How Cricket Fantasy Apps Can Drain Your Finances and Well-being.
Cricket. Passion. Fantasy. These three words perfectly encapsulate the rise of cricket fantasy apps like Dream11 and My11Circle in India. But beneath the glossy veneer of competition and potential winnings lies a darker side – the potential for addiction and financial ruin.
The Siren Song of Easy Money
Fantasy apps exploit our love for cricket and the thrill of competition. They promise the chance to turn our cricketing knowledge into real cash. The illusion of easy money, coupled with aggressive marketing campaigns that target young and tech-savvy demographics, makes them highly tempting. For some, this can spiral into a belief that they’ve cracked the code to riches, neglecting the element of chance that underlies every game.
The Rabbit Hole of Addiction
The mechanics of these apps are designed to be addictive. Every win reinforces the excitement of a virtual victory, while losses trigger the urge to “win back” what’s lost. This cycle can lead to spending more and more time and money chasing victories, neglecting responsibilities like work, studies, or social life. The constant notifications and updates further fuel the obsession, blurring the lines between entertainment and a potential source of income.
Also Read: Escaping the Credit Card Trap
Market Overview of Fantasy Sports
- According to a study, the fantasy sports market in India is expected to grow at a CAGR of 38% during the forecast period (2022-2025). It is expected to be valued at Rs. 1,65,000 crores by the year 2025.
- In 2019, there were around 90 million fantasy players in India. The number is expected to grow to a staggering 200 million by the year 2024.
- With the introduction of money-making fantasy games and premier league team apps, fantasy sports are now widely played across multiple sports including basketball, kabaddi, hockey, football, and cricket.
- Around 77% of users gravitate towards fantasy cricket, but the number of users in other sports is increasing as well.
Making Money through Match Fees
The most common way for fantasy software to generate revenue is the match or league fees. Whenever a user joins a match or tournament, they are required to pay a small fee. Around 20% of the fee is directed towards the revenue of the app while 80% is allocated towards the winnings of the match or tournament. if 100 Crore Match fee Collected, 20 Crore of the fee is directed towards the revenue and 80 Crore is allocated towards the winnings of the match.
Financial Risks and the Downward Spiral
The financial risks are significant. Many users spend money they can’t afford to lose, often exceeding their budgets in the hope of a big win. This can lead to debt, financial strain, and even relationship problems. Worse, some reports suggest these apps can be gateways to unregulated gambling, further exacerbating the problem. Here, the thrill of the game morphs into a desperate attempt to recover lost funds, potentially leading to a cycle of risky financial decisions that can impact not just the user, but also their families.
Protecting Yourself and Your Loved Ones: Building Safeguards
Here’s how to stay safe:
- Be Mindful: Fantasy gaming should be for entertainment, not a get-rich-quick scheme. Set realistic expectations about the chance of winning and prioritize enjoying the actual cricket match. Focus on analyzing player performance, team dynamics, and upcoming fixtures to create your team, rather than just chasing quick wins.
- Set Limits and Boundaries: Decide on a budget and stick to it religiously. Never spend more than you can afford to lose. There’s no shame in setting a low entry fee, the enjoyment of the game shouldn’t depend on the amount wagered. Treat it like spending on entertainment, like going to a movie.
- Prioritize Responsibilities: Don’t let the game consume your time and energy. Allocate specific times for playing and stick to them. Protect your work, studies, and social life from being overshadowed by the virtual world of fantasy cricket. Inform friends and family about your boundaries to create a support system.
- Seek Help: If you suspect addiction, there are resources available to help you regain control. Don’t hesitate to confide in a trusted friend or family member or seek professional help from organizations specializing in gambling addiction.
Beyond Finance: The Impact on Well-being
The constant highs and lows of fantasy gaming can take a toll on mental well-being. Increased stress, anxiety, and even depression can be associated with excessive use. The emotional rollercoaster of wins and losses can be draining, impacting sleep patterns, mood, and concentration.
Remember: It’s a Game, Not a Life-Defining Pursuit
Cricket is a sport to be enjoyed, and fantasy apps should enhance that experience, not replace it. Focus on the joy of the game itself, the camaraderie with friends and family who share your passion and celebrate the real talent and skill on the field. Analyze matches strategically, discuss them with friends, and enjoy the thrill of the competition without it spiraling into financial or emotional distress.
Taking Control of Your Finances and Well-being
Finance Gurukul promotes financial literacy and responsible money management. If you or someone you know is struggling with cricket fantasy app addiction or gambling issues, seek help from professional organizations. There are helplines and support groups available to guide you towards financial recovery and a healthier relationship with cricket.
Together, let’s ensure cricket remains a game, not a path to financial ruin and emotional distress. Let’s bat wisely and responsibly!
This post is only for Educational Purpose. this blogs intention is not impacting on any apps and websites goodwill, but we are Committed to promotes financial literacy and responsible money management.
