Get a detailed guide on things to consider before developing a fantasy sports app like Dream 11, Bet 365, NetBet, etc. Read to know more.
Fantasy sports are a new entrant to viral gaming that has grabbed the attention of millions of sports enthusiasts. Fantasy sports is been growing since the last decade but has definitely got a major boost due to giants like Dream 11, Bet 365, NetBet, etc.
With the double-digit user growth over the last five years, the fantasy sports app has also opened up huge potential in the industry eyeing investors as well as entrepreneur’s attention to grab this opportunity. Being a Top Web & Mobile App Development Agency we have received a whole lot of questions regarding fantasy sports app developments and their cost from prospective clients. So this is our effort to share with you a small guide on How to Develop a Fantasy sports app and the factors associated with its development cost.
Every business exists because it satisfies customers need and generate revenue from that solution offered. So let us go through the revenue generation model or popular business model of Fantasy sports app.
Revenue Generation Model of Fantasy Sports App
1. Commission Fees
The common revenue generation method in a fantasy sports app is the commission the app charges on each league or game a user plays. In the most general scenarios, the fantasy sports app only rewards about 80% of the total league revenue to the winners and keeps the other 20 percent as the commission fees for themselves. For example, if a league offers 1,00,000 participants with an entry fee of Rs. 10 for each user then the total league value would be 10,00,000. If you look at the total winning amount offered to all the winners would total amount to 8,00,0000. The example from such fantasy sports app dream 11 can be referred to below.
The remaining Rs. 2,00,000 goes into the pocket of Dream 11 app providers.
2. Subscription Fees
Recently a new way of earning has been introduced by the fantasy sports app where an avid user can subscribe to the monthly or yearly premium service. The premium service offers include fewer commission charges on the leagues. Transfer the winning amount to banks without any extra transfer charges or minimum amount transfer requirements. The subscription model is not yet widely popular but has been successfully implemented by some of the platforms like HalaPlay. So it is important to analyze the effectiveness of this model before implementing it on your platform.
3. Advertising Revenue
Due to the huge sports fan base all over the world, there is a great opportunity for business to promote their brand or products on fantasy sports platforms if their products are related to sports. The suggested revenue models are used by some platforms but it has definitely a huge revenue generation opportunity that is yet to be captured.
4. Launch New Games
Dream 11 is an Indian Fantasy sports app that began its journey by targeting the cricket enthusiast but with time they have tapped into many different sports like Football, Kabaddi, Hockey, etc. So launching new games based on the target user's interest and also tapping into new markets simultaneously can help in increasing the revenue drastically.
Once you have decided on the revenue model of a fantasy sports app the next thing to consider is the features requirement in understanding How to create a fantasy sports app. It is important to remember that the basic features in a fantasy sports app may be similar in most of the platforms while the main difference would arise in the advanced features a platform offers.
Features in a Fantasy Sports App
· Multiple Contest Options
Every user has different requirements in terms of risk-taking opportunities, Joining amount capacity, skills, and knowledge in particular sports, etc. So considering that a fantasy sports app offers different contests from Head 2 Head to leagues with thousands of participants or leagues from two digits amount to a four-digit amount.
· Personal Contest Creation
If a user has a new idea for a contest the app should offer features like creating its own contest where a user can choose the entry fee as well as the total number of participants allowed in the contest.
· Payment Options
With advancements in payment technologies, an app should stay updated with it so the user does not face many inconveniences in transferring funds from the bank to the wallet and vice versa.
· My Contest Section
The app should have my contest section where the user can track past contest results as well as check out the ongoing as well as an upcoming contest.
· My Profile Section
My profile section is necessary for a user's complete profile analysis such as total winning, total deposits, Name and Profile Picture, settings, etc.
· Live Match Score
The app can offer features where they offer real-time match score updates and the joined league performance based on the present score.
· Past Player Performance Data
While building a fantasy team the user prefers if they could get the past performance data or fantasy sports performance of the player. So you should definitely try to implement such features in the app.
· Push Notification
It is one of the important features within the app to update the user of the discounts provided in the contest as well alerting them of announced line ups for the league they have joined or any other changes to their participated leagues
The above-mentioned features are just some examples from the vast list of basic and advanced features that can be implemented in the fantasy sports app. After deciding on the feature requirement the next step is to decide on the technology stack required to develop a fantasy sports app.
Technology Stack for a Fantasy Sports App
The major work carried out behind Fantasy sports app development is developing its backend because at any given time there would be large numbers of users using the app to join the contest especially half hour before the start of the match. So the best technology stack that can be used for Fantasy sports app development can be referred to below.
Cost Affecting Factors for Fantasy Sports App Development
The above-offered information serves as a great support for the derivation of cost to develop a fantasy sports app. Apart from the above-mentioned information, the other cost affecting factors are
· App Design
The design of the fantasy sports app should be elegant at its first impression for the user. The better the design the higher would be its development cost.
· App Platforms
The more platforms the app is developed for the higher would be its cost. The most common platforms are Android and iOS.
The more and advanced the feature the higher would be its development cost. So carefully decide from the list of features to implemented for fantasy sports app.
The more complex the backend of the system for higher performance output results in higher cost of development of fantasy sports app
I hope your effort to read till the end of this article has paid off and also I have shared some source links to which you can refer for more information on How to start a Fantasy sports app development.
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