In order to start a fantasy sports business, you need to define your objectives, demographic and USPs clearly.
You are on the lucrative side of business if you are considering to start a fantasy sports business. Touted as one of the most lucrative industries of the 21st century, fantasy sports has been steady in its growth. While a major business center is still the United States of America, emerging economies such as India and China are the next big markets. Football and cricket are emerging to be favourite sports in these countries. So what do you really need to succeed as a fantasy sports business in any of these demographics? Here’s a check-list curated just for you.
1] Define your objective to start a fantasy sports business
There can be many reasons for starting a fantasy sports business. If you are an entrepreneur wanting to venture into this field, you need to spell out your larger business objectives and keep a revenue model in place. If you are a sports league or brand wanting to improve your branding, make sure you have elements of fan engagement in your fantasy sports business. If you are a sports media brand, your objectives would be related to user engagement and growth. Similary, iGaming players may have the objective of promoting their existing products. The process of defining a clear objective behind starting a fantasy sports business will help you choose the right partners for fantasy sports app development.
2] Define and research on your target demographic
This is key to succeeding in a fantasy sports business. A good study of target demographic enables you to add nuances during the development of your fantasy sports application. A lot of times, you may need specific product features such multi-language app or certain sports and their legal jurisdictions based on the demographic.
3] Make a list of sports or leagues to be included
Say you decided to start a fantasy cricket website or mobile application, you may need a list of popular leagues in your target demographics in cricket. Similarly, you may opt for a football and cricket fantasy application or focus on soccer leagues. This will determine the scope of your fantasy sports business.
4] Define your unique proposition well
While it’s true fantasy sports is a large industry, it’s also full of several options in each sports. The only way to get around this challenge is to define your USPs really well. What’s that one differentiating factor you wish to offer your users? How does your fantasy sports business stand before competitors? This would enable your fantasy sports app development partners to include unique features in the application. For example, Asia’s major soccer startup app Ballr operates micro-games during single soccer matches that are similar to daily fantasy sports. This helps the app distinguish itself.
5] Find trusted data providers
This is almost like a break-or-make factor in starting a fantasy sports website. With fantasy sports, you should expect the need for a variety of data that needs to be handled on a daily basis. It’s imperative that you choose a trusted data provider from the industry. Choose a data provider that has worked in your leagues or sport before. Consider costs carefully in terms of the support the provider will offer. Some of the noted data providers that we recommend are SportsRadar, FantasyData, Stats Inc and GoalServe.
Users spend 42 minutes a day on a fantasy sports app worldwide
6] Plan the launch carefully
A lot of businesses go with a fantasy sports website first followed by a mobile application. As a result, their launch strategy needs to be in sync with a long-term plan. Make sure you have a good pre-launch strategy where you create some buzz around your fantasy sports website or application. You may take the help of your in-house marketing team or hire development partners who can help you here.
7] Choose development partners who offer user engagement
This is one of the most determining factors in starting a fantasy sports business. Look for development partners who you can trust in thick and thin. Ideally, a development partner who can get you the initial set of user engagement along with pre-launch strategy forms the best foundation for a good business. Your development partners should follow user-empathy and must have a good fantasy sports related portfolio.
Vinfotech has been doing fantasy sports website design & mobile applications development for almost seven years now. We have a strong portfolio of fantasy sports website & applications that have won millions of users. We have worked in almost all the major demographics in the world including USA, Europe, India, China, Australia among others. We offer fantasy sports application development in all the major sports in the world including soccer, football, cricket, hockey, golf, basketball etc. If you are someone who is looking for trusted development partners for your new fantasy sports business, 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.
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