How to Start a Fantasy Sports Business in 2023? A complete checklist!

Table of Contents

Recent Updates & Highlights of Fantasy Sports Industry

Steps Involved in Starting a Fantasy Sports business

2020-21 trends of Fantasy Sports Industry

Introduction

If you are planning to start your own iGaming business, then the fantasy sports business can be remunerative for you. Considered among the most lucrative businesses of 2023, fantasy sports is growing tremendously. With its roots lie in the markets of the US, fantasy sports has also seen rapid growth in the markets of China and India. Football, cricket, basketball and baseball are some of the most popular sports for fantasy sports. So, if you are having a fantasy sports business model in your mind what are you waiting for? Let’s discuss the checklist for starting a fantasy sports business. 

Recent Fantasy Sports Industry Stats & Growth Opportunities

• As per revenue, the market size of fantasy sports is expected to be $8.2 billion in 2020.
• Assets of a professional Fantasy Football League, The Crown League  to be acquired by HOF Village, LLC.
• DraftKings has extended Stats Perform Deal for boosting fantasy sports app.
• The sports industry is estimated to be around USD 500 billion in 2020 out of that, USD 250 billion is contributed by professional sports.
• As per a recent study, in the upcoming 5 years, a CAGR of 13.24 % is expected to be registered in terms of revenue by the fantasy sports market.
• The size of the global fantasy sports market is expected to reach $33199.64 million USD by 2025.
• According to a study, nearly $556 are spent by the users and most of the seasoned players get engaged in the paid games thus the overall revenue of the industry is marking higher numbers.
• In the U.S., the fantasy sports industry is growing continuously and not showing any slowing down signals.
• According to Statista, there were 45.9 million fantasy sports players in the United States in 2019. 
• The U.S. fantasy sports industry has grown from 42 million in the year 2015 to a count of 45.9 million in the year 2019.
• With the upliftment of PASPA, the federal law by the US Supreme Court, multiple individual states have also passed laws for legalizing sports betting. In 2019, more than 17 states have passed laws for legalizing sports betting & these new laws will surely impact the fantasy sports industry as well and will contribute to the growth of the iGaming industry as a whole.
• As per DraftKings, in New Jersey, fantasy sports players have grown with the quick growth of sports betting.
• New York Liberty has partnered with FanDuel Group in April 2020
• Sportech announced extension and renewal of Totalisator services agreement with Emerald Downs Casino and Racetrack.
• As per a research report, the market of fantasy sports will grow by $9.34 billion USD in 2020-2024.

Steps Involved in Starting a Fantasy Sports business

Define your objective to start a fantasy sports business

Before you begin with the idea of developing a fantasy sports platform or fantasy sports app, you should have a clear objective in mind as to where you won’t see your business in the next couple of years and what you are expecting from it. For example, if you are an entrepreneur, you must have large business objectives with a handsome ROI. If you are a sports media brand, you must moreover lookout to user-engagement and growth. The more comprehensive and lucid fantasy sports idea you have, the better your business growth. 

Research on your target demographic

This is a crucial factor in deciding the long term for your business. Choosing the right geography for your business matters the most. Not only you must be well-acquainted with the type of sports people play in the majority but also their language. This will help you to add more specific features including multi-lingual fantasy sports mobile apps and much more. With this research, you will be able to justify your fantasy sports app or website. 

Make a list of sports & leagues

Now once you have decided your target audience, make a list of sports and leagues you want to include in your fantasy sports app and website. Decide all the sports as per your target demographic like what sports they play most, the popular leagues and much more.

Popular Sports & Non-Sports Options that Come Along

Some of the most popular sports and non-sports categories supported on daily fantasy sports platforms include:-

• Soccer
• Basketball
• Baseball
• Rugby
• Hockey
• Tennis
• Esports
• MMA
• Celebrity Leagues
• Politics
• Stocks and Forex
• NASCAR

and many more

Popular leagues

• Leagues: NFL, NBA, MLB and many more.

Competition Evaluation

Well, you are trying to get into a business that already has a plethora of web apps running covering a massive audience from all over the world. So before you place yourself at the top, you need to understand the competition, their past history and mistakes. This is to ensure that you do not repeat any of their mistakes and learn from them. 

Select Business Model that works best for you

Once you have done the competition research, you need to select your business model. If you are someone looking for a quick launch and do not have much time to think upon the themes, background and much more for your fantasy sports website, then a turnkey or whitlabel fantasy sports solution is all you need. White label solutions come equipped with a plethora of features to cater all your business needs. On the other hand, if you want to custom tailor your own fantasy sports website/app then there are fantasy sports software development companies like GammaStack who develop your fantasy sports software from scratch and choose from a wide range of features we offer. 

Find a Trusted Fantasy Sports Website Development Agency

Finding a trusted fantasy sports development agency could be a tedious task. You need someone who can be your supporting hand in the journey of your fantasy sports businesses. And for this, you need to pick best in the industry who have years of experience in developing fantasy sports websites and applications. And we at GammaStack, hold 8+ years of iGaming experience in catering businesses to thrive hard. 

Pre & Post-launch Fantasy Sports Marketing

“It’s not the best product that wins but the best-known one that wins ,” says Jaiden Vu, Founder and CEO of Vantura Cosmetics for Forbes. So, it is very important to know your market and then how to capture the market with the right marketing strategy. Both pre and post-launch fantasy sports marketing are to be planned accordingly to reap the maximum benefits out of your efforts. What’s the point in planning and implementing things for months if your launch didn’t go well. Ensure a perfect launch for your fantasy sports platform/application. If needed, take help from a marketing agency for full-fledged promotion and marketing so that by the time your product is ready to launch, people are aware of your brand. A well-planned launch can really help you in giving your business a grand hit. And that was all you wanted after all. 

2023 trends of Fantasy Sports Industry

• Fantasy Sports in Brand Promotion
• Segmentation Analysis
• Multiple Acquisitions and Mergers
• Growing Demand in Latin America and APAC Region
• Multiple Fantasy Game Types (Esports, Politics, Celebrity league and much more)

Also Read: Global Trends which will Affect Fantasy Sports Industry in 2020-21

Planning a fantasy sports business in 2023 can really be a challenging task for you as a business, given the post COVID-19 situation in the iGaming industry. But one thing is for sure, people will still be crazy for sports like before. Once everything will be in control, sports enthusiasts will put their souls into the games and play fantasy on it. So, the team at GammaStack still sees a lot of scope in the upliftment of the fantasy sports world.

About GammaStack

GammaStack is the leading fantasy sports software solutions provider. Leading the industry with more than 8+ years of experience, we have helped many small and large businesses to achieve their end goals. With the help of leading-edge technologies, we have successfully delivered top-notch fantasy sports solutions. Along with fantasy sports, we have been an industry leader in sports betting software and app development providing lucrative solutions to the businesses.