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  • 8 questions to ask before starting a fantasy sports business

8 questions to ask before starting a fantasy sports business

Are you planning to enter the fantasy sports space? Yes, this is the right time to go about it. The inimitable revenue and engagement potential of fantasy sports makes it a great opportunity for start-up businesses, media companies, official sports leagues and iGaming operators.

From our 6 years of experience working in fantasy spouts industry, we have collected 8 questions that any business should ask itself before planning a fantasy sports initiative.

1. Why are you planning a fantasy sports product?
You need defines your product. One need to clearly define the objective behind a fantasy sports software design & development. Are you a business looking for a revenue driven fantasy platform? Is it engagement that you are looking for through your product to promote your sports leagues or club? Are you a media house planning a fantasy platform to increase your digital content consumption? Or an iGaming platform looking for new user base to cross sell your existing products and ensure new or repeat users.

2. Which geographic are you planning to target?
It is imperative to define the targeted geographies for the applications. This will impact your product in many ways. Based on the geographies you are targeting, the designs, product features, sports covered, jurisdictions, compliances and languages will be defined.

3. Which sports & leagues will you be including?
Now, since you know the geography and purpose of your fantasy sports website development. The next step is to finalize the sports and leagues you want to offer to users on your product.  You need clear answers to the questions like

  1.      Do you want to offer multiple sports?
  2.      Even if it’s a single sport, how many leagues would be offered?
  3.      Which sports & league is most popular in the targeted geographies?

4. How to find the right data feed providers?
Once the sports & leagues to be offered are finalized, you need to start looking out for the best data feed providers for you. There are various data feed providers in market like FantasyData, SportsRadar, Opta, Stats Inc and GoalServe. There are 3 major factors that affect your decision here,

  1.      Coverage of the sports/league you are looking for
  2.      Cost of data feeds
  3.      Development friendly & support

5. What is your USP/differentiator?
A major factor determining your success in the industry is your USP. You need to have a clear answer to the question – What differentiate your platforms from others in the market? Is it the drafting or a twisted scoring or may be a new contest type altogether?  

6. Do you wish to go mobile or web?
In matured markets/geographies where a good number fantasy sports business platforms exists and users are use to playing fantasy sports gameplays, a Mobile first approach makes complete sense. However, if you are launching in an untapped or a new market where the concept of fantasy sports is new, going for a web based responsive platforms is ideal. This helps users to understand and get a feel of your fantasy sports product’s features and functionality very well.

7. What are your pre & post launch marketing plans?
Before your fantasy sports software development starts, you should have a very well-defined marketing strategy in place. This is one factor often ignored by businesses and it becomes more important if you are a new business. There are a good number of marketing agencies who can help you here.

8. How to select a vendor for your business?
A key decision for any fantasy sports business is to identify the best vendor who understands you, your vision, and your end users. A team who has experience and expertise in the domain. Don’t just go by claims. Call them, talk to them and understand the depth of their knowledge of the fantasy domain before taking a final call. Check references from existing clients of the vendor and take a call.

About Techracers
Techracers has been delivering some of the most profitable and engaging fantasy sports for clients globally. Services we offer in the industry are -fantasy sports website design, business consultancy, fantasy sports mobile app, fantasy sports software development etc.

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May 31st, 2017|iGaming & Fantasy Sports|