How to Run a Successful Fantasy Sports Business? — Five Extraordinary Tips
Fantasy sports apps are the most trending ones in the sports industry. This business model made an enormous amount of profits in the past years. Besides, many sports enthusiasts and bet-making users are showing interest in fantasy sports betting applications and websites. Because it offers plenty of benefits and helps to earn real cash. We know that entertainment-based mobile applications have seen tremendous growth in recent years. With an upsurging number of people using smartphones every day, the market for the fantasy sports industry continues to grow at an unexpected rate.
From the recent surveys, we can see that more than 3 billion people around the world use smartphones and tablets in 2021. So the fantasy sports app is an untapped market with a lot of business benefits. In recent years, the fantasy sports industry has seen a lot of growth. With the success of fantasy sports apps like fanduel, Draftkings, many more people are aware of fantasy sports betting. Besides, fantasy sports betting also gained a lot of popularity and credibility in the global marketplace. Once it was regarded as gambling, but fantasy sports apps have now become widely accepted by all the people in society.
According to recent reports, for the next 5 years, the Fantasy Sports market will footprint a 13.24% increase in terms of revenue. Apart from this, the global fantasy sports market size will reach $33199.64 million by 2025. On the flip side, you can see that fantasy sports development is hugely popular and many used that service for starting their own fantasy sports business. If you are a startup or an entrepreneur, then you must seriously be looking into investing in fantasy sports app development to make profits.
In this article, let us discuss the extraordinary tips to run a successful fantasy sports business by investing in fantasy sports app development.
Let us start this exciting article with…
An Overview of Fantasy Sports App
A fantasy sports app is an online sports betting app which allows users to participate in a wide range of leagues on their desired sports. In general, fantasy sports applications will be fully functional and user-friendly only when there is standard internet access on your device. Without the internet connection, one can not further bet or play on leagues in the fantasy sports app. As of now, billions of people are using this app and it has become one of the ideal apps for effectively making money. People mostly use fantasy sports applications for fun, excitement, and to earn money.
Here users can select their desired type of sports for playing leagues, contests, or tournaments. Besides, the fantasy sports app supports a wide range of popular sports like cricket, football, soccer, baseball, basketball, rugby, badminton, etc. that’s why fantasy sports betting application is admired by several sports enthusiasts across the globe. This app offers contests/tournaments/leagues for all kinds of sports. So according to the area of expertise, users can select the contest and play efficiently.
In the fantasy sports app, the user can draft their virtual team with real sports players in a hassle-free manner. Before drafting the team players, he/she needs to deposit some amount of money in their account. Only after paying fees, users can join in any contest/league/tournament. If their predicted sports team played well, then based on the performance of players and points, the user can win real cash prizes.
Here the app owners can make a lucrative amount of money in many possible ways. Like tournament fee, in-app advertisement, sponsorship, E-store integration, conducting premium leagues, etc. by seeing these many profits, many startups showed interest in starting a fantasy sports business in 2021.
Different Types of Fantasy Sports Mobile Applications in the Marketplace
Before starting a fantasy sports business, you need to know the various kinds of fantasy sports platforms that exist in the marketplace. Here is the list of different types of fantasy sports applications.
- Fantasy Cricket mobile apps
- Fantasy Soccer mobile apps
- Fantasy Baseball mobile apps
- Fantasy Football mobile apps
- Fantasy Basketball mobile apps
- Fantasy Rugby mobile apps
- Fantasy Badminton mobile apps
These are the different kinds of fantasy sports platform that you can choose for starting your fantasy sports business in 2021
Best Fantasy Sports Applications in 2021
Presently, there are lots of fantasy sports mobile applications available in the apple and google play store. But only a few fantasy sports apps grabbed the attention of sports enthusiasts and gained more prominence in the global marketplace. Here is the list of best fantasy sports apps that are prevailing in the fantasy sports marketplace in 2021.
- CBS Fantasy Sports
- ESPN Fantasy Sports
- Fan fight
- Fantasy Football Draft Wizard
- Podcast Addict
- Yahoo Fantasy Sports
These are the best fantasy sports apps on the market. You can also create a fantasy sports platform like fanduel, Draftkings, and start your fantasy sports business.
Now, let us see…
How to Start Your Own Fantasy Sports Business?
As of now, the fantasy sports market is expanding and gaining popularity in all parts of the world. So this would be the right time to kickstart your fantasy sports business. You may ask — how to start a successful fantasy sports business? You can develop a function-rich fantasy sports platform in two possible ways. Firstly, if you have skills in Android or IOS programming languages and strong knowledge of fantasy sports concepts. Then you can develop a fantasy sports platform by yourself. But this method is kind of a risky one for your business. Because if you have made any mistakes in the programming part. Then it negatively impacts the whole fantasy sports app development process. So I will not recommend this method for any startups or entrepreneurs.
Secondly, you can get feature-packed white label fantasy sports software from the professional fantasy sports app development company in the industry. By approaching the trustworthy fantasy sports app development firm, you can develop a stunning fantasy sports platform as per your business needs in a risk-free manner. But before starting your fantasy sports business, you must consider some important factors. Such as
- Decide the objectives of your fantasy sports business
- Do fantasy sports market research
- Have a perfect business plan
- Determine the features to be enabled in your fantasy sports platform
- Choose the right engagement platform
- Hire a team of experienced developers from the leading fantasy sports app development company
- Set game rules and format
- Find reliable data providers
- Deploy your fantasy sports app carefully
- Start marketing your fantasy sports platform
By considering these essential factors, you can start your own fantasy sports business easily.
Must-have Features For Starting your Fantasy Sports Business
In fantasy sports software platforms, features play a major role to be successful in the fantasy sports marketplace. Besides, modules will help you to attract many users from all parts of the world. Here is the list of outstanding features that you need to integrate into your platform for starting your fantasy sports business.
- Home Screen
- Payment Mode
- Player information
- Create and join Contest
- My Contest
- Create custom fantasy teams
- User Dashboard
- My Settings (Invite & Earn, edit profile, etc)
- Online wallet integration
- User authentication and more
- Admin Login
- User Management
- Manage Matches
- Manage Games Category
- Contest Manager
- Manage Payment
- Manage Reward Points
- Manage Earnings and Cash Bonus
- Transactions and reporting
- Manage Bank Withdraw Request
- Manage CMS pages
You need to enable some trending modules which make your fantasy sports business successful in the marketplace. Here is the list of trending features that you can use in your fantasy sports platform.
- Live Match Score updates
- Live Score API Integration
- CRM Integration
- Push Notification
- Real-time Analytics
- GPS Location Tracking
- Instant Payment System
- Game and winning history
- Raising a query
- Player fantasy points
By adding these features, you can enhance the performance of your fantasy sports platform and gain more users easily. After the integration of features, you need to run them successfully. So there are some ideal tips that you need to look out for…
5 Ideal Tips For Running the Fantasy Sports Business Successfully
- Focus on Growth
Many startups are following the methods of reputed giants like Dream11, fanduel, and replicating their exact moves. But this is not a wise idea. You need to understand that apps like fanduel, DraftKings, and dream11 did not become popular and profitable overnight. So avoid following their moves instead you focus on growing your user base. As a startup in the fantasy sports industry, in the beginning, you should aim to grab a minimum of 10K active users to your fantasy sports platform.
There are many ways to attract users and focus on growth. You can begin this by restricting the number of contests for selective leagues. Reduce the users by some restrictions and you can expect less than 10k participants which increases the possibility of your users winning on your platform. So it encourages the users to keep active in your fantasy sports app.
2. Revolve Your Services for your users
Many startups and entrepreneurs do not pay attention to loyalty and customer service for the users. So you need to earn their loyalty and charm your users with top-notch customer support. Besides, you need to be quick in processing the user’s withdrawals and always be in touch with them through your communication channels. You can earn your user’s loyalty by providing an eminent sports betting experience to your users will help you in earning their loyalty.
3. Start Marketing at Home
When you start marketing your fantasy sports platform, it is wise to start from home. Direct fantasy sports marketing boosts your local presence. Many fantasy sports startups and entrepreneurs have tasted success by initially grabbing users from their local towns and cities. The idea is to establish a strong local user base for your brand and the reputation you managed to collect among users in your local region.
4. Rely on Friends or Family Rather than Celebrities
In the past years, you can see many celebrities promoting big brands. However, relying on the influence of friends or family members can exhibit interesting results. As friends and family are more likely to influence one’s decision when it comes to making purchases than the influence of popular celebrities. Thus, it is essential to focus on marketing strategies that take advantage of such influences. Strategies like running referral schemes, rewarding loyalty, bonus, can encourage users and turn them into the primary key for your brand.
5. Use Multiple Ways to Reach Your Targeted Audience
In this modern era, one of the best marketing strategies is social media marketing. Many startups and entrepreneurs use this method because it is simple and cost-effective. But this strategy is also being used by your competitors. So it can become a challenging one for your business. You need to promote your fantasy sports app on some popular social media platforms. Such as Facebook, Twitter, Instagram, and YouTube. Use multiple strategies like advertising in local newspapers, radio stations, college, and university festivals. This will help you to reach your targeted audience and grow your user base.
By considering these above-mentioned tips, you can run a fantasy sports business successfully and make a lucrative amount of money.
Fantasy sports app is the best revenue-generating business model in the marketplace. Those who invested in the fantasy sports app development reached greater heights and made a profitable amount of money. Starting a fantasy sports business is kind of a challenging one but is not a tedious task. All you need to do is hire a team of well-skilled developers from the leading fantasy sports app development company in the industry. They would assist you to launch a stunning fantasy sports platform at an affordable cost with salient features.