The fantasy sports market has been rising tremendously in recent years. One of the most prominent factors for the rapidly expanding market is the escalation of the digital sector in developing regions of the world. A significant rise in the number of internet users and affordable smartphones and handheld devices is driving the growth of the fantasy sports market. The ever-expanding market is one of the most lucrative and profitable industries in the world. The Fantasy Sports app helps in connecting fans with their favorite sports and allows them to step into the manager’s shoes and operate a full-fledged sports team.
However, fantasy sports are often mistaken for illegal sports betting, though they are completely skill-based and do not rely on luck. Furthermore, the legalization of Fantasy Sports websites will also play a major role in boosting the popularity of these platforms even further. Are you looking to create a sports website and earn big this season? This blog will enlighten you about why 2023 is the best time to step into the Fantasy market and enjoy hefty rewards.
But first, let us look at the market scenario of the Fantasy Sports market.
Fantasy Sports Market Overview
Ever since the pandemic, the popularity of Fantasy sports platforms has been constantly on an upward scale. However, the laws related to Fantasy sports are vague in countries like Indonesia, Macau, Japan, Malaysia, etc. Still, these platforms are popular worldwide and have been registering a massive user base in various regions of the world.
According to Allied Market Research, the fantasy sports market size was valued at $18.6 billion in the year 2019. It is expected to grow at a CAGR of 13.9% during the forecast period(2021 to 2027). It is estimated to reach $48.6 billion by the year 2027.
Football dominated the segment in terms of popularity and became the highest played Fantasy Sport. It is expected to retain its dominance during the forecast period.
The market size for Fantasy sports in the United States reached $8.8 billion in the year 2021.
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Meanwhile, India’s fantasy sports market was valued at over Rs.20 billion in the year 2021, it is expected to exceed a valuation of Rs.50 billion by FY2025. Cricket was the most dominant sport in the segment contributing over 85% of the total fantasy sports market. Hockey and football followed behind with a market share of 6.7% and 6.3% respectively. India is currently the fastest-growing fantasy sports market with the largest user base at 13 crores.
The market statistics are enough to prove that Fantasy sports are a profitable venture. Developing a fantasy sports app has a lot of benefits and will fetch high revenue for your business. If you want to invest in the Fantasy sports market, you must be familiar with the working process of a fantasy application.
Working Process of Fantasy Sports Apps
The working process of a fantasy sports app is rather streamlined and simple to understand. Here is a step-by-step guide-
Step-1: Choose your Preferred Fantasy Platform.
Step-2: Login to the Platform and select the match or league you want to participate in.
Step-3: Draft your own Fantasy team. Depending on the sport, you need to draft a roster of players who will be playing and additional substitutes. In Cricket, you will have to create a team of 11 players from the available selection. Some popular methods of creating a team include Auction based, Serpentine, Offline Drafting, etc.
Step-4: Modify your team as per your needs. Make changes in the formation and the players who will be playing in various positions. You can modify your team at any given time before the locking period.
Step-5: Let the match unfold and wait for the final results. The final result is determined by the accumulative points of all the players in your team. If the players play well, your team receives more points.
The interactive and anticipative gameplay of fantasy sports platforms is one of the major reasons why people gravitate towards these platforms.
Let us now look at the various benefits you can avail yourself of by investing in fantasy sports software development.
Why Invest in Fantasy Sports Apps?
There are a lot of business opportunities in the fantasy sports app development segment. Creating a fantasy sports website will help a business owner generate high revenue by making use of multiple monetization strategies.
Here are some benefits of investing in a fantasy sports website-
Although some countries still consider fantasy sports illegal, there are many countries where operating a fantasy sports website is completely legal. A business owner can target the jurisdiction with the most amount of traffic to help boost the business. The United States of America, the United Kingdom, and India are some of the biggest fantasy markets where the segment is legal. You can take advantage of the massive user base in these regions to help your business grow rather quickly and expand to newer regions.
Low Investments, High Rewards
With the advancement in technology, fantasy sports app development is now cost-effective and reliable. Nowadays, fantasy sports websites ensure high returns on a relatively low infrastructural cost. This is one of the main benefits which attracts entrepreneurs towards this industry.
Although there are a plethora of fantasy sports websites, there is still a high demand for reliable and efficient fantasy sports platforms. There is comparatively less competition than in other industries and if your online fantasy platform is reliable and efficient, you can ensure your success with the help of marketing strategies and promotional campaigns.
The fantasy sports industry is closely linked with the sports industry. In fact, various big names in the fantasy industry are in partnerships with major sports teams. The industry provides several business opportunities if you stand out in the market. Collaboration with a major sports team will give your fantasy sports business a huge push and skyrocket it to new heights.
Why 2023 is the Best Time to Launch a Fantasy Sports App?
Fantasy sports websites heavily rely on sporting events as the results of a match or league are determined by an actual real-world match. Due to this reason, these platforms can take advantage of seasonal leagues and earn hefty profits.
The ongoing FIFA Qatar World Cup 2022 is a mecca for Fantasy sports enthusiasts. Fantasy sports like soccer are one of the most popular in various regions and the World Cup is one of the biggest opportunities for users as well as businesses to earn big this season. Here are some major sporting events that will happen in 2023 that can boost your fantasy sports business to new heights.
Cricket World Cup
The 13th Cricket World Cup will take place in India in 2023. It is arguably the world’s fourth-biggest sporting event. Cricket is the most popular sport in India and is the most played fantasy sport in the region. Business owners can take advantage of the exciting tournament and generate hefty revenue during the World Cup season.
Rugby World Cup
The Rugby World Cup is conducted every four years and it will be taking place in France in October 2023. Rugby is one of the most popular Fantasy sports in the United States. The World Cup season will serve as one of the biggest markets for Fantasy sports platforms as the popularity of Rugby is increasing day by day.
FIFA Women’s World Cup
The most important tournament for Women’s football(soccer) will take place in July 2023. The event is held every four years so it is highly anticipated by Women’s soccer fans. Moreover, the 9th World Cup will be the largest ever, with 32 teams participating in the title that is currently held by the USA. It will be a fantastic opportunity for you as a business owner to grow your fantasy business as seasonal tournaments like these are highly beneficial for fantasy platforms.
World Baseball Classic
It is the world’s most prestigious international baseball competition, conducted by the International Baseball Federation(IBF). The winner of this tournament is recognised as the “World Champion” and it features some of the best players in the world. The highly anticipated tournament was scheduled for 2021 but was canceled due to the pandemic. Now, it is high time for fantasy players to gear up and get ready for the premiere baseball tournament.
These are some of the major sporting events that will happen in 2023. The fantasy sports market is going to expand even further all thanks to the many major sporting events that will be conducted in 2023.
Here are some more sports events that you can include in your platform that will be conducted in 2023.
Other Major Sporting Events in 2023
|Tennis||Australian Open||Jan 16-Jan29||Melbourne, Australia|
|Field Hockey||Men’s Hockey World Cup||Jan 13-Jan 29||Bhubaneswar & Rourkela, India|
|Cricket||ICC World Cup T20(Women’s)||Feb 9-Feb26||South Africa|
|Cricket||ICC World Cup(Men’s)||Feb 9-Mar26||India|
|America Football||Super Bowl||Feb 12||Glendale, Arizona|
|Baseball||World Baseball Classic||Mar 8-Mar 21||Japan, Taiwan, USA|
|Horse Racing||Kentucky Derby||May 6||Lousiville, Kentucky|
|Golf||US PGA||May 18- May 21||Rochester, New York|
|Table Tennis||World Championship||May 22- May 28||Durban, South Africa|
|Tennis||French Open||May 28-Jun 11||Paris, France|
|Football(Soccer)||UEFA Champions League||June||Istanbul|
|Basketball||NBA Finals||June||USA & Canada|
|Cycling||Tour De France||Jul 1- Jul 23||France|
|Football(Soccer)||FIFA Women’s World Cup||Jul 10- Aug 20||Australia & New Zealand|
|Tennis||US Open||Aug 28-Sep 10||New York, USA|
|Golf||Ryder Cup||Sep 29-Oct 1||Rome, Italy|
Top Fantasy Sports Applications in the Market
The fantasy sports market is dominated by these applications. Make sure to take a look at these platforms and incorporate their features into your own application while creating a sports app.
- Yahoo Fantasy Sports
- ESPN Fantasy Sports
- Super Draft
These applications are the top contenders in the market and have been the pinnacle of fantasy sports for a long time. Studying these platforms can help you develop a highly-efficient and reliable platform that can fetch huge profits on your investment.
- The fantasy sports market is booming and its popularity is only going to expand further in the upcoming years. It will be beneficial for a business if you plan to create a sports website in the coming year.
- There are a lot of benefits to investing in the fantasy sector. Minimal Competition, high ROI, and brand collaboration are some of the major benefits. You can also take advantage of multiple monetization strategies like league entry fees, in-app advertisements, and brand promotion to boost your revenue even further.
- The upcoming year will prove to be very beneficial for the fantasy industry. There are major sporting events that will boost the popularity of fantasy sports platforms and business owners can certainly take advantage of rising public interest.
- You as a business owner should study your competitors before investing in the market. There’s a reason they are dominating the market and it will be helpful for your business if you can also provide similar features and offers.
If you are planning to invest in Fantasy sports website development, 2023 is the best time because a ton of major sporting events are scheduled for the year. It can be the perfect time for your new business to make a name for itself in the industry and enjoy worldwide popularity. With the help of effective marketing strategies, several monetization strategies, and exciting features, your fantasy platform can surely stand out in the market and fetch hefty returns. Create a sports website now and tap into the potential of the fantasy sports industry with reliable and cost-effective customized development solutions by BR Softech.
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Frequently Asked Questions(FAQs)
The popularity of fantasy sports differs from country to country. While Americans love playing fantasy football, Cricket is the most popular fantasy sport in India.
Fantasy sports website development cost is dependent on various factors. On average, creating a fantasy sports app can range from $30,000 to $40,000. Read more
Yes, we provide customized fantasy sports platform development and our customized solutions are tailored according to the client’s requirements.
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