Fantasy sports have undergone a remarkable surge in popularity in recent years and attracted millions of sports fans who like the idea of assembling virtual teams and competing against friends and absolutely unknown users from different corners of the world. This jump in the popularity of fantasy sports is mainly related to the wide use of mobile technology.
Market Overview
After the first wave of people’s interest in fantasy sports that was observed in the previous century, the demand for such activities seemed to fall. However, the introduction of new technologies has breathed new life into the market that is thriving now. According to a report by the Fantasy Sports & Gaming Association (FSGA), there are more than 60M fantasy sports players in the US. According to Forbes, Fantasy Sports will be the future of tech gamification.
The idea of launching a fantasy sports business via a mobile app looks promising for many entrepreneurs. Among the benefits of using a mobile app, we should name the accessibility and convenience it provides. Users can build their own virtual teams, track player performance, and engage in competitions with other users. All this is possible just with a few clicks. The mobile app format has democratized fantasy sports, making it possible for every wide audience to get involved.
The COVID-19 pandemic further boosted the expansion of the fantasy sports development market.
How to Start a Fantasy Sports Business
When it was impossible to hold and attend live sports events, many people started to pay attention to fantasy sports to quench their sports-related thirst. The market managed to react to this demand. The offered apps were enriched with innovative features that ensure a seamless mobile experience. All these conditions and opportunities may be viewed as good signs for entrepreneurs who want to capitalize on this flourishing industry.
If you want to build a fantasy sports mobile app, it’s essential to understand the key steps and considerations that will set you on the path to success. This article will guide you through the essential aspects of launching your fantasy sports business: from market research to software development and user acquisition,
By combining your passion for sports with the power of mobile technology, you can create an engaging and immersive experience that resonates with sports enthusiasts. In the following sections, we’ll walk you through the crucial steps to start your fantasy sports business and provide insights on how to not only enter but thrive in this dynamic and competitive market.
How to start a fantasy sports mobile app
Thanks to the progress in mobile technology, entrepreneurs have a wide range of opportunities for starting their fantasy sports business. Below you can find a list of steps that will guide you toward launching a fantasy sports mobile app.
- Step 1: Market Analysis
Prior to immersing yourself in the realm of fantasy sports, it is imperative to undertake thorough market research. You need to gain a profound understanding of your intended audience, their inclinations, and the existing competitive landscape. Pinpoint any unexplored niches within the market, including underrepresented sports, distinctive functionalities, or unfulfilled requirements, in order to make your mobile app stand out from the crowd.
- Step 2: Legal Compliance
Fantasy sports inherently encompass an element of gambling and can be subject to varying regulations across different jurisdictions. It is prudent to seek guidance from legal professionals to make sure that your mobile app aligns with both local and international legal frameworks. This might entail acquiring the necessary licenses and upholding responsible gaming principles.
- Step 3: Sports and App Features
Then you need to opt for the sports that you intend to feature on your mobile app. While mainstream options like basketball, baseball, and soccer are popular, consider catering to less popular variants too. Determine the features your app will deliver, ranging from player drafts, live scoring, and leaderboards, to chat functionalities. Ensure your app delivers a distinctive and captivating user experience.
- Step 4: Mobile App Development
Allocate financial resources towards mobile app development. You have the option to either work with an app development team or utilize no-code/low-code platforms if your technical proficiency is limited and you do not have any specific skills. Prioritize user-friendliness, a refined user interface, and seamless functionality across various mobile devices and operating systems for your app.
- Step 5: Integration of Real-Time Data
Your mobile app will use real-time data accumulated during sports events to keep scores and player statistics up to date. Form partnerships or incorporate APIs (Application Programming Interfaces) to get access to this essential data that is required for your app performance. The accuracy of this data is of utmost importance in maintaining user trust and sustaining their engagement.
- Step 6: Monetization
Explore different revenue-generating approaches. Many fantasy sports apps generate income through entry fees, in-app ads, premium subscriptions, and sponsorships. Select a model that harmonizes with your business objectives and the preferences of your target audience.
- Step 7: Marketing and Promotion
Build a comprehensive marketing strategy that will draw users’ attention to your mobile application. We recommend you explore the power of social media as today it can become a good platform for your interaction with potential users. But also, please, do not forget about SEO, content marketing, and paid advertising. You can also cooperate with influencers and leverage partnerships with sports-related organizations to enhance the visibility of your app.
- Step 8: User Retention
Maintaining user engagement and encouraging the use of your app again and again are paramount. Integrate elements such as notifications, contests, and promotions. Regularly update your app to rectify glitches and introduce fresh features, thereby keeping users enthused and returning.
- Step 9: Support
Deliver exceptional customer support by promptly addressing user inquiries and concerns. A responsive support team can significantly boost user satisfaction and foster loyalty.
- Step 10: Feedback and Enhancement
Analyze user feedback and introduce enhancements to your app. Ask users to share their suggestions and experiences to steer updates and improvements. Actively listen to your user community to remain competitive and pertinent in the fantasy sports market.
- Step 11: Expansion and Scaling
While your user base is expanding and your app is garnering popularity, contemplate broadening your offerings. Explore partnerships with different sports leagues or venture into international markets to further amplify the growth of your fantasy sports business.
Instead of a final word
It can be an excellent and highly promising idea these days to start your own fantasy sports business with a mobile software product. By adhering to the steps that we’ve mentioned above, you have a really high chance to craft a thriving and captivating fantasy sports app that will attract sports enthusiasts and boost your business growth.
