Background: The current study was carried out owing to the projected increase in the fantasy sports market in India, the popularity of fantasy sports in the age group of 18–25 years, the gambling-related implications of engaging in fantasy sports, and the dearth of published data on the extent and pattern of engagement in fantasy sports among college students in India. We aimed to assess the attributes of engagement in fantasy sports among college students and explore their perceptions and attitudes toward fantasy sports. Methods: This was a cross-sectional observational study among students enrolled in undergraduate courses in an autonomous college in central India. The study questionnaire included a semi-structured proforma that asked for information on the sociodemographic details, questions to assess the gaming (both online and offline) pattern and participation in fantasy sports by the study participants, and a modified Motives for Online Gaming Questionnaire (MOGQ). The participants were also asked to express, on a 10-point scale, their agreement that fantasy sports are similar to gambling. Results: Around one-fifth of the participants had engaged in a fantasy sport at least once. Around 18% had gambled at least once. The participants who reported losing money from fantasy sports also engaged in a significantly greater number of fantasy sports ( p = .002). Those who engaged in fantasy sports with the main goal of making money agreed more with the statement that fantasy sports are similar to online gambling compared to those who did not ( p = .01). Conclusions: Those who engaged in fantasy sports to make money agreed more with the statement that fantasy sports are similar to gambling. The study helps understand the associations between various psychosocial motives, monetary motivations, and involvement in fantasy sports.