Sports are an integral part of human life. It is not only a source of activity but a way of entertainment and a lucrative business to make huge money. The subdivision or extended part of the Sports industry is the Online/Fantasy Sports industry which is a booming industry in the market.
Fantasy Sports will be worth $44.07 billion with an estimation of a CAGR of 12.92% by the year 2022-2027. The increasing interest, the opportunity for fans, the emergence of sports leagues, the infrastructure of apps, and the money involved in it, make it an attractive business.
How to begin your Online Fantasy Sports Business in 2022?
Are you willing to enter the Fantasy Sports industry and have no idea how, to begin with, the platform development procedure? Fantasy App Developer got your back to provide you with accurate information, to begin with, the procedure.
Here are the three stages to begin with Fantasy Sports Business:
Stage I- Pre-planning
Before starting investing, pre-planning should be your first step, to begin the development of the fantasy sports business. Research and market study are very important in understanding the past, present, and future market of the industry. With the increase in the number of gadgets and internet connectivity, sports applications are also increasing. Now even investors are investing in fantasy sports businesses to generate huge money.
Pre-planning will help you to attract a huge user base and investors too. Prepare a strategy that has all sorts of plans from the investment to Return on Investment, along with marketing plans to financial projection, etc.
How To Develop a Plan
If you want to enter an online fantasy sports business, you need a unique idea to enter the market. The uniqueness of the fantasy sports business can be found in the current fantasy sports business. You can modify and find loopholes in the current business to generate new ideas.
- Research about the competitors and study the market to create Fantasy Sports Business Plans
- Find associates who are interested in investing and collaborating in the same industry.
- Indeed, studying about competitors is important, but also finding other options than competitors.
- Finding a targeted audience and user base to generate a huge user base.
How to Make a Successful Fantasy Sports Business plan?
Here are the things you will require in developing a Fantasy Sports business plan:
- A unique idea.
- SWOT analysis.
- Competitive analysis.
- Profitability analysis.
- Marketing plan.
- Personal plan.
- Organizational chart.
- Company valuation.
- Executive summary.
- Company description.
- Market research.
- Fundraising support and investors
- Ideal leaders and supporters.
Stages II- Development Phase
Time to use the knowledge you have gained during research and implement it in the app development phase. The development phase is long and exhausting, be patient and make a strong strategy to avoid any last-minute conflicts.
Follow these steps while finalizing the project
- Research about the fantasy sports app developers you are planning to hire for the project.
- Communicate properly about the project with the fantasy app developers and share everything about your idea.
- Discuss the changes with the development company. Go for a minimum of two rounds of testing.
- After getting your project you are ready to deploy to the customers.
Stages III- Working Phase
When the app is public, time to put some effort into marketing to make the Fantasy Sports App a successful business in 2022. The world is loaded with numerous fantasy sports options, so you will get only a single opportunity to make your impression on the audience. Along with building a fantasy sports app, Fantasy App Developers even provide marketing services too.
Basic Features of Fantasy Sports Platform:
You should also know the basic features of the fantasy sports platform to make it functional at least. Add the advanced features as per your budget.
Must-Have Features For Users :
- Home screen
- Look through sports
- Dashboard
- Create contests
- Join contest
- History
- Invite and earn.
- Other Features
Must-Have Features For Admin Panel :
- Dashboard
- Management panel
- Content management system
- Payment Integration
- Other features – Team management, Manage games, contests, leagues, and players, Managing notifications and requests
Pros & Cons of Online Fantasy Sports Business
We will first check out the possible fantasy sports trends:
- The fantasy sports industry is quite flexible and easy to understand.
- You only need to invest in building a fantasy sports platform, and you are ready to host a huge sports fans user base to generate high ROI.
- No requirement of investing in an external source, just sit at home with a system and fantasy sports app, and you are ready to operate your own fantasy sports business.
- Due to the lucrative business opportunity, the platform attracts huge investors. As India has a huge sports fan base, it is a profitable business for investors to make money by investing in the right platform.
- The fantasy sports industry is a scalable business with hundreds of opportunities to make money out of it by investing in different business models.
- There is no requirement of tracking overhead costs as there is no such expenditure involved in this industry.
- Fantasy Sports are not only beneficial for the operators only, but investors, collaborators, and associates can also take advantage of this platform to build a strong network of companies to invest in and grow.
- There is low risk in the industry with high margins and benefits.
- Technology has eased the process of developing fantasy sports platforms for developers. Fantasy App Developers are professionals and don’t require a lot of time and effort to invest in it.
- There is no Ph.D. required to do a fantasy sports business, invest, get your app and start managing.
Let’s consider the cons of Becoming an Online Fantasy Sports Operator
- Fantasy Sports have become quite a rage among business operators in the past 2 years. The market is loaded with competitors.
- Need to do proper research and analysis regularly. As Sports is a volatile industry and there are new updates in the market all the time, regular research is necessary.
- There are not many benefits to being a fantasy sports operator.
- As a fantasy sports operator, you have to pay High taxes to run the business which might affect your returns on the investment and financial benefits generated from the business.
- Running a fantasy sports business is like too many irons on the fire. Managing millions of users in real-time, with tight deadlines without compromising the user experience.
- As a Fantasy sports operator, you can’t trust earning a loyal user base because of the number of fantasy sports operators available in the market.
- The industry is prone to criticism due to the legal issues faced in the past. So, after entering the industry, you might feel uncertain about the decision.
- If you are hosting single fantasy sports on the platform, you might face financial issues as there will be some time when there is no live sports contest.
- There are no strict rules and guidelines made yet by the government to deal with fraud done by such fantasy sports operators.
- In some parts of the nation, it is still considered an illegal activity, which makes it quite risky and unappealing.
Conclusion
Fantasy Sports is a lucrative business in 2022. There are still more opportunities available for businesses to explore. However, before jumping in, begin with the investment and fantasy app developer hiring process, just get to know about the industry in depth.
