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There are many sports in India that have been influenced by the concept of fantasy sports software, but cricket has been the most prolific.
With a global viewership exceeding 2.5 billion, cricket is the most popular sport that is followed globally after football.
The outbreak of the deadly virus from the initial phase of the year 2020 impacted the sports events, however gradually the restrictions that were imposed are getting relaxed, and the BCCI showed a green signal to conduct the IPL 2021.
In the upcoming days, the Indian Premier League will be buzzing around in Indian minds. The BCCI held an auction of cricket players on February 18th, 2021. A total of 292 cricketers are shortlisted out of 1,114 players.
The announcement has revived the demand for new fantasy sports platforms. Therefore, custom IPL cricket software development has seen an increase in demand. Besides this, there are many other reasons as well that make investing in the development of the IPL cricket app for Android and iOS a lucrative business venture, and this article aims to cover the top 5 of them.
Why Is IPL 2021 Cricket Betting So Popular?
IPL is the acronym for the Indian Premier League. It is a professional T20 league organized every year in India by BCCI.
The IPL is a cricket fan’s dream come true, and it should be something they enjoy watching for hours on end. The popularity of fantasy cricket betting is a result of the quick and easy money it produces.
FICCI-EY said in a report that the global fantasy sports app market, which is valued at Rs 65,00 crore in the year, will become an economy of 18,700 crores by the year 2022.
The Indian government is also taking initiatives to make fantasy sports betting legal. Indian states such as Sikkim have set themselves legal for online sports betting on all major sports including cricket.
The thrill experienced on engagement in fantasy sports is predicted to attract more than 100 million users by the end of this year. With the help of an experienced fantasy sports platform provider like BR Softech Pvt. Ltd., you can take the opportunity and invest in a feature-rich fantasy sports app to earn profits during the ongoing IPL season 2021.
Apart from cricket, you can consider linking other games like basketball, football, hockey, kabaddi, etc. depending on the demographic of the targeted regions.
Learn the Sustainable Growth of Fantasy Sports Business
Fantasy sports is a diverse concept that accommodates a variety of sports and showcases many sports events. To decide the basic features and the layout of your fantasy sports app platform, you are suggested to go through the market segmentation of fantasy sports to develop a better understanding of the concept.
Based on gender, almost 81% of a total of 100% that are active in fantasy sports are men, and the remaining 19% are women. The receptivity of men towards sports is the reason behind higher men’s involvement in fantasy sports when compared to women.
However, the increased leaning towards women-oriented sports has certainly encouraged women to participate in skill-based fantasy sports.
The classification on the basis of the sports can be done by breaking it into several modules. The most popular sport that is always seen as trending is football with 78% of the viewership.
Fantasy sports software is expected to witness a surge of 3% by the end of the year 2021. In terms of revenue generation, it is expected that the concept will attain a market worth of at least $8.2 billion. However, these figures are likely to influence due to the COVID-19 epidemic.
If we calculate an average, the industry has witnessed an annual growth of 2.4% in the past 5 years.
The sector is also enriched by regular improvisations that are achieved over its journey, making it way ahead of other software solutions determined to entertain with a touch of sports.
Top 5 Reasons to Start Your Fantasy Sports Business During This IPL Session
Refer to the reasons that are mentioned below and likely to boost your confidence in the fantasy sports platform development.
1. Better Revenue Generation
The next four years are going to be the proven golden years for fantasy sports mobile apps like Dream11.
As per the latest report of KPMG, the revenue from the Indian fantasy sports app market is expected to grow from INR 1.36 billion to INR 290 billion by the year 2025.
In India, the future of fantasy sports app development appears bright from a revenue perspective. It is expected to grow by 113% as per the KPMG reports. Hence this is the right time to make an investment in the fantasy sports league software IPL betting app development.
2. Growing User Base
Fantasy sports mobile application has not only developed the interest of users but also empowered the whole sports ecosystem.
As per the latest report from Statista, Dream11 is leading the fantasy sports app market with a community of 50 million users followed by 11 Wickets and My Team 11 with respective communities of 10 million users.
Image source: statista.com
The above chart displays the fanbase of all the major fantasy sports applications. You also have opportunities to capture a wide market share by investing in Dream11 clone app development. This will make you instantly recognizable in the market, and chances of seeing success will increase.
3. Fantasy Sports Market Demographics Growth
If we talk about the growth of the fantasy sports application in terms of the sports type, then football has taken the lead and cricket holds the second position.
Image source: Alliedmarketresearch.com
By demographics, the fantasy sports market is divided into three categories; under 25 years, 25 years to 40 years, and above 40 years. The 25 to 40 years segment is going to lead the fantasy sports market, while below 25 years is also going to show exponential growth over the years.
Image source: Alliedmarketresearch.com
Why do people gravitate towards fantasy sports applications like Dream11? The real-time user experience and entertainment are what lure the users most. To bring the user experience to another level you can even integrate IPL cricket live score API with your fantasy sports application. By doing so, you will be able to display the live score of the IPL matches on the dashboard of your application.
5. Fantasy Sport is Legal in India, USA, and Other Countries
Many countries consider sports betting to be illegal and have strong laws in place to stop people from engaging in such activities. However, fantasy sports are legal in all parts of India hence there are no restrictions on fantasy sports applications. This is one of the biggest reasons to invest in fantasy sports application development.
>>Read More: Features & Cost for Fantasy Cricket App Development Like Dream11 <<<
Learn About Popular Fantasy Sports
The fantasy sports platforms earlier laid emphasis on sports like baseball, cricket, and football; however gradually with globalization and technological advancement, the concept crept into many other sports such as fantasy kabaddi platform, fantasy hockey platform, and many more.
Apps like Dream11 can be an ideal example of an all-in-one fantasy sports platform. The app is known for its versatility and hosts a long list of fantasy sports games. Leagues and tournaments like the Pro Kabaddi League, Indian Premier League contribute to most of the viewership that engages the user.
Fantasy sports platforms like BalleBaazi and MyTeam11 are some other examples that provide an immersive experience with its real-time notification and other hosts of features.
Cost to Build an IPL Cricket Betting App
IPL betting app development is always a great concern for many people who want to step into fantasy sports ventures. There are multiple factors that come into consideration while determining the IPL betting app development cost.
On average, you might need to spend around $10,000 to $35,000 to develop a fantasy sports application with the basic features. These are just estimated figures. I recommend you consult with an IPL betting app development company like BR Softech to get a quote for your project.
Opting The Best Fantasy Sports Software Development Company
With many software development companies boasting their skills in the market and claiming to be the best, selecting a reliable one can be a challenging task.
The first step towards opting for a good software development company is to conduct a simple Google search. After having a list of the many software development companies, the next thing that is suggested is to look after the ratings and reviews given by the clients.
Also, it should be ensured that the team of developers that are going to take on your project holds expertise in fantasy sports app development. A newbie developer might land the whole project in trouble. Hence, an experienced fantasy sports developer should be hired to deliver a glitch-free experience.
Moreover, make sure that the developers collaborate with reliable third-party providers for data feeds, payment gateways, and much more facilities.
After reading this article, you must now be aware of the concept of fantasy sports, its history, and current market worth. With almost all businesses operating at their lowest capability, investing in online fantasy sports software can be a lucrative decision.
Even during the unlock phase, maintaining social distancing and avoiding stepping out of the private premises is recommended. This leaves the users with not many options rather than spending most of their time with technical gadgets like smartphones.
Following the initiation of the sports season, IPL 2021, investing in a fantasy sports app development is encouraged following the positive response that is being showcased by the users.
BR Softech Pvt. Ltd. excels in providing cost-effective IT Solutions. Established in August 2010 with over 10+ years of rich experience. An Apex rated IT serving company around the world. Our team of innovative and creative designers deals in web designing, mobile/ software development and other digital marketing services intending to deliver outstanding digital outcomes.