How To Start Your Fantasy Sports App Business in 2020?

The concept of selecting favorite players and participating in virtual contests based on the real-time play is not new. It was cherished from the late 50s with Fantasy Golf. Yes, Golf was the first game that turned out with a fantasy platform. Oakland businessman and his partner Wilfred Winkenbach were the ones who introduced this idea to the world. And after that, the Fantasy sports industry has never turned back.

If we dig deeper than today, these fantasy sports are popular among users for their fun and entertainment. And in less time, it caught the attention of big sports market giants right from Yahoo, CNN to ESPN. Undeniably, the rise in popularity of fantasy sports brings an opportunity for entrepreneurs to invest in the fantasy sports app business.

In this post, we will try to give you some insights into- Why businesses should invest in the Fantasy sports app business?

But first, let's discuss- 

How Does Fantasy Sports App Works?

A fantasy sports app is a virtual platform where users can select their favorite team of real players. The selection is based on the real-time performance of the players during live matches. 

After the selection, they can participate in a virtual league or tournament by paying an amount as an entry fee. The users can compete with their friends and family or join open leagues which comprise players from globally. With the application, they can track the activities of their teams. The team that performs according to the real-game statistics will be declared as the winner.

Market Size of Fantasy Sports- 

If we talk about the market size of Fantasy sports, then-

As per Statista, the global online gambling market is anticipated to be valued at more than 94 bn U.S. dollars in 2024. In 2017, Draft Kings, a leading fantasy sports platform, has created a net revenue of around USD155 million in the United States.  

And according to another market report- The market size, measured by revenue, of the Fantasy Sports Services industry is USD 7.8 billion in 2020.

The United States of America is considered a famous fantasy sports business center. And following it, India and China have become the next big market giants. In both countries, Football and Cricket are the favorite sports among users.

Hence, it is high time for businesses to invest in the Fantasy of a sports app business.

Now let's take a look at the Indian market of Fantasy sports-

Fantasy sports business in India-

If we talk about the fantasy sports market in India, then here also the stats are jaw-dropping. As per to the businessworld .in- The business is already worth INR 43.8 bn and is said to reach INR 118.8 bn by FY23 with a growth rate of CAGR 22.1%. And experts said that- Sports gaming in India has important opportunities for the future.

On average, 74% of the users play online fantasy sports contests 1-3 times a week, which points to a significant user hold towards the platform.

In sports, India is famous for Cricket, and everyone might be aware of the fact that here Cricket is worshipped as a religion. And in such craziness, fantasy sports apps like Dream 11 work as a cherry on an ice cake. It was the first fantasy sports app that introduced a new way of enjoying multiple sports on a single platform. 

The fantasy sports app industry has emerged as one of the most significant investments for entrepreneurs and sports companies. And undeniably it is continually rising at a rapid speed. Moreover, entertainment and exciting real-time money rewards make this platform more demanding and attention-grabbing.

What benefits will companies get from the Fantasy sports app business? 

Following are the significant benefits companies will get from the Fantasy Sports App Development-

The fantasy sports industry comes with massive advantages; therefore, we can't describe all the benefits here. But we have curated a list of a few, that tells you the importance of fantasy sports app-

·       Help businesses in elaborating their product, services, and brand awareness to a great extent.

·       Boost sales and conversions by leaps and bounds.

·       It supports better and long-lasting relationships with their customers.

·       Introduce a massive amount of traffic to the website.

·       It offers an enormous amount of database of new customers.

·       Helps in establishing a loyal online community.

·       Decrease the role of the third party for playing.

·       You can earn lucrative profits via Google AdSense.

So, if you have decided to start a fantasy sports app business then congratulations, you already won the half marathon because it is one of the most lucrative industries of the 21st century.

But here again, a question arises: What exactly do you need to Success as a fantasy sports app business?

So, here we have mentioned some critical points which help you to achieve success in your dream business.

Determine your objective of the fantasy sports business- The very first step before entering the fantasy sports app business is to set a purpose. It is essential because it gives you an exact idea about your app. However, there are several reasons to make an entry in this field as if you are an entrepreneur then the lucrative profits this industry offers can be a good motive for you. But in contrast, if you are an existing sports business, who is looking for ways to increase its user's engagement and brand image, then this app concept will help you in enhancing your customer base and offers you a robust presence in the market.

Another benefit you will get from your objective is the right team partners for your fantasy sports app development.

Do competitive research on your target region and audience- This step becomes the key to success for your app idea. Determining the right audience and area will be the best thing for your fantasy sports application. For instance- If you launch a Rugby app in the Asian region, then there are chances of failure. But if you introduce a cricket or football app, then you will get a vast customer base. So, both regions and spectators play a vital role in the success of your app.

Prepare a list of sports and tournaments- If you have decided to create a fantasy sports app, then make sure you cover all the prominent sports that users want. Like if you create a fantasy cricket app or website, then include all the famous tournaments to grab more customers towards your platform. Always remember, it will also help you to expand the scope of your fantasy sports app business. 

Define your business uniqueness- As we all know that the fantasy sports industry has become highly competitive over the past few years. There are several fantasy sports apps available in the market which claim to be the best. In that condition, you need to define your USP's like what things or features make your app unique from others? It would enable your users to visit your application.

Find reliable data providers- It is one of the critical factors in the fantasy sports app business. The platform is all about real-time analytics and lives performances data daily. Therefore, it is essential to partner with trustworthy data providers. Choose the one that has experience in the industry before. It will help you to get more robust and accurate data for your platform.

Make the robust pre-launch strategy- There are several businesses out there who try to start their innings in this field but failed. The reason behind such failure is the lack of marketing strategy. To avoid such breakdowns, try to make a competitive marketing strategy before the launch. For instance- Create a hoax or buzz by running campaigns and advertisements, that will make your audience awaiting and exciting about the product. You may take the help of your in-house marketing team or outsource one.

Hire the right app development partners- The last but not the least factor that turns out your fantasy sports app business into reality is the app development team. Look for such a fantasy sports app development company, which considers your app idea as to its own. You will easily find developers who have only an interest in completing your app project. But such a team is not favorable for your business. Hire an app development team that not only assists you in the app development process but also helps you with the idea of enhancing user engagement and profit-driven business.

Once you have hired the right fantasy sports app development company, you are all set to start developing a Fantasy Sports app for your business. 

So, these are the practical steps by which you can quickly start your fantasy sports app business. We hope you find this post useful for your project idea.