What exactly are fantasy sports app?
Fantasy sports is the evolving way of playing different sports virtually at a single platform. It is defined as an online game under which multiple individuals can participate and create virtual teams of the professional players that are participating in real sports matches at that time or around that time. The selected players of the virtual team perform according to the actual performance of the real players. Then these performances are converted into points that are calculated based on the points table, which is designed by every particular fantasy team’s maker.
Fantasy sports app might have started as an entertaining activity between a group of friends, but now its gleaming fame has made it a rapid success worldwide.
According to research, it states that India is developing with each passing day, and in upcoming days, India becomes a marketplace of opportunity for fantasy sports entrepreneurs. Around 500 million expected individuals use the internet in 2016, out of which 400 million accessing internet via mobile phones.
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How much cost requires to develop a fantasy sports app?
A complex fantasy gaming app requires a high skill set and experience. Developers consider numerous features like-
- App platforms- The fantasy sports app development cost depends upon the app platform on which the developers want to develop like- Android, iOS, or Windows.
- App Design- An engaging UI/UX design is a must for a fantasy app as it attracts the users to download the application
- App Size- App size means the total number of features and functionalities that an app holds.
- App Developers-The development cost of fantasy apps differs from developer to developer. They majorly focus on creating apps at a nominal budget without any negotiation on quality.
Usually, the cost of developing a fantasy sports app will be around $10k – $50k depending on its features.
Everything An Entrepreneur Needs To Know About A Fantasy Sports App
How does fantasy apps work?
The concept of a fantasy league is straightforward. An individual can start with a minimal budget which will differ across the sites. For an example, on fantasy apps like Dream11 and MyTeam11 the user starts with a budget of some points and the cricketers from all the teams participating in the particular ICC cricket T20 world cup 2017 are allocated points of values depending upon their performances so far. The user has to spend some points to create a team of 11 players with alternatives so that they can participate in the league.
As the cricket World Cup 2017 matches going, the performance of the individual cricketers in the virtual team will help you to win points if the player you choose is in the playing 11 of the matches that could be value a couple of points. Points are based upon the run rates, bowler’s economy, maiden overs, runs scored and wicket-taking. Boundaries and sixes give you the bonus points. These points differ with each league. At the end of the matches, points are calculated, and the person who has the highest scores in the points table will be the winner of the league.
The leagues are divided into small groups like a group 2-12 people, in which each one can create their fantasy teams. In the app, some leagues are free in which anyone can play, but it does not offer any winning amount. In contrast, if an individual wants to play a prize-winning league, then they have to submit a required sum of amount to register themselves in that particular league.
Cost to Develop a Fantasy Sports App – A Overview
Benefits of fantasy sports app-
- Increase the sport, product and brand awareness.
- Helps in developing relationships with the customers and suppliers
- Remarkably creates constancy among the online community.
- Increases the product sales.
- Helps in increasing website traffic.
- Helps in getting email database of new clients and customers.
Famous fantasy sports apps-
- Dream 11
- MyTeam11
- Cricket Inc
- ESPN Cricinfo Selector
- ICC Fantasy League
- NDTV Daily Fantasy League
How can one make money from fantasy cricket?
You are on the profitable side of the business if you are in thought to start a fantasy sports business. There are several ways to earn money if you are the owner of a fantasy sports platform. Here are the most common profits streams-
- Signup fee.
- Contest entry fee.
- Advertisements.
- Commodities.
However, Dream11 and MyTeam11 are a platform where they do not earn money through signups-they are free, and even users can receive an amount on signup using referral codes. So, they give away the amount as a signup bonus.
Both the platforms can earn from the contest entry fee. But now the question is, how do they make money from that fee?
For example, if a user joins the contest of 10 teams with an entry fee of Rs. 20.
Everybody will pay Rs.20 to join, which means Rs.200 generates a pool.
From the ten teams, only five winning teams will get the winning amount of Rs. 190 according to their ranks from 1 to 5. And the rest amount of Rs. 10 is the net earnings of the respective platforms. Many contests are being hosted on these platforms every day with winning amount ranging from Rs.200 to Rs. 2,00,000.
Summary: Creating a fantasy sports app is not as easy; certain things are required to be considered in advance. Want to know what are they? Then have a look at the article to find the key points that make an app successful.
