Australia is where sports is part of the culture. Fantasy sports market is a revenue-generating business.
Kangaroos running on enthralling landscapes under clear blue skies and a biodiverse green banket. Doesn’t the word ‘Australia’ play like this in your mind? Talk about Australian culture and sport pops up next. In fact, sport has been nurtured since the colonial times in Australia. Rugby league, cricket, Australian rules football, horse racing and rugby union are among the earliest organized sports in Australia. An average Aussie follows and plays more sports than any other national around the world. And that is why Australia ends up producing one olympic medalist every 500,000 people, compared to a medal every 2.7 million people for the USA. And such incredible involvement with sport provides a unique opportunity for entrepreneurs looking to dive into the domain of fantasy sports.
The greater engrossment, and higher level of understanding of sport among the Australians makes the country one of the most lucrative markets for fantasy sports. Australia, unlike others in the APAC region, is a fairly well developed economy. There is higher spending capacity per capita, accompanied with a favorable climate for business, and very little threat to new entrants. Fantasy sport in Australia is an attractive, yet uncharted opportunity.
For entrepreneurs looking to build a fantasy sports software, the avenues to generate revenue in a market like Australia are multifold, even if you offer the service for free. The only driver for the revenue, in such case, is the website traffic. So before you begin to think about making profits, you need to create a platform that is lucrative enough to draw and retain visitors. Once that happens, multiple routes of revenue open up.
It wouldn’t be an overstatement to say that advertising could be, and should be, the biggest source of revenue for a free fantasy sports website or mobile application. Especially in Australia, given the public engrossment in sport, which transcends across age, gender and occupation. The reach of sport related platforms is huge in Australia. With the right assistance in design and development, one can attract followers who are anyway willing to get involved. On the other end of the chain, there are innumerable players in the market trying to woo these sport loving masses, and thus, if you have the right platform, you could make big bucks through advertisements. But you’d never want to put all your eggs in one basket, would you? So let’s look at a few other prospects of revenue generation through a fantasy sports app.
How on earth would the likes of Google make money, if it wasn’t for the user information they sell. It’s hardly a secret that more and more companies are looking for data related to people’s interests, hobbies, likes and dislikes. This not only helps them create better advertising and marketing content, it helps them choose the right channel to use for marketing.
Now imagine if you could build a huge base of users who, the marketers would know, are sport loving. Imagine the amount of invaluable information you’ll be able to collect from them. And that would be worth its weight in gold. Companies operating in the domain of sports, health and fitness would be willing buyers for this data. All you need is greater reach, which will eventually happen if you are able to marry a great idea to great website and app development
Once your platform gets going, or even shows a hint of it, you could go ahead and add interesting elements for user engagement and ways of making money.
One such initiative could be the sale of unique, sport based merchandising. Leveraging your user base to sell stuff based on their interests, is a practice that a lot of online platforms have been doing successfully. There would be more than willing sellers, wanting to cater to the vast Australian market. And every sale they make, would generate commission for your business, which is a win-win situation for everyone.
Also, sponsorships are a great way of making a large sum of money. For prominent events and occasions, you could rope in brands that would be willing to attach their name to yours. ‘X’ brought to you by ‘Y’ - you must have heard that sequence before.. The only key consideration here would be that your audience should be wide enough to lure big brands for association.
There are innumerable players in the market trying to woo sport loving masses, and can be your advertisers on a fantasy sports software.
And lastly, you could work on content across your website that could include sport related articles, reviews, analysis, statistics and multimedia. This might not be a huge source of income, but from the point of view building a loyalty towards your website or app, this could be one of the most fruitful exercise, especially given the passion the Australians have for sports.
Across all the above mentioned avenues of generating money, the one factor that stays common is that you need to have a great platform, be it a website, an app or even both. And merely having a great idea wouldn’t suffice. Having a breakthrough idea is just the beginning. You need to plant that seed and then nurture it with outstanding website/app development and cutting edge design. And for that, you should only take the help of experts, who’ve been there and done that.
Vinfotech is a world leader in fantasy sports website design and development. With their exceptionally talented developers, and amazingly creative product designers, you could rest assured that your big idea would turn out just the way you want. So better get started now. The land down under, might well become your virtual kingdom. Give us a call.
Vinfotech creates world’s best fantasy sports-based entertainment, marketing and rewards platforms for fantasy sports startups, sports leagues, casinos and media companies. We promise initial set of real engaged users to put turbo in your fantasy platform growth. Our award winning software vFantasy™ allows us to build stellar rewards platform faster and better. Our customers include Zee Digital, Picklive and Arabian Gulf League.
How to build a fantasy cricket website & mobile app like Dream11?Read More