You want to start your own fantasy sports app, but you don’t know much about it. You want to know:
What is fantasy sports, and how does the app help?
What is the business aspect of the app?
The latest trends that you should incorporate in your app to keep up with the times?
And how should you hire a Fantasy Sports App Development Company for the perfect fantasy sports app?
We have discussed all these questions in a concise manner below. Keep reading to find out everything you need to know about a fantasy sports app.
What Is Fantasy Sports?
Imagine having extensive knowledge of sports about all the players, the games, the teams, and the rules. You spend all day learning more and more about sports because it excites you. But you don’t want to become a sportsperson; you want to enjoy the game. Fantasy sports brings the opportunity for such people to put their knowledge and expertise to good use.
Players can now download a fantasy sports app, make virtual rosters of high-performing sportspersons, and win contests based on the player’s real-life performance. Fantasy sports allows you to select players from different teams. For example, you can choose players from both Manchester United and Chelsea F.C. when playing football fantasy.
What Is The Business Aspect?
A question as a businessperson you may have is the business and revenue aspect of the app. How does one generate revenue from a fantasy sports app? The most standard way of making money is charging the app users to deposit cash when they enter the contest on the app.
When each member pools in money, a certain percentage can be set as the prize money. The rest will be your revenue. When the player wins, the app will transfer the funds to their profile, and the rest will be your revenue source.
Other ways of generating revenue can be:
- Sports merch
- Your brand’s merch
- Partnership with other brands
- In-app advertisements
Things You Should Consider Before Starting A Fantasy Sport Business
You know how the app works, how you can monetise but here are things you should also know about before starting a fantasy app business:
- The Future Of The Game
The early you are to the business niche, the more profitable your business will be. But, the fantasy sports business has been happening for quite some time, but it does not mean that you cannot make the big bucks. It just means that you should be aware of the game’s future or, better yet, revolutionize it!
We have discussed the trends in this industry in the following few sections, so keep on reading to know more about them.
- App Development Company
Before you can launch your business, you need a reliable application. And for a fantastic application, you need a fantasy sports app development company that can deliver a bug-free, functional and attractive application. We have discussed how you can hire the best technology partners to help you develop your platform.
- Clarity Of Your Vision
And before you start your business, you need to have clarity about your business and its future. Every tiny thing matters in your business, and being particular about everything might be challenging initially, but you must be thorough for your business’s future sake. So, before you enter the market, have clarity about every little aspect of your business.
- Define Your Distinctive Advantage
The competition is fierce in the fantasy sports industry, and thus, you need something that sets you apart from your competition. Thus you need to develop a distinctive advantage that sets you apart from everyone else in the market. It won’t come to you in a moment, and you might need to dig around. Find what bothers current users of the apps in your industry. Try to solve it with your application. If you solve a pain point, users will flock to your application since your platform will deliver a much better experience than the rest.
- An App, A Website Or Both?
Decide in terms of the platforms you want to be on the internet. Do you want to conduct your business through an application or a website? You can even choose both to get the best of both worlds. An application is portable, and users have a high chance of engaging. On the other hand, a website with the right SEO practices can attract more users to your platform. With both in your arsenal, you can attract customers through SEO and encourage them to download your application to increase customer retention.
You may have the most sophisticated and functional platform in the market, but without proper marketing, in place, all your efforts are in vain. Thus, your marketing has to be impeccable to make your business successful. Since you already have a distinct advantage over your competitors, use it in your campaigns to attract users to your platform.
You may use both paid means like running digital ads to increase your app installs and organic ways like social media and SEO to increase brand visibility. Influencer marketing is an avenue you can explore as well. To sum up, you must put effort into marketing your business effectively and not focus on vanity metrics.
Latest Trends in Fantasy Sports App
- Artificial Intelligence (AI)
AI is part of every extensive social media network (Instagram, Facebook, YouTube, etc.). So, why don’t you use Artificial Intelligence to make your platform intuitive and suitable for your users? AI will help streamline things from your side and deliver the best experience to your users.
Integration Of Social Sites and Apps
If there is another way to integrate AI, use these big social network sites to your advantage. Let users share their scores, wins, and statistics on these apps. It will not help them showcase their achievement to their friends but also help you since it is free marketing for your brand.
This term has dominated every sphere, whether social media, education, reskilling platforms, etc. And since you are in the gaming industry yourself, gamification is mandatory for you. You can let users gather points for every game they win and offer them free upgrades or power-ups to help them win more games. It will ensure that people stay on your platform for a longer time.
- Persuade them with data
If you want to retain your customers for longer, you must persuade them to stay. But, how do you do that? By using their data like the amount they have spent on the application, games they have won, games the user have lost, all the features they have used in the app, etc. Showing them a summary of their progress in the app will increase their chances of staying on the app.
Brands like Spotify, Gaana, Storytel, and Kindle use these techniques to persuade their customers to stay longer on their apps and use their services.
How to hire a Fantasy Sports App Development Company
- Ensure you and the company align on the same values.
- They can deliver the features you want in your app.
- See their previous apps and their client reviews.
- Ask them questions about their process, so you get a better idea of the pace of the project.
- Ask them the cost of making a Fantasy Sports App and see if it fits your budget.
We hope the blog was helpful and guided you to take the right step in your journey to make your Fantasy Sports App.