The entertainment app business has seen tremendous growth in recent years. With an ever-increasing number of people using smartphones every day, the market for the app industry continues to grow at an unprecedented rate.
An estimated 2.2 billion people around the world use smartphones and another billion more own a tablet. This spells out that there’s an untapped market with a lot of potentials. If you’re an entrepreneur, you must seriously be looking into making an investment in the app development and marketing industry.
One particular sector of the industry that has seen a lot of growth in the past few years is the fantasy sports app sector. With the success of apps like bet365, many more people are aware of fantasy sports betting, and it has also gained a lot of popularity and credibility within the market. What was once regarded as “gambling”, sports app have now become more widely accepted within the society.
What exactly is a fantasy sports app all about? Fantasy sports is a type of online game where participants assemble virtual teams of real players of a professional sport. These teams compete based on the statistical performance of those players’ in actual games. The team with the most accumulated points wins. The popularity of fantasy sports has been steadily growing in recent years. They have grown to a point where they have now become major sponsors of many leagues around the world.
According to a recent study, over the next five years, the Fantasy Sports market will register a 13.24% increase in terms of revenue, the global market size will reach US$ 33199.64 million by 2025, from US$ 13906.77 million in 2018. As you can see, the raw data indicates that fantasy sports app development is hugely popular and poised to grow even further.
But how do you get started as an entrepreneur in the fantasy sports betting app world? Though the question is nuanced and has a lot of weight behind it.
Let’s take a look at how to start a fantasy sports app business
1. Be Clear About Your Objective
Depending on who you are, your objectives for a fantasy sports mobile app can differ. Although the ultimate end goal for everyone remains the same (money), depending on whether you’re a small-time entrepreneur or a large sports agency, your route to that end goal might be different.
For a start-up or entrepreneurial business, you might want to have a steady revenue source as your end goal. But for a larger business that has more to invest, spreading their brand out there and getting more customers might be the end goal. For such a venture, this investment might be considered much more long term than a quick opportunity to earn more money.
2. How Extensive Do You Want To Be?
Big-time names like bet365 offer a wide range of sports when it comes to fantasy sports app betting. They cover everything from cricket to basketball to other niche sports. But we have to keep in mind that they got to where they are today after years of building their app and brand.
Depending on how much you can handle, the smart choice is to stick to what your target demographic’s interests are. Depending on your country or region of the world, some sports may be more popular than others. Figure out the most popular ones in your part of the world and start out with those. The option of expanding is always available.
3. Be Clear About Your Target Demographic
When you’re starting out on your fantasy sports app venture, your goal is to first attract as many customers as you possibly can. You might think that it does not matter where your source of revenue comes from. But, having a clear idea of what your target demographic is very important in making your fantasy app a success. The more details you have regarding who your target demographic is, the more you can cater specifically to them. Are they between the ages of 18-25? 25-30? Or 30+? Are they mostly male or is there an even split among the genders?
Knowing such key details gives you more flexibility when it comes to promoting your fantasy app. You can use all your resources to cater specifically to that niche instead of wasting time trying to pander to everyone else.
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