In this world that is so fast-paced, one of the biggest sources of entertainment and engagement is sports. The COVID-19 pandemic has been a bit of a deterrent for a lot of sporting events that happen around the world.
In spite of the impositions on social distancing and minimizing human contact, a few events like the Indian Premier League and the UEFA Champions League have been happening with the fullest energy. Fans who can generally be found crowding the stadiums have now been left with no option but to enjoy the match and the fanfare from their homes.
One of the most practical ways in which fans engage with the sporting event is from fantasy sporting leagues.
What are fantasy sporting leagues?
A fantasy sporting league, as the name implies, is an event involving a fantasy team made of real players. The probability of winning depends on the actual performance of the players in the real match.
On the surface, it might seem like something involving sports betting. However, upon closer inspection, it will be revealed that winning in a fantasy sports league is a matter of collected data, analysis of the performance of the player against a particular team and in a particular venue, and collating all the data to form a proper team within an allocated budget.
It is a grand culmination of data-driven intelligence, budget management, and of course, a good sense of timing. Needless to say, it is also a brilliant business opportunity. Given the growing popularity of sporting leagues, the involvement of fans, and the understanding of the nuances of the game that they exhibit, fantasy sports are gaining popularity parallel to these leagues with every passing day.
How do fantasy sporting leagues work?
The user downloads the fantasy sports application from the app stores. They can create a profile by signing up using existing login credentials or by creating a completely new login.
They are allowed to participate in free leagues. These free leagues are, as the name implies, free of cost but the user will not be able to win cash prizes.
The user can also sign up for premium leagues that make them eligible to win cash prizes. They have to pay a certain amount to participate in the league. They are allocated a specific budget within which they are required to form a team based on the two teams that are clashing in the subsequent match. It is to be remembered that the team that they create does not have to comply with the player-segregation in the actual teams.
The user can shuffle team members as much as they want but only until a certain threshold time after which shuffling is closed. The app will now either live-stream or give live updates on the match as in when it happens. Based on the actual performance of the players in the match, the user will accumulate points. The user who accumulates the highest number of points is declared the winner of the fantasy match.
In addition to being engaging and enthralling, it also provides users with a chance to win cash prizes, making it a lucrative offering.
The Pathways of Profit
There are different ways in which a fantasy sports app makes its money. After all, the success of the app is about piggybacking on the craziness-quotient of the fans.
Not every user who participates in the premium or paid matches will win. Therefore, the fee that is paid by the user, or at least a part of it is bound to become a profit for the app. By a considerable distance, this contributes to the biggest chunk of revenue.
In addition, the app can also run advertising programs. As you may have inferred, the app is a concentrated hangout joint for sports enthusiasts. The app can provide a brilliant advertising platform for people who sell sports Merchandise or anything that has got to do with the game.
Sometimes, users are willing to pay an additional amount to get an opportunity to recruit additional players for an added cost. Although the added player might maximize the possibilities of winning, the selection of players still depends on the intellectual prowess of the user.
With so many avenues of profitability, a fantasy sports app is surely a great, engaging, and lucrative business idea for an aspiring entrepreneur.
The Market
For many, fantasy sporting leagues are considered their ticket to the stadium experience. There are some fantasy sporting apps that have, with the sense of relevance and the market, carved a niche for themselves. In India, cricket is considered almost a religion, and the fantasy sports app that capitalized on this craze at the right time is Dream11.
Today, Dream11 stands as a benchmark for almost every app that intends to venture into the fantasy sports space in India. India is a hugely populous country and cricket is immensely popular in the country. Given these attributes, the space is still open for new players to capitalize on fantasy sports in India.
The Features
It seems like almost anyone and everyone can come up with a fantasy league of their own. There are, however, a few areas that need to be meticulously taken care of. The possibility of a user participating in your app depends on the intensity of data that you provide and the real-time updates that your app can give the user as the match happens.
Therefore, embellishing your fantasy sports app with features that give users a feeling of being connected is of paramount importance during the process of sports betting software development.
In addition, there are a few more features that need to be uncompromisingly considered by your sports betting software providers.
- The user should be able to quickly register for the services without any hassle. They should be able to use existing login credentials like Google and Facebook.
- They should be able to participate in both premium and paid fantasy sports leagues.
- The app should be integrated with a versatile payment gateway that enables users to make payments without any difficulty.
- The user should be provided with a dashboard that gives vital details about all the players including but not limited to the number of matches, the performance history, the performance history against the specific team, and in that specific venue.
- The app should have a facility to either live stream the match or at the least, give live updates about the match as in when it happens. This will help users keep a tab of their possibilities of winning the fantasy match. For this purpose, the app should be connected with a software or a tool that provides this information through an API.
- Once the match is over, the users should be updated on the winner of the tournament. The winnings should be quickly transferred to the bank account of the user. This will help enhance the trust that users have in your app.
The administrator should function as the caretaker of the entire app ecosystem. They should be given the power to enable or disable users, create bade fantasy tournaments, view the earnings, and handle customer support.
Conclusion
Building your fantasy sports app from scratch might be quite a cumbersome and daunting task. To circumvent the challenges, you can consider using a white label Dream11 clone. This ensures that the convoluted process of sports betting software development becomes as easy as a breeze.
All you need to do is get in touch with sports editing software providers specializing in white label clones of Dream11. They will take care to understand your specific requirement and customize the app according to your business needs.
