IPL-2024 and ICC World Cup T-20 2024 are set to start in March & June 2024; and football fans are also dying to watch the 2024 Euro Finals.
This year is full of surprises for fans eager to watch their favorite sports champion break records. Those who want to experience more thrills are invited to participate in sports events via fantasy sports apps.
The upcoming events are not only making fans excited but also providing business opportunities for fantasy sports business owners. It is a lucrative time for new business owners like you to launch a fantasy sports app for business.
But wait a minute—are you aware of fantasy sports business trends, challenges, and solutions before your business launch?
If not, you have found the right article at the right time. We make it easy for you to find the information you need.
Let’s go over it now.
Here we’ll start with fantasy sports market growth factors and interesting market stats.
The growth driving factors are as follows:
The global fantasy sports market is projected to reach $87.07 billion by 2031 at a CAGR of 13.80% (2024-2031).
The popularity graph of fantasy sports is rising exponentially, so the growing number of users is driving growth in size and revenue.
Another growth-driving factor is technology. The evolution of smartphones has made it easy to experience fantasy sports.
Technologies like AI, AR/VR, and blockchain allow fantasy sports developers to create an immersive gaming experience.
Almost all popular sports are available on fantasy sports platforms: cricket, football, baseball, basketball, and others.
For example, 85% of Indian fantasy sports app users play fantasy cricket. Another example is fantasy football, the most played fantasy sport in the USA.
Multiple monetization opportunities are a significant growth driver for fantasy sports businesses in 2024.
As a business owner, you can generate revenue through entry fees, sponsorship, advertising, partnering with sports leagues, and subscription models.
Fantasy sports apps engage users ultimately. Users remain involved throughout the game and stay in competitive mode.
Fantasy sports apps or platforms allow users to participate in contests, create virtual teams, track team performance, experience in-stadium gameplay virtually, and more.
Gamification and a personalized gaming experience are two key reasons behind high user engagement.
Social media integration in fantasy sports encourages users to connect and play matches with their friends.
Chat forums, leaderboards, team-sharing, and match invites are some of its advantages that attract young audiences to fantasy gaming.
The fantasy sports market is global, and every fantasy sports user from one corner of the world can participate in an ongoing league in another part.
They only need a smartphone and high-speed internet readily available for everyone. Anyone can use an app from a younger age to an older age, making fantasy sports app development worth a business.
Expansion in digital infrastructure is also helping in the growth of the fantasy sports business. It has accelerated fantasy software development in most countries.
Based on the growth factors in the fantasy sports market, here are some stats that will excite you a lot.
Here, we are done with all the growth-driving factors and critical stats related to the fantasy sports market.
Next, you need to know the technological trends in fantasy sports. So, you can leverage these while developing fantasy sports apps for business in 2024.
The fantasy sports app development landscape is rapidly expanding, and adopting these technical trends can help you have a competitive edge in the market, especially if you want to launch your fantasy sports business in 2024.
Let’s have a look at these.
AI & ML are two of the perfect technologies to adopt for fantasy sports app development.
It enhances the user’s engagement and satisfaction in multiple ways, such as game insights, personalized recommendations, player recommendations, matchup analysis, match prediction, lineup optimization, etc.
The AR & VR market size is projected to reach $71.2 billion by 2028, and one of its growth factors is providing seamless virtual experiences to consumers.
For fantasy sports app users, it will be a delight to experience the live streaming of the match virtually and compete with each other, including the in-stadium experience.
The adoption of AR & VR in fantasy sports maximizes the user experience.
Blockchain is one of the safest technologies because it saves data in distributed form and prevents any type of cyberattack for data theft.
It is a suitable technology for all industries, including fantasy sports development. It can help you protect your customer’s data privacy and offer a safe & secure environment for financial transactions.
If you are a startup and want to save money, then cross-platform app development is the best for you. Using a single code base, you can create fantasy sports apps irrespective of their type, such as Daily Fantasy App vs Season Long Fantasy App.
Most fantasy sports startup businesses focus on cloud technology for developing their fantasy sports apps. The reason is that cloud platforms are cost-effective and scalable.
Regarding cloud app development, key cloud service providers are Microsoft Azure, Amazon AWS, and Google GCP.
With the help of a fantasy sports app development company, you can also have a cloud-based fantasy app for your business.
Data is everywhere and everything now, whether it is a fantasy sports app development or any other app. Data analytics solutions help drive meaningful insights from the data to make strategic decisions.
You can adopt this trend for your fantasy sports business, like leveraging data analytics to develop a perfect marketing strategy or including it for match data analysis in your app so your users will have real-time analysis while participating in fantasy sports leagues.
Every day, five billion people in the world access mobile apps. The best way to launch a fantasy sports business is through fantasy sports app development, and one of the biggest reasons is the increasing numbers of mobile app users.
But there are some challenges you must overcome to create the best experience and keep your users glued to your app.
So, let’s see what the challenges are to starting a fantasy sports business via an app and solutions to them.
Millions of fans stay active with the app for drafting their team, participating in the league, or making changes to the team order.
It creates bursts, and traffic spikes go abruptly high. A crash or slower gameplay can tamper with the whole user’s experience.
One of the best qualities of top fantasy sports apps is real-time request handling. So to ensure it with your app, make sure it is scalable. The best techniques to do it are caching, load balancing, and server scaling.
It requires expertise so the best way is to hire experienced developers with experience from a trusted fantasy sports app development company.
What makes fantasy sports software or apps different from others is data. Fantasy sports apps, software, and websites process tons of data regarding transactions, team & player stats, and users’ activities.
So, data management is a big challenge. The app must be robust enough to handle and process the data. Some of the best solutions are using NoSQL (which provides data flexibility), analytics tools, and AI & ML.
Every fantasy sports app retains users’ data, such as user information and transaction details. Keeping data private is one of the significant challenges for a fantasy sports business.
There are 2200 cyberattacks every day, so the responsibility of a business owner is more to save the customers’ data privacy.
Only an experienced fantasy sports software development company can assist you in implementing robust security protocols that respond in real-time.
Passive involvement is also a challenge and that can distract the users from the app. It is like refreshing the screen multiple times to stay updated with the stats, but the app responds slowly or with the absence of features like real-time predictions.
Gamification elements, such as badge creation, reward systems, sports quizzes, and others, can help keep your users engaged.
Regulatory compliance is a challenge that no one can ignore or tolerate in any case. For the legality of the fantasy sports business, it is required to stick to the rules & regulations of the law.
It depends on the country’s or a region’s law that you can confirm with your authority before launching your business.
If it is allowed in your region, do not forget about transparency and user security.
Many entrepreneurs dream of starting a fantasy sports business, but do you know how to set it up successfully?
You need to consider some points, and it will help you start your fantasy sports venture successfully.
Here are these:
Start with the research first. The best idea is to break down your research criteria into: sports, audience, competitors, and compliance.
Sports can be your choice, but try to find out in your region which is the most popular one, what kind of audiences are associated with it, including the age group, who your competitors are and what they are doing, and what rules you need to follow to avoid any legal issues against your fantasy business.
Most business owners make the mistake of casually defining the business objective. You are at the starting stage, so after research, you need to work on your business objective.
Take as much time as you can, but do it perfectly. After all, it is your business, none of the others.
You can refer to some of the best apps, like Dream11, FanDuel, or the guide for fantasy sports app development.
It is better to start with one sport, but if you have a perfect long-term goal, it is better to include multiple sports. In turn, it will help you generate good revenue.
Suppose you want to target Indian and international fantasy sports fans, then do not forget to include cricket, baseball, and fantasy football, among other sports.
The monetization model is one of the significant points you must consider. It refers to how you will generate revenue and profit for your business.
There are multiple ways in which you can earn from your fantasy sports app, such as:
The success of an app depends on who develops it. So, choose a fantasy sports app development company that has proven expertise in developing cutting-edge fantasy sports apps, software, and websites.
While looking for a fantasy sports development services provider, inquire if they are experts at customization, including going through their portfolio, reviews, ratings, work history, and client feedback.
However, the fantasy app developers you have hired will handle the designing and development work. But you need to be vigilant about it.
Include all components that ensure the user experience and maximum satisfaction. The app’s design must be captivating, and the code must be robust, including data security.
You are not only launching an app; you are also launching your business, so do it with a perfect strategy.
For example, most fantasy sports businesses have their own website and apps. So, if you are also planning for the same, it must be in synchronization.
The quest does not end with launching an app; you need to continue with it. Maintenance is required to stay updated with the app at a specific interval.
It’ll help you mold the app as per users’ feedback and reviews to offer something better and the best.
It doesn’t matter how good your fantasy sports app is; its promotion is a must because no one will search for it. You must find your audience. Here is the checklist or steps that you can apply to promote your business.
Dream11 is the best example of how to promote and market the fantasy sports business. They have done it in every possible way, making it one of India’s top fantasy sports apps. Replicating the strategy, you can also do it like this:
You may find slow results at the start, but later, it will grow your fantasy sports business exponentially. At the starting stage, you can leverage social media marketing if you are low on budget. It can help you grow your audience.
Launching a fantasy sports business in 2024 is a challenge, but possible in the right way. There are multiple fantasy sports apps in the market, but to stand out from the crowd, your fantasy sports app must offer a unique experience to its users.
Here, the responsibility of the fantasy sports app development company you’ll hire is greater.
So, make a wise decision about it. Rest of the things you have already gone through this blog, such as Fantasy Sports Business Trends, Challenges, and Solutions for 2024.
Still, if you need more information on how to start a fantasy sports business, we are ready to provide you with the best answer from our side.
Arka Softwares is a reputable fantasy sports solution provider with good experience developing performing fantasy sports apps for startups, mid-scale businesses, and large businesses.
Jeeto11
The app quickly earned over 1,000 downloads within two months of launch, and users have responded positively. ARKA Softwares boasted experienced resources who were happy to share their knowledge with the internal team.
Archithrones
While the development is ongoing, the client is pleased with the work thus far, which has met expectations. ARKA Softwares puts the needs of the client first, remaining open to feedback on their work. Their team is adaptable, responsive, and hard-working.
Service Provider
I started my project with Arka Softwares because it is a reputed company. And when I started working with them for my project, I found out that they have everything essential for my work. The app is still under development and but quite confident and it will turn out to be the best.
