Fantasy sports. Have you heard about it? You might have, given its popularity. Millions of people play it every day. Though popular, If you want to start a Fantasy Sports Business then, you are on the right track. This is the most booming industry in today’s era.
Fantasy Sports software is website or App (Android and iOS) virtual gaming platform. Through this, the users can make their own teams by selecting the players whom they think will perform better on-field. In turn, users get rewards in terms of bonus and real cash prizes. Fantasy sports is just about passion, enthusiasm, fun, expectations. The app allows users to play fantasy Soccer, football, Rugby, basketball, and many other games.
So, Let’s explore how to start a Fantasy Sports Business.
Market size of Fantasy Sports Business:
In 2019, the global market size of Fantasy Sports was USD 18,040 million and it is expected to reach USD 43,370 million by the end of 2026, with a compound annual growth rate of 13.2% during 2021-2026. Advertising is a major source of that revenue.
America is the largest market of Fantasy Sports with revenue market share over 58% and the second largest market in the world is Europe, with a revenue market of about 14%.
Market segment by Type, the product can be segmented into Fantasy Football, Fantasy Baseball, Fantasy Basketball, Fantasy Soccer, Fantasy Cricket, Fantasy Car Racing, and Others.
Steps to consider to start a fantasy sports business
1. Defining your objectives:
This is the major step of any business and the same strategy goes for sports fantasy business. Before choosing a fantasy sports website developer, set your objectives in detail and make a plan accordingly. There are various steps on which you have to focus on. The process of defining a clear objective before starting a fantasy sports business will help you choose the right fantasy sports app developers. White Label fantasy sports Products are:
- Daily Fantasy Sports
- Season-long Fantasy Sports
- Custom Duration Fantasy Sports
2. Target Audience:
Targeting the right audience leads to save money as well as targeting helps you to directly target the prospects. Along with this, to filter the audience also helps in developing the fantasy sports website and application development process A clear idea of what your target demographic and geographic is very important in making your fantasy app a success i.e. their age group and the region they belong to. These details give you more flexibility when it comes to promoting your fantasy app.
You must focus on the engagement of your application. Big players such as FanDuel and Dream11 offer and enable their users to take up multiple contests weekly. This, in turn, increases the fees collections from league while entwining the participants not only for one content but for the complete season.
4. Choose the right service provider:
This is the most important step for starting your own Fantasy Sports application, it is crucial to find the right fantasy sports app development company to build your app for you. There are many options available when it comes to choosing one developer, so it is important that you take the time to choose one that meets your needs and requirements.
There is a tough competition in Fantasy Sports mobile business, you already have faced the tough turf of competition. If you want to stand out, use the best marketing strategies that can guarantee success to a large extent. Find a service provider that helps you in every step of your journey. And, help you to grow.
Your Fantasy Sports Application and website must have the following features:
- H2H, Leagues, Multi-Entry and Guaranteed games
- Customization Scoring Logic
- Sports League to your choice
- Celebrity & Stock Market Fantasy
- Leaderboards and achievements
- Scalability of platform
- Integration of a variety of sports
- Integrated Wallet Management
- Compliant to All Major Jurisdictions
- Custom UI/UX
Starting a fantasy sports website and app is a crucial step and, Choosing a company like us (Tecpinion) can save you lots of time and wasted effort. Founded in 2016, We are the best Fantasy Sports white label solutions & custom service provider which aims at empowering existing operators & iGaming start-ups with the help of technology. We strive towards providing fantasy sports software solutions to best suit your business needs.