The rise and rise of the Fantasy sports app are for good reason. The virtual gaming app has made people go crazy for its spine-tingling features within a short period. The fun and exciting online fantasy sports gaming, which will reach a market of $22.31 billion in 2021 at a CAGR of 9.5%, has been able to fulfill the requirements of the Fantasy Sports App Development Company. Further, the market is expected to reach $38.60 billion in 2025 at a CAGR of 14.7%.
The secret glory behind such a massive adoption rate goes to the large pie of the population that follows the sport religiously.
The rise in demand for fantasy sports apps more than ever before has opened up new opportunities for venture capitalists and entrepreneurs who want to accumulate money exponentially in a short period result, this is leading to an unprecedented increase in fantasy sports app development worldwide.
According to a survey by Statista, about 85% of gamers prefer to play games through a fantasy sports app, while only 7% and 8% prefer to play on desktop and the web.
The fantasy sports app offers rewards, cash prizes, and a rollercoaster experience where users of different age groups compete for it. Witnessing this addictive behavior, wild popularity, and massive demand, we were compelled to prepare a step-by-step guide that can prove to be a treasure trove for entrepreneurs or investors planning a fantasy sports app development platform.
What is the Fantasy Sports App?
Fantasy Sports app is a fun, low-cost, low-energy online prediction game played on a mobile app where fantasy players (the person playing the game) create a virtual team of real sports players. They earn points based on player performances in real sports that are converted into fantasy points.
Two types of fantasy sports are widely popular, i.e. the seasonal draft system and the daily fantasy league (DFL). The fantasy sports platform hosts several sports for engagement, including football, cricket, basketball, golf, soccer, hockey, etc. primarily from the Indian Premier League (IPL), English Premier League (EPL), and National Basketball Association (NBA), among others. The app makes the real-time game on the field interesting for the spectators by allowing them to play and be a participant in the app.
How does the Fantasy Sports app work?
The user/participant of the application simply has to create a virtual team of real sports players with a selected budget who they think will score the most points in the selected match. Once the game starts, the performance of each player is converted into points (as decided by the application administrator), which are finally added up to announce the result. The team with the highest number of points is declared the winner of the competition. Here’s a step-by-step process to get you started.
- Join a match: After registering or logging into the app, the user can select a match from the available options.
- Build a team: Based on the requirements of the game, the user can choose team members.
- Choose Leader: After completing the team, the user can choose the team captain.
- Team Division: Based on the guidelines and rules of the sport, users can divide the team where virtual players can join.
- Team management: According to the rules of the game, the user can change the members of his team.
- Earning points: Based on the performance in the match, the players are awarded points and these highest total points help to declare the winner.
Why is Fantasy Sports Apps rapidly gaining popularity?
Since the inception of the concept of virtual games, Fantasy sports apps have made rapid progress and become mainstream in many countries. The increasing growth of daily fantasy sports is exposed to reasons such as;
- Allow users to participate in quick and easy real money games.
- It offers an almost real experience for sports enthusiasts.
- Users can also participate in surveys and earn bonus money through referrals.
- It increases skills and interest and banishes the monotony of life.
- It helps build connections with like-minded people globally.
- It gallows sports lovers or fans to change the outcome of a real game in a fantasy sports app.
- It also works as a great community building for fans to empathize with each other.
- According to Statista, there were 45.9 million fantasy sports players in the United States in 2019.
Steps to a Fantasy Sports app development
Here are some simple steps to get started with a promising Fantasy Sports app development.
Step 1 – Define your Fantasy Sports app development goal
To develop an app, you must first define your business objective and market niche, i.e. what type of fantasy sports app you plan to create.
Step 2 – Do your market research
It is important to conduct detailed market research to ensure the success of your business. It is a vital part of any fantasy sports app to develop an updated product with the latest features and trends.
Step 3 – Choose an online platform
There are several platforms available in the market for app development i.e. iOS, Android, and Cross Platform. Based on your target audience, revenue goals, deadline, and budget, you can easily decide on which platforms your fantasy app idea will deliver the best results.
Step 4 – App UX Design
App design is a crucial step in fantasy sports app development. UI/UX is the basic building block that attracts users and keeps them for a longer period. However, the application should have a simple design so that the user does not have to experience difficulties while interacting with the application.
Step 5 – Database coding and design
The front-end is how the application looks, but the back-end development is responsible for this smooth functionality of the front end. Developers will develop a user application and fantasy application management panel based on wireframes. These back-end developers synchronize visuals, features, and functions to run smoothly. In addition, the application also requires a well-managed database to store all the data in a proper format that keeps it safe.
Step 6 – Deploy the application
Once the application is complete and accurately developed, it is now time to deploy the application to the appropriate platform. When the application is deployed on the right platform, the user can easily find, download and access it.
Step 7 – Optimizing the Mobile App
Also known as App Store Optimization (ASO), it is a process that will increase the ranking of your app in the search results of the App Store or Play Store. A higher ranking will make your app more visible to potential customers. So make sure you optimize your app for the app store.
Step 8 – Monetize the app
The main purpose of any app or business is to make money. To do this, you need to monetize the app through several modes like in-app ads, brand promotions, in-app purchases, commissions, different bundles or premium subscriptions, etc.
5 Strategic Ways to Monetize Your Fantasy Sports App
Participation fees
A fantasy sports app can be monetized by charging a minimal subscription fee. The user had to pay nominal fees to participate in any league or tournament. It can be the most prominent and also the most effective way to monetize a fantasy sports app. A portion of these fees may be used to determine the tournament cash prize.
Advertisements
Ads are a great way to generate revenue, especially when the app is doing well among competitors. Companies tend to favor such challenging and well-performing apps to market their products and are willing to pay hefty sums to use fantasy sports apps to advertise their products.
Merchandising
A fantasy sports app can monetize its business by featuring customized merchandise, accessories, and apparel. It can also be a good marketing strategy to reach more audiences along with generating income. It could be various merchandise related to sports, popular events, etc.
Organizing leagues or tournaments
Running frequent leagues or tournaments can increase your customer base and make them pay registration or participation fees. It can also increase revenue generation along with attracting and retaining customers. These leagues or tournaments are very engaging for sports enthusiasts and sometimes work as an ethical safe bet.
Daily events
Almost every fantasy sports app participant is looking for instant or daily rewards. Such strategies can motivate inquisitive players to participate and play more often. These daily events and fantasy sports awards apps attract these types of players to the app, forcing them to register on the app and pay minimal entry fees.
Wrapping Up
The fantasy sports app has a global fan base and is one of the potential market segments that predict huge growth in the coming times. Currently, there are many fantasy sports apps available in the market like DraftKings, SuperDraft, FanDuel, LineStar, etc. which have covered a huge market, got good reviews, and gained credibility among users.
Simply put, there is no better time than now to invest in fantasy sports app development. Those who are interested in or planning to break into the e-gaming industry with a fantasy sports app should not waste a second and quickly touch the best Fantasy Sports App Development Company in New York that religiously develops apps that tend to go viral with their infectious UX. Lest I forget, Codiant may be your best bet for developing an unconventional fantasy sports app that generates interest with every tap.