In the past few years, there has been a huge increase in the fantasy sports app market in terms of exposure, revenue, and growth. This has been fueled by numerous factors:
- The falling prices of smartphones across the globe. With access to smartphones, there is a corresponding increase in app usage.
- Increased accessibility to the internet. Especially in third world countries, more people are accessing the internet more than ever before. This is due to their access to smartphones.
- Increase in millennial users who are more technologically savvy.
- Wider acceptance among the general population for fantasy sports and sports betting.
- Collaborations with sports leagues and other sport-related authorities that can lead to increased visibility.
These factors, combined with others, have pushed fantasy sports to the forefront of the mainstream industry. The fantasy sports industry over the past few years has established itself as a viable source of entertainment for both customers and providers alike.
Let’s take a look at some statistics that seem to back this claim.
- In 2018, the global Fantasy Sports market size was 13900 million US$, and it is expected to reach 33200 million US$ by the end of 2025, with a CAGR of 13.2% between 2019 and 2025.
- America is the largest production of Fantasy Sports, the revenue market share over 58% in 2017, the second-largest area in the world is Europe, and the revenue market was about 14% in 2017.
- Nearly 60 million people now play fantasy sports, and of those, 80% play fantasy football, according to the Fantasy Sports & Gaming Association.
- The Fantasy Sports Trade Association (FSTA) has stated that there are close to 60 million fantasy sports players in North America. That is almost 3 times the number of players in 2009. An average fantasy sports player spends more than $450 every year on fantasy sports.
- Currently, 19% of Americans aged 18+ participate in sports betting. And 19% of Americans aged 18+ participate in fantasy sports.
Globally, the trend is similar. But what is wonderful about this trend is that it is only getting stronger with each passing year. Gone are the days when sports betting and fantasy sports were looked at as a “taboo” or “niche” offering. Today, sports fans around the world are actively participating in fantasy sports as they elevate the experience of watching from a fan’s perspective.
From an entrepreneurial perspective, this significantly means one thing – A great opportunity for investment. With the explosion in popularity of fantasy sports, the fantasy app development industry as a whole started to thrive.
There are numerous fantasy app developers out there now, but picking the right one can be tricky. Here are a few guidelines to make your search easier.
- Be sure of your own needs/requirements
What kind of services are you looking for in a developer? What kind of fantasy app are you trying to create? Which sport are you trying to focus on? Football, cricket, basketball, and tennis are the most popular.
- Budgeting
This dictates much of the development process, so be sure of your financial requirements and what you can afford before taking the plunge into the industry. There are numerous types of fantasy sports apps in the market ranging from cost-effective whitelabel solutions to more expensive and feature-filled offerings.
- Research
The most important step in developing a fantasy sports app is to find a capable fantasy sports app development company that can deliver what you need within the budget you have. This requires a thorough level of market research and inquiries. Find a developer who specializes in the field of your choice. Look at independent reviews on third party websites and customer satisfaction before coming to your conclusion.
Conclusion
From Europe to Africa, America to Asia, fantasy sports apps have become a force to be reckoned with. They produce billions of dollars each year in revenue and are projected to grow with every passing year. For any budding entrepreneur looking for a sound investment, fantasy sports app development can be a fruitful choice. Get in touch with a reputed fantasy sports app developer and get started on your journey.