You will not have any control over the players as the contest results depend on how the match turns out in real-time. The whole process of determining the winner of a contest entirely depends on the algorithm that runs in the background of the application based on the match stats.
The COVID-19 pandemic has majorly affected sports events all over the world. Most of them got postponed indefinitely, and several got canceled. Sports fans are going through a significant heartbreak as some sporting events are being held without any spectators in the arena. The advancements in digital technologies seem to be the savior for many as people can witness live sporting events in their homes, and it keeps their spirit alive. The IPL edition of 2020 is also reported to be held in an arena without any spectators in the Middle East.
The fantasy sports sector has seen massive growth in terms of user engagement and revenue. By considering the actual data from various providers worldwide and predictions made by the experts in the industry, the fantasy sports sector is expected to grow by $9.34 billion in the next four years. It is clear that more people have started to use fantasy sports platforms in recent years, and they have a lot of options to choose from the market. There is great potential in the market that remains unexplored. Entrepreneurs can use this opportunity by getting their app developed from a fantasy sports app development company. Here is how they can have a regular stream of income from the application.
Paid contests:
Every fantasy sports platform will have both paid and free contests in it. Free contests will typically have more players participating in it and a lesser winning amount. On the other hand, the paid contests will have an entry fee and a high prize amount for the winners. The number of participants will be less than the free contests. The prize will be equally distributed among the winners based on their predefined conditions of the game. On average, every fantasy sports player takes home about a 20%-30% margin, and it is higher than any other business.
Advertisements:
Users often open fantasy sports apps to check the match stats, contest stats, and score. Hence, these apps have a steady stream of users continually interacting with the application’s elements. Some providers also offer free coins for users frequently visiting the platform. A study concludes that more than 50% of the users visit fantasy sports platforms at least thrice in a week. These numbers prove that fantasy sports platforms are an excellent place for advertisers to promote their brands. The brands can easily attract users to their platforms, and they can make the best use of it. Sports brands can find the right audience on these apps as most of the users are sports fans. Indian fantasy sports app, Dream11, has officially won a three-year bid to bag the title rights of IPL. This deal is a significant leap for fantasy sports apps, as IPL is one of the grandest cricket tournaments on the planet.
Merchandising:
Apart from the winning money and deposits made by the users, they will also have an option to use the virtual currency to make in-app purchases. Some providers also provide rewards to players participating in prediction games, regular users, and players who are making up to the hall of fame. This move tends to be a motivation for many players as they are encouraged to spend more time on the platform. The rewards can be added to their profile and be highlighted to show off their achievements.
League partnerships:
The concept of fantasy sports is more than ever with the audience as the providers are reporting regular spikes in user engagement. These platforms have become a cultural phenomenon as most people have started to play games on these apps to earn extra income. Therefore, the popularity of these apps keeps increasing, and it is proven to be an easy source of revenue. Fantasy sports platform providers are continually improving their services and bringing in more leagues onto their application. The providers’ continual optimization puts them ahead of their rivals in the market and guarantees a better experience for the users. Hence there lies a healthy competition between the providers and enormous scope for these platforms in the future.
In a nutshell:
Fantasy sports platforms are proven to be the perfect medium for users to create a dream team with their players. The strategically planned game and the app’s in-built AI guarantees a flawless experience for the users. It also encourages them to research more about players and teams to make their decisions better. The market for fantasy sports platforms is snowballing, and this is the perfect time for an entrepreneur to enter the market. Get in touch with a fantasy sports app development team to make the best of the opportunities. After the pandemic subsides, the world is ready for sporting events. Every postponed sporting event will be held, and the user engagement will beat every record in the book. What are you waiting for?
