Get a detailed guide on factors to consider in developing fantasy sports betting app like Bet365 with feature and technology requirements.
Bet 365 is a British Online Gambling app based in the United Kingdom. Bet365 offers online sports betting services in multiple sports events ranging from American football to cricket, Athletics to Beach volleyball, and Ice Hockey, etc.
Sports betting platforms offer an amazing chance for sports lovers, to explore their knowledge of particular sports to earn money. The sports enthusiast with their interest in a particular sport will create a team based on a sports event and the performance of players in the real event is populated on the players you chose in your fantasy sports team.
If your chosen player performs well during the match then your fantasy sports team's ranking would be on the top and based on the type of league you have joined the winning chance increases.
With the legalization of online sports betting, the industry has tremendously gained popularity, and also the reduction in traditional illegal sports betting has reduced due to it. At present online sports betting or fantasy sports app is a billion-dollar industry and is only going to increase further with more sports being added to the fantasy sports apps.
Growth Forecast of Sports Betting App
Before moving ahead with the development needs for a fantasy sports app it is important to understand the business model behind it and how you would generate revenue through it.
Business Model of Sports Betting App Bet365
With a revenue of $4 billion, it is evident that generating such revenue from a single source is not believable and indeed it is true. Bet 365 generates its revenue from 4 major sources as discussed in brief below
1. Premium Subscribers
The Premium subscription model offers extra benefits to those users who have purchased a premium. The extra benefits usually include access to premium features like match analysis, player analysis, less deduction from winning amount, etc.
The upfront cost of the premium membership usually helps the business in generating revenue by technically offering nothing during the time of purchase and its benefits can only be redeemed with time.
2. Commission Charges
Based on the type of league the app providers usually offer around 80–85% of the total league value to the winners and the remaining amount gets included in the commission revenue of the business.
Commission revenues are a huge chunk of revenue for any fantasy sports app and in the case of Bet365, it is about ¼th of the total revenue.
The businesses that deal in a product or services related to sports can use the advertisement space on such platforms to promote their product. The majority of apps sustain this model.
Apps can choose to have their own tie-ups with brands to offer advertisement space or can choose to be a part of Google ad sense which will share the advertisement revenue with the app developers.
4. Brand Promotion
Sports betting app usually promotes sports event by being its sponsors and this results in more awareness among users and better new user signup rate. This method or user acquisition is generally used by large sports betting apps providers like Bet365, Dream11, etc.
So this method requires huge finance which may not be possible for a new start-up and can surely be used at later stages.
Once you are done with the decision on the revenue generation model to be followed it is time to take the next step towards the development of sports betting app like Bet365 i.e. Feature in the app
Feature required in a Sports Betting App like Bet365
The sports betting app generally requires two systems for its successful operations
1. User App
2. Admin Panel
Features Required in Users Android/iOS App
· Quick Signup / Login
· Access to live scores
· Notification for important match updates
· Betting tips for Premium / Non-Premium users
· Sports selection tab to choose a sport to bet on
· Future sports event schedules for minimum up to next 3 days
· Option to choose the standard leagues or to create a new league for the match
· Real-time ranking updates with the match
· Help / Support tab to solve queries
· Access to final league results anytime
Features in an Admin Panel of Sports Betting App
· User Management
· Sports leagues management
· Dashboard for a quick glance at the present events
· Marketing & Monetization Management
· Promotions Management
· Query solution tab
· Real-time score update
An advanced Features in a Sports Betting App
The above-mentioned features are just the basic requirements for any sports betting app but here we are offering some unique ideas that can be implemented if you have the resources for them.
· Live Video Streaming
· Live Audio / Written Commentary
· Multi-Language support
· Invite user to join a new league between friends
· E-wallet that is integrated with e-commerce apps to use the winning amount
Based on the features you decide to implement you would need a robust backend system that could sustain a large user base during the time of the match beginning.
Technology Stack for Sports Betting App like Bet365
If your knowledge background is not of the app development, then it is suggested to hire dedicated professional App developers who have the expertise and skills required to develop sports betting apps like Bet365.
Hope the article helped you get a good idea of the development process for sports betting app.