With each passing day, things are getting digitized. People are fondly using their handheld devices for almost everything. In such times, Fantasy Sports Business is one field that is gaining popularity with every passing day. There are ample of young minds looking out for opportunities to set up Fantasy Sports Business Model. This article would help you know more about Fantasy Sports and provide you with a detailed step-by-step guide on – How to Setup Fantasy Sports Business ? This article is all about to Start Your Own Fantasy Cricket App. It would provide you with various details like features, tips, budget, marketing strategy, trends, etc.
Before we proceed to any details further, let us know what Fantasy Sports is?
Fantasy Sports is a new term, and many might not be familiar with it. Fantasy Sports allows users to form their desired teams and digitally play virtual leagues. The team is formed based on real-life players that perform in real-world leagues such as IPL, NBA, CPL, BBL and others. The result of these online virtual games is decided by real-life game results of the players or their performance statistics.
Step By Step Guide on How to Setup Fantasy Sports Business
For any business, online or offline, planning is the first step. This rule applies to the Fantasy Sports Business as well. Before you hire an app/website developer for your business, make sure to have your plan ready with objectives, requirements, budget, deadlines, etc. Setting proper plans and objectives can make you stand out in the competitive market.
Know Your Targeted Audience:-
Your next step should be to know your audiences. You can target an audience where you can make profits. Knowing your audience would help you do everything possible to attract them. Additionally, knowing your audience can prove to be very helpful for the design of the app. You can have special features and policies as per the target audience.
It is imperative to properly plan each step that will take you closer to the realisation of your dream. This is the step by step process that has been taken up by successful entrepreneurs in this niche.
Note Down Your Idea:-
A lot of imagination goes into playing and designing fantasy sports. The more attractive you make it, the more engagement you will get from your users.
While there are hundreds of sports in the world, there can be thousands of possibilities of choosing a sport and building an app based on it. You must be clear about the sport you wish to take, the decision for which should be based on –
- The most loved sport by your targeted audience
- The relevance of that sport in your target geolocation
- The engagement and interest level of that sport
- The current and projected viewership of that sport
Plan Your Budget
Next in line is planning and strategizing your budget. Having a concrete budget plan is the most essential thing as it will help you make decisions at a later stage.
This will also help you ascertain as to what all responsibilities you have to take on your shoulders and which all you can outsource. This will also help you decide the quality of your workforce and which all experts you can have on your team.
Having a clear idea of your budget will help you to have an idea of what all things should be taken care of by you so that any part of your startup is not compromised because of budget issues.
The initial few days are the hardest and the budget planning, in the beginning, is what will help you overcome the initial challenges.
One of the major decisions is of the type of application you are looking for. These are two main models –
Clone App (Readymade App):-
You can opt for a readymade app and make some changes in the UI and branding to customize it to your needs. The cost of such customizations and getting a readymade app is approximately $1500.
The best option, although is to go for a customized fantasy sports app. In this option, you can create every aspect of your app according to your choices, and there is no end to customizing the UI and UX of the app. The pricing of getting a customized app is somewhere between $5000 to $8000
Plan and research your promotion methods well in advance:-
Promotion plays the most significant role in the success of your fantasy sports app. With many apps fighting for attention, you have to be creative with your marketing approach so you can attract and engage your customers.
Start off by making a list of YouTubers who enjoy a large following of sports fans of your specific fantasy sport. Getting promotions directly from these influencers rather than paid advertisements will be cost-effective in many cases.
Other than that, start by making a list of telegram channels which provide support for fantasy sports users. The members of these groups are fantasy sports users and will act as a hot audience for you. By promoting specific offers, in the beginning, you can easily attract them to playing in your app and engage them further.
You can even choose to associate with a digital marketing company which specialises in fantasy sports marketing. With the right budget and selecting the right team, you can leverage all the social media and other channels to garner attention towards your app.
The right team will help you to reach the right audience and scale quickly.
Launching Fantasy Sports Models:-
Different modules that you must plan before hiring a software developer for your business are Free Fantasy and Premium Fantasy Service.
- Free Fantasy model targets reaching out to a large number of customers gaining the trust of them. Example – Yahoo
- Premium Fantasy model is a module for users with larger payouts. It is one of the most profitable choices where users bet in millions. Example – FanDuel
Adequate Launching Scheme:-
To have your business built profits, you would need a proper launch and pre-launch plan. You can have a consultation for the same from experts. Having an effective pre-launch plan can trigger excitement and curiosity amongst users. You can promote your creation on platforms like Facebook, Instagram, Twitter, etc.. All sorts of marketing that can cause a stir, should be considered.
Offer Advanced Features:-
Something new and unique always attracts users. If you create an application that offers some advanced and unique features, you are most likely to attract more customers. Along with the common features, you can add some unique features to make your app stand out.
Register Your Company With GST (Partnership, LLP or PVT. LTD ):-
After you have a gameplan in hand, it’s time to start with the legal process. To start your company and app, you need to register with the right Govt. authorities.
Start by registering your company as a partnership firm, an LLP or a Pvt. Ltd. company which is the best choice because of the numerous legal benefits.
You will be able to complete all processes and other registration after getting your company registered.
Select API Provider for Fantasy Points and Players Data:-
The data of scores, points, players, their details and others that you see in every fantasy sports app comes from an API. There are hundreds of matches happening in almost every sport every other day, and making sure your app is showing the live data is essential.
Having a robust system with live data along with an engaging UI will also help you to attract people who use your app just for the scores. These users will eventually convert into customers, and this is the level of UI that you should aim for.
There are numerous APIs available, and making the right choice is essential. Make sure to check for all factors and finalise the API which suits your needs and can also be scaled easily with your app!
Select Best Payment Gateway for Setting up Withdrawals and Deposits:-
Having a smooth withdrawal and deposits process increases the trust in your company many fold. You must make sure to choose a reliable payment gateway option which accepts all major payment options.
Make sure to check the reviews and take a demo of the application to make sure that the UX is smooth and customers would love it!
Purchase Domain Name:-
This is one of the most crucial steps in branding. Thinking of a name can significantly increase the chances of success.
The name of your application should be catchy and relevant to the sports that you have selected. It should be something which stays in the mind of your prospects and creates a subconscious brand image.
Make sure to book your domain as and when you get the idea of a great domain name for your app. You should also buy the relevant versions, including .com and the domains specific to the country which you are targeting.
Also, keep a reminder for the expiry of the domains and keep track of them.
Choosing between website, app or apps:-
There are companies which focus on apps, website or an app only for android.
You can choose any or all of them based on the strategy and the type of experience you wish to give to your users. The strategy for the different platforms also has to be different. The options that you can take are –
- Website & Android app
- iOS app
- Having all of the above
Deciding this, in the beginning, is vital as this will help you plan expenses and also your strategy. The type of audience that plays on apps, and the one that plays on the desktop is way different. In fact, the behaviour of people playing on iOS and android also varies.
Now Search for the Best Fantasy App Development Company:-
Now that you have everything set up, all you need is a team of experts who can build the perfect application for you. There are many app development companies, but you should choose a company which specialises in fantasy app development.
Make sure to check the applications which are built-in past by the company and also their experiences.
The right team will help you build a scalable app using the agile methodology. There are hundreds of UI and UX factors that can enhance the success rate and engagement of your app. Make sure that the team takes care of all these factors, so your app is optimised for engagement..
Ask for a quotation and take demo
Ask for a quotation and a demo. The right app development company would be able to answer all your queries and provide an extensive demo of all the features which can be incorporated in your app.
Make sure to discuss all these things well in advance –
- The date of delivery
- All the milestones of the project
- Features which will be present in your app
- Development Language/Technology for Admin Panel & User end.
Some essentials to keep in mind for app designing:-
App Designing – Designing is the most intricate part of all, as it is the base level of the business. A well-designed application gives your business a kick start.
- User-Friendly Onboarding – To begin with designing, the first step is onboarding. Gamers often complain about not much attention being paid to onboarding by available fantasy sports apps. Along with onboarding, you can also offer a guide to get the user familiar with your app. This would lead to an easy adaptation of the gamer. To make the user comfortable is a win-win. Who does not like easy things?
- Defined Real Estate – The data that a Fantasy Sports app stores and requires to display is ample. There is a lot of information including the creation of virtual leagues, payment transactions, joining other leagues, tracking real-time statistics, access dashboard, team management, etc. The fantasy app core stores all this information. The designer has to design the app in a manner that each data set is displayed on the screen. It must be available for the player to use as and when required.
Doing quality analysis:-
Quality control is the job of the development company but making sure that they have done their job is yours.
Make sure development company QA test your application for all features before taking the final delivery. Cross-check all the features and also request for changes in UI if you feel there are some significant changes required.
Fantasy Sports Business Marketing:-
Now you are all equipped to grow your company and your focus should be on marketing. Make sure to give all your efforts on marketing and start contacting YouTubers and telegram channel owners.
You will see steady growth with the right amount of marketing efforts.
If your budget allows, associate with a digital marketing agency and they will expedite the process of marketing and help you build a strong audience quickly and effortlessly.
Fantasy Sports is one of the most evolving businesses lately. Players are highly attracted and involved in entertainment like these. To set up something profitable, make sure to research and hire the best professionals available. With such investments, you can surely leave a mark in the gaming world with your new startup.
If you have any other questions related to starting with your fantasy sports app business, drop your queries in the comment section below, and I will personally answer all your queries!