The online gaming market has seen a tremendous boost in the past few years; all thanks to the availability of affordable and faster internet and the rise in digital technologies.
If the recent study conducted by KPMG is to be considered, the Money-Making fantasy sports app user base displayed a massive rise from 20 lacs in the year 2016, to 9 crores in 2019. Not just this, the revenue generated off the Money-Making fantasy sports app rose to Rs 2,470 crores in 2019-2020, which was way higher than Rs 924 crores as recorded in 2018-2019.
This is the right time for any fantasy sports app development company to invest in some ingenious ideas and designs.
If you too are smitten by the world of fantasy sports app and are looking forward to developing one, this blog here brings to you the science behind developing a money-making fantasy sports app; right from the scratch.
Key Features to Consider When Developing a Money-Making Fantasy Sports App
The process of Money-Making fantasy sports app development involves different fronts. The android app developer of the app needs to consider all the important fronts to build a successful app. Based on our research, experience, and understanding we have discussed them in the following sections. Hope it adds value and provides you with a better understanding of what goes into the making of a money-making fantasy sports app.
1. Registration and Log-in
Keep it short and simple. You may also include registration options with social media profiles or Google accounts.
2. Home Screen
This is the screen where your user will land once the registration is complete. Now, this could be your make-or-break deal, so make sure you do it the right way.
3. Profile Settings
From here user can update profile, check reward points, access account details, browse through the transactional history, tracking bonus, referral, and a lot more.
4. Contest Listings
Here the user can view the contest listing and gather needed information on the individual matches and games as displayed in the listing.
5. Join Contest
This feature will allow your user to join the desired contest and complete the joining formalities, whatsoever is applicable.
The dashboard will allow you, as the admin, to keep complete track of the activities taking place on your app. This works equivalent to the user home screen; hence, fantasy sports app development company ensures to integrate all the necessary features in the dashboard to facilitate easy monitoring for the admin.
2. User Manager
With the help of this feature, the admin will have the authority to manage app users; activate, deactivate, edit, add, or even delete the user accounts.
3. Manage Contests
Manage the contests currently active on the app. Admin has the authority to edit, add, delete, activate, and deactivate the listing.
4. Revenue Management
This feature will enable the admin to view and monitor the total earnings of every contest played on the app.
5. CMS Management
Apart from the primary functions, the admin has to manage other subsidiary functions of the app like help, about us, contact us, etc.
6. Report Management
Based on the business needs, the admin will be able to generate reports related to the contest, earning, match, ranking, etc.
Monetizing Fantasy Sports App
Once you have launched the app in the public domain, next to figure out are the ways of earning revenue from the fantasy sports app.
Listed below are a few ways you can monetize the app:
One of the commonly used methods for generating revenue is by letting third-party apps or businesses advertise their products or service on your platform. You can give a good boost to your app earning by doing this.
Participation or Entry Fee
Another profitable way of monetizing your app is by including an entry fee or participation fee for the major tournaments, contests, and games. This method is used by various sports apps. You can also consider organizing contests with a chance of gaining high profits.
You can sell merchandise related to famous leagues and tournaments. It will be an add-on to your revenue-generating scheme. Sports enthusiasts are always keen on spending money on products that showcase their favorite team, sportsman, team souvenirs, leagues, etc.
Get sponsors for tournaments and leagues as it can work greatly to increase your app revenue. You can even try to bring onboard micro-level sponsors, along with the title sponsors.
This will help serve two purposes. Partnering with the live leagues, you do not just get to generate revenue but also increase your brand awareness. Not to mention, this way, you even get to add a new user base to your app.
Estimating the Cost of Money-Making Fantasy Sports App Development
The investment required in developing the ideal money-making sports app by a fantasy sports app development company depends on various factors.
Depending on where exactly you plan to develop the app, the estimate will vary. You may develop it in-house, or even outsource it to a credible fantasy sports app development company. The location of the development agency will prove a pivotal role in determining the exact budget.
Next is the experience of the team. Hiring a specialist with notable years of experience is sure to raise the bar. The kind of features you want to incorporate in the app will also have a say in your app development budget.
The budget graph will also see changes once you decide upon the platform support; Android, iOS, or both. If budget is not a constraint, you can surely go for both platforms but if you are a little tight on the money part, it would be better to stick with the Android version first.
With the right fantasy sports app development company by your side, you can create the best app and enjoy greater revenue. The phenomenal traffic you get from the app leads to stronger interaction and engagement with your target audience.
While there are some conventional players in the market, you can always carve your path, providing users with what they are looking for in a Money-Making fantasy sports app.
Develop an app that can meet all the gaming requirements and provide your user with an incredible gaming experience.