Fantasy sports is one of the most profitable and fastest-growing markets. The market size of the global fantasy sports market is predicted to reach 26400 million by 2024. Therefore, it is high time for all entrepreneurs and startups who wish to start their fantasy sports business to take a step ahead. However, it is important to decide the niche carefully to make the most out of the investment. Recently, Season-long fantasy sports has been gaining immense traction from sports enthusiasts, as they can play a contest or league for a whole. If you have been planning for fantasy sports app development, you must think of the season-long fantasy sports app idea. Don’t know much about this niche? This guide will help you understand all the important aspects related to the season-long fantasy sports business.
To start with, let us first give you a precise idea about season-long fantasy sports.
About Season-long Fantasy Sports
As its name suggests, season-long fantasy sports are the games that can be played for an entire season rather than for a fixed period. It is one of the traditional sports formats that involve drafting teams at the beginning of the season and is followed by weekly actions. You can select a player’s team that can help you achieve more points throughout the season. On the other hand, in daily fantasy sports, you require drafting the team of players at each position for a particular day.
Another differentiating factor between season-long and daily fantasy sports is match-ups. In season-long players, match-ups of winning players having the best history are important, while it is not in daily fantasy sports as players are not involved for a longer period.
Player injuries also play a crucial role in season-long sports, impacting the entire season of the matches or leagues. In daily sports, player injuries do not have a major impact as DFS lasts for a single day.
What Makes Season-long Popular?
Season-long fantasy sports are attracting sports fans all over the world due to their amazing perks and gameplay fun. Here are some of the best benefits of season-long fantasy sports responsible for its increasing popularity.
Average Draft Position
Season-long fantasy sports format offers the option of average draft position, which proved to be highly beneficial to the users. With an average draft position feature, users can manipulate their drafts for the entire season based on the players’ valuation by others. ADP also helps users to select distinct players who are falling due to different reasons. Users can choose such average players according to the calculated risks.
Different Draft Options
One of the best perks of season-long fantasy sports is the availability of multiple draft types like snake drafts, auction drafts, straight drafts, offline drafts, live drafts, and more. Users from different countries across the world can form winning teams of sports players with their preferred draft type.
Exciting Bonuses and Rewards
In season-long fantasy format, players don’t have to wait for the entire season to win rewards or receive bonuses. This is because there is another opportunity for earning rewards, which can be availed in the middle of the season. Players can earn bonuses and rewards effortlessly with side bets like the highest record, maximum points, and more.
Attracts Both New and Seasoned Players
Season-long fantasy sports formats provide users with ample time for planning, researching, and modifying the drafts during the entire season. Users can spend several weeks or months forming their drafts. This proves to be advantageous for both seasoned and new players, which eventually keeps them engaged. Also, they can invite and engage their friends, families, or peers on the platform.
Why Should You Invest in Season-long Fantasy Sports Industry?
Season-long fantasy sports app development is undoubtedly a lucrative business idea. By launching a feature-rich and engaging season-long fantasy sports platform you can start a successful business and earn a hefty profit. There are plenty of opportunities and ways you can generate profits and gain popularity with your season-long platform, such as:
Banner advertising is one of the most effective ways you can succeed with your season-long fantasy sports platform. You can offer promotional banner spaces to earn a good deal of money. There are several ways to make incomes such as through CPM (cost-per-mile), CPC (cost-per-click), and CPS (cost-per-sale).
Another excellent way to market a season-long fantasy sports platform is through sponsorship. You can reach out to popular brands that provide assets and services for season-long fantasy tournaments and games. The services may comprise visuals, stats, content, influencers, and ambassadors.
Participation fees can play a crucial role in generating passive daily income. Users will be ready to pay some money for entering the leagues. You can collect participation fees for tournaments to make good profits daily.
Integrating e-commerce sources into the season-long fantasy sports platform can help you generate additional revenue. Allow users to purchase sports-related merchandise. Sports fans tend to follow their favorite players so it is profitable to collaborate with online shops.
How to Start a Season-long Fantasy Sports Business?
Starting a season-long fantasy sports business is a highly lucrative idea, but only if executed intelligently. Below are some crucial steps you must consider for starting a season-long fantasy sports business efficiently and gain success with it.
Determine Your Business Objectives
Before you begin working on your idea, you must have a clear understanding of your goals and objectives. Know what you want to achieve with your fantasy sports platform. For example, whether you want to make a hefty profit or boost the visibility of your existing business.
Perform Market Research
Once you have defined your goals and requirements, consider researching the fantasy sports market thoroughly to identify your target audience and their preferences, latest trends, your competitors, and more. This will help you develop a cutting-edge fantasy sports platform and gain a competitive advantage.
Create a Thorough Plan
Planning is essential for starting a new business in any niche. You must plan your overall aspects of the business set-up and growth including the budget, software development, hiring staff, marketing, promotion, and more. This will help you with a seamless and successful business setup.
Decide the Features for Fantasy Sports Platform
Features have a significant role in user engagement and retention. Your season-long fantasy sports platform must offer a range of interesting and useful features that can attract users and entice them to stay long. Here is a list of essential features of season-long fantasy sports app or software:
- Multiple Languages Support
- Multiple Draft Types
- Game Lobby
- Live Scores
- Multiple Payment Gateways
- Achievement Badges
- Rewards and Bonuses
- Mobile Responsive
Choose a Reliable Software Development Company
The success of your business will majorly rely on the quality of your software or app. Make sure you choose the best software development company or software provider who can help you build a robust and scalable platform. You must pay attention to all the crucial factors such as industry experience, technology expertise, a team of professionals, portfolio, reviews, testimonials, technical support, etc. Have a thorough discussion with their team and get all your queries solved ahead of. Emphasize making a cost-effective deal by ensuring a perfect balance of quality and cost.
Focus on Marketing and Promotion
Once you have launched the platform, you must focus on the marketing and promotion activities to reach the target users and increase your platform visibility. From SEO to content marketing to social media marketing, you can implement different types of effective marketing strategies to attain your set goals. However, it is more intelligent to reach out to an experienced digital marketing firm that can better assist you in marketing your fantasy sports platform.
How Betfoc can be of Great Help?
Now you have all the essential knowledge and know where to start from, it is high time to bring your fantasy sports business idea into reality. Betfoc is a reliable and experienced fantasy sports software development company that can provide you with top-notch season-long fantasy sports platform development solutions. We have gained years of experience in developing feature-pact fantasy sports software and apps based on clients’ unique needs and ideas.