Fantasy sports apps appeared as the catalyst for the sports industry, and its projected volume for 2027 is $48.6 billion with a CAGR of 13.9%. In combining USA and Canada, there are 62.5 million fantasy sports platform users exist. On the other hand, India also appears as one of the biggest fantasy sports app markets. Indian fantasy sports market size and revenue are projected to reach $28.98 billion in 2023, and it will rise more in upcoming years.
The rising popularity of fantasy sports apps and the increasing number of their users made it a lucrative sector, and companies are taking an interest in this sector to invest in fantasy sports app development. But do you know the other reasons why businesses are taking an interest in it? If not, then this blog will help you to know about it.
Let’s start with some basic info about fantasy sports!
Fantasy Sports Apps: The Basics
Fantasy sports apps are mobile apps or platforms allowing users to create a virtual team with real players’ proxies and participate in the contest. The points are added to the user’s account based on real-world performance by chosen players in the team. Here app users -play the role of team selectors where they can win or lose based on players’ performance in real-time. It is a skill-based gaming, although financial risks are associated with it.
The Skills required to play fantasy sports are:
- Sports knowledge
- Statistical Analysis
- Knowledge about the performance of players
- Knowledge of weather and pitch
The games available with fantasy sports are:
- Baseball and more
There are other sports also available with FSP platforms. Users participate in their favorite sports contests using the fantasy sports app of their choice.
The Reasons: Why Businesses Are Investing In Fantasy Sports?
The fantasy sports app market has extreme growth potential. So, launching an app that helps generate revenue by onboarding users on the platform is the best way to invest in fantasy sports. Most revenue is generated by connecting with users aged 18-34. You can have a great business via fantasy apps. Here are some significant reasons to consider investing in fantasy sports apps.
- Rapid Market Growth
The current fantasy sports market (US) is $9.8 billion in revenue, with a growth rate of 3.8% in 2023, and 651 fantasy sports services businesses are currently working in the USA. The fantasy sports market is rapidly growing, and more companies are interested in it.
- Less Competition
Although several fantasy sports apps are available online, there is still space for more apps to grow and earn. The only condition is that your app must be unique and offer a fresh fantasy sports experience. It will help you to stand out from the crowd. To develop that app, it would be best to take the help of a trusted fantasy sports app development company.
- High User Engagement
The fantasy sports app offers high user engagement rates. While playing fantasy sports, users remain engaged through activities such as researching the game, keeping an eye on players’ real-world performance, making a team of handpicked players, participating in quizzes, contests, and more.
- Multiple Monetization Models
Almost all fantasy sports apps support multiple monetization models you can choose for earning via an app. You can earn via monetization models like third-party advertising, in-app purchases or merchandising, subscription plans, content participation fees, or more.
Fantasy sports are legal in almost all countries as it is skilled-based gaming, and users are not forced to decide; they can decide on their own and play the game based on their knowledge. So, you can target a large number of customers without having any legal issues.
- Multiple Ways of Promotion
You can promote your app via multiple platforms and ways. For promotion, you can use almost all social media platforms. Other tactics you can apply as offering live event tickets to a quiz winner, live contest participation during live matches, merchandising, displaying ads on OTT platforms, and more.
- Global Appeal
The fanbase of fantasy sports apps is global, and these apps can tie up with international leagues. It creates opportunities for fantasy app businesses to grow and earn. For example, you can start with Fantasy Cricket app development, as Cricket is one of the most popular games around the globe. The next game you consider is football if you want to target European countries.
Fantasy Sports App Development: The Challenges & Solutions
Similar to other mobile apps, some challenges are associated with developing fantasy sports mobile apps. Knowing the challenges is crucial if you invest in fantasy sports applications.
- User’s Safety & Security
While registering on the app, a user provides important personal information and transacts for a participation fee using net banking or UPI. So, user safety and security are one of the biggest challenges. The better idea to ensure security is vulnerability testing in a repetitive time frame.
- Interface Designing
Initially, no one can predict the user’s choice. The end users only interact with the user interface, so deciding what will work for them and how they will take it is one of the biggest challenges. So first, research the choices of users and what other successful apps are providing via their UI/UX can help you a lot.
- Hiring Right Resources
Hiring experienced fantasy app developers is sometimes daunting; finding the right resource becomes a big challenge. The point is that the best user experience is everything for an app, and if developers are less experienced, they can’t make it happen as required. So, hire developers from a reputed and experienced company.
- Time & Cost
Time and cost are two big constraints that can also challenge businesses. If an app is not launched on time, someone will launch it at that time, and you will be behind in the race. Or, if the cost exceeds the decided budget, it may create havoc. The better solution is to consult first with the experts, get the time and cost estimates, n anddide accordingly.
- Shifting Technology
Technology can change overnight, and no one wants to use old technology-based apps as everyone carries a modern device, so there will be compatibility issues or execution issues, or it can bitter the user experience. So, keep an eye on the latest trends and technologies for updating the app on time.
Them Companies andther companies are also taking an interest in investing in fantasy sports. In the future, the market size will be bigger than expected. So, if you want to invest, it is the right time. For better outcomes, you can take an experienced mobile development company with having proven track record in developing a fantasy sports app. To Develop A Fantasy Sports App
From an investment point of view, it is good to know how much it costs to develop a fantasy sports app. First of all fact of cost ermine the cost of a fantasy sports app. These are:
- The complexity of the app
- Features & functionalities
- Third-party Integrations
- App development platform
- Technology stack
- Number of developers involved
- Hiring model
In combination, all these factors decide the cost of fantasy sports apps. However, the basic version may cost you between $15,000-$20,000. Suppose you need an advanced version, then the cost will be more, for example, nearly around $ 50k or more.
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