In 2019, the global fantasy sports market was valued at $18.6 billion and it is forecasted to reach $48.6 billion by 2027. Undoubtedly, the fantasy sports industry has been booming exponentially. This is the reason an increasing number of businesses and entrepreneurs are inclined to invest in fantasy sports app development. Based on the game formats, the fantasy sports market is divided into two segments named daily and season-long fantasy sports.
Daily fantasy games offer several perks to the players, including more profitability and improved chances of earning great paydays. Therefore, the majority of fantasy sports fans are involved in daily fantasy games.
If you are willing to start a fantasy sports business, then you must emphasize daily fantasy sports to get immense success. This blog will help you understand the daily fantasy sports market in detail so that you can make informed decisions for your venture.
What is Daily Fantasy Sport?
Daily fantasy sport is an accelerated version of traditional fantasy sports that take place over a short-term period like for a single day or a week. DFS involves “contests”, which are paid competitions. Players compete by creating a team of professional players from specific leagues or matches and earn points according to the real-time statistical performance of the professional players in actual competitions.
In DFS, you select a team of players for a day or for a single week only, instead of creating a team for the whole season. The major difference between season-long and daily fantasy sport is the profit involved. Season-long sports often involve social games with comparatively small prizes, while DFS players can compete for thousands or even millions of dollars.
In most jurisdictions across the world, DFS falls into the gambling area. Therefore, it requires one to have a gaming license to start and operate a daily fantasy sports platform. Many European countries, including the U.K, Germany, Italy, France, and Spain, Poland, and Greece have legalized DFS. However, DFS is still illegal in countries like Switzerland, Macedonia, Ukraine, Belarus, and more.
Sports Covered in Daily Fantasy Sports
DFS covers almost all the popular sports, such as:
- Football (NFL)
- Hockey (NHL)
- Basketball (NBA)
- Baseball (MLB)
- College football
- College basketball
- Esports (like League of Legends)
- Mixed Martial Arts
Many fantasy sports sites and apps offer an additional range of sports to attract maximum players.
Daily Fantasy Sports Market Stats and Facts
- Currently, the DFS market is dominated by two giant companies FanDuel and DraftKings who account for over 90 % of the market share.
- DraftKings has surpassed FanDuel, who was one of the first movers in the daily fantasy sports area, for the No. 1 place.
- The daily fantasy sports market is growing rapidly & contributing to the transformation of the way the audience watches and consumes sports.
- DFC entrepreneurs and companies are adopting emerging technologies and trends like Cryptocurrency, voice-enabled betting, and more for improving user engagement and increasing traffic.
- Daily fantasy sports operators are active in around 41 states.
- More than 59 million people play daily fantasy sports.
- With the enhancing popularity of DFS, it is getting legalized in remaining parts across the world.
What Makes Daily Fantasy Sports Popular?
With all the above information, you must have got an idea about the popularity of daily fantasy sports. But, what makes DFS gain such immense popularity? Here are a few reasons why people are attracted to daily fantasy sports.
Compete Against Other Sports Fans
In DFS, fans don’t feel like they are competing against a bookie. They feel like competing against something more challenging and giant. They can come up with their own team compositions, team creation, and value picks. It is all about how they can utilize their sports knowledge to compete against real-life sports rivals. This boosts players’ competitive spirit and entices them to play frequently.
Complete Control Over the Team
It’s fun being the manager of a team. In DFS, players are the boss, having their own vision and team. They can decide whether to choose undervalued or top players and more other team aspects that can help them win. Overall, they can form their own powerful team and have complete control over it.
Use Sports Knowledge for Earning
Nothing can be more interesting than watching your favorite sports while also earning some money with them. Daily fantasy sports allow sports fans to utilize their knowledge about their favorite sports to play and earn. They know the scoring system for a particular game, how to manage their bankroll, create strategies, and other aspects that can help earn a good deal of profit in DFS.
Why Invest in the Daily Fantasy Sports Business?
Not only sports fans, but DFS is proving to be popular amongst entrepreneurs also. They have numerous opportunities to invest in the daily fantasy sports industry and start their own business. One of the biggest reasons why entrepreneurs invest in the DFS business is the ever-growing count of the audience. More and more people are getting involved in DFS games, which means you can acquire an adequate number of users for your DFS platform. Also, there is an excellent profit-making opportunity in DFS. Sports fans want to predict the outcomes immediately thus they are driven towards watching live matches till the end. This eventually increases the viewership and profits of television, advertisements, and DFS platforms.
Tips to Start a Daily Fantasy Sports Business Successfully
Now that you know the benefits and scope of daily fantasy sports, you can think of starting your own DFS business. However, starting a daily fantasy sports business won’t be a cakewalk. You have to follow a thorough process and expert tips to be successful with your venture. Here are a few crucial things you must consider in order to start a DFS business efficiently and gain success with it.
Do a Thorough Research
Before entering any new market, you must gain in-depth knowledge about each and every aspect. Research the DFS market thoroughly to identify and understand the target audience, their preferences, your competitors, the latest industry trends, and more. This will help you come with a more powerful and cutting-edge DFS platform that can better fulfill users’ needs and expectations.
Find a Reliable Daily Fantasy Sports Software Provider
Another important aspect contributing to the success of your DFS venture is choosing the right software provider. Make sure you choose the best daily fantasy sports software provider by considering several crucial aspects, such as experience, expertise, support policy, cost, features, and more.
An experienced provider or fantasy sports software development company can provide you with high-quality DFS software solutions that can match industry standards. Also, ensure to confirm what type of features and functionality they cover in the software. A DFS software must have engaging and useful features that can attract users’ attention and keep them hooked. Moreover, the provider should agree to offer technical support so that you can ensure the seamless performance of the software.
Emphasize Marketing and Promotion
Once you launch your daily fantasy sports platform, focus on its promotion and marketing. With effective digital marketing strategies, you can reach the target audience, increase your brand visibility, and generate a good deal of revenue. You can implement a range of proven marketing and promotion techniques, including social media marketing, content marketing, SEO, and more.
If you are new to digital marketing or have less knowledge in this area, it is wise to seek assistance from digital marketing experts.
How can Betfoc be Helpful in Starting a Daily Fantasy Sports Business?
Betfoc is an experienced and reliable fantasy sports software development company that provides top-grade solutions and services to clients around the world. We are renowned for developing feature-pact and scalable apps and software for both season-long and daily fantasy sports. We can assist you in transforming your DFS business idea into reality by delivering high-performing daily fantasy sports software solutions.