places where we deem iGaming to change and improve for the better. We have made many investments in the Pan African market simply because we saw numerous opportunities in countries like South Africa, Nigeria, Congo, Kenya, etc. The sole fact that the South African iGaming industry alone grew by US$300 million lets everyone see that targeting these countries will bring big steady growth revenues. Same as South Africa, the iGaming markets in Congo have immense potential. With the platforms that we provide, we enable various targeted and highly customized experiences. I firmly believe that the same fate will follow the Indian iGaming scene. The potential it has shown in recent years is exemplary, even more so with the growing fantasy games. This was the main reason why Veli decided to invest in the well-known Fan2Play.
Can you explain what Fan2Play is?
Fan2Play is an online fantasy sports game platform where you can go up against other players and make teams in cricket and football. It can also be described as a fantasy sports contest where you can build teams and go up against other players in public leagues, make private leagues for your friends, or accept random players’ challenges. Basically, it’s a game like every other. You start by choosing your team, and then when you have accepted a challenge, it all comes down to which players score more points in their performance in the match.
Is Fan2Play legal in India and have there been any drawbacks?
It is entirely legal and safe to play. Following the laws in India, it is clear that Fan2Play and its contests like Fantasy Cricket and Fantasy Football are considered games of skill. Now, because all Indian laws are being followed, certain states in India cannot participate in the contest where there is cash distribution as prizes, including Assam, Odisha, Sikkim, Andhra Pradesh, and Telangana. The good thing about this is that Fan2Play wants to include every state in India, so players from the states I mentioned can still play practice contests for fun.
Where do you see Fan2Play and the Indian iGaming industry in the future?
We already know that more than three million players are registered and play at Fan2Play. This was also one of the major reasons why Veli decided to invest in the online fantasy sports platform. We can’t predict the future for certain, but seeing the evolution that Fan2Play has had in the past two years, I can firmly say that this sector will develop further. As for the overall Indian iGaming industry, as I mentioned, I am positive about its continuous growth. More and more players will come through, and it won’t be surprising to even see international gamers.
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