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What is A Fantasy Sports Business and Where To Start | Altenar
You probably have many questions about what a fantasy sports business is and more often than not, you want to know how to get into the honeypot that is this business. Knowing where to begin is key to success because it’s in those early stages of planning and building that you can learn what content you’d like to offer, how your website or application will visually look to your customers, and overall, iron out the kinks of your fledgling fantasy sports business, with the aims of year-on-year success.
You will have likely seen the idea of fantasy leagues and sports through a host of popular culture, the least of which is its long-running stint on The Simpsons where Marge comically notes ‘Homie, the fantasy draft just ended. I got you five kickers. It is called football, right?’, but you’re likely a little more well-versed in the world of fantasy sports than Marge Simpson.
Though a refresher course from basics to booming is always a great idea.
Altenar, a sportsbook software provider, would like to take you through the process of creating a fantasy sports business and as a result, get you on the right track to starting your own fantasy sports business.
First of all, it’s best to start with the basics…
What Is A Fantasy Sports Business?
A fantasy sports business is an app or website that is a virtual gaming platform that over the past several years has increased in popularity, where millions of people play live every day.
The player will design their teams through a selection process, and this process is often decided by who might perform the best during the games and offer the greatest chance of success. Your players will play on your site for a host of rewards, bonuses, and cash prizes, though the driving factor besides monetary gain for many players is the passion and fun that underpins these fantasy games.
Fantasy sports allow players to choose their ‘dream teams’ in a host of sporting areas like Rugby, Basketball, Football, Soccer and more!
By starting a fantasy sports business you are offering your customers/players the chance to immerse themselves in the content they love.
Let’s take a closer look at why fantasy sports businesses are growing in popularity…
The Popular Nature of Fantasy Sports Businesses
As fantasy sports grow in popularity it becomes increasingly clear that having a business in this sector could be beneficial to many entrepreneurial thinkers like yourself, and here is a list of further reasons why you should begin your journey as a fantasy sports business owner with the likes of Altenar:
- Increased entertainment value
- Low bets, high rewards
- The best experience for players - is majoritively unmatched amongst betting
- Fantasy sports hold the largest fan base globally
- Increased player retention through thanks to the prospect of choice
- Relatively simple to participate in
- Various games on a single platform
- Increases decision-making capacity
So, understanding what drives fantasy sports gamers to your business could further the success of your fantasy sports business moving forward, but first, you must build and design your dream fantasy sports business and this can be achieved with the help of Altenar, a sportsbook software provider.
What You’ll Need To Start A Fantasy Sports Business
When beginning your journey into the fantasy sports business, you’ll need to take the below factors into consideration for optimal brand awareness and penetration. A strong and adaptable foundation could be the difference between achieving success.
Altenar, a sportsbook software provider is well-versed in knowing the benefits of a strong foundation that uses flexibility as a characteristic strength, so much so that the software solution created by Altenar has witnessed new iterations from its legacy code.
- Define Your Objectives
- Know Your Target Audience
- Understand the engagement your players will want to experience
- Ensure your service provider is well-versed
You can monetize your content, ‘in-app’ so to speak, by having certain purchases become available, by allowing relevant companies to advertise, making certain games pay-per-play and even making certain content available by subscription … though these details are ultimately up to you.
These five key areas are your foundation creators, and from this, you can begin to build and design your desired fantasy sports business that brings the five points together harmoniously.
Creating A Plan For Your Fantasy Sports Business
Developing your fantasy sports business plan is a must, and Altenar, a sportsbook software provider, has compiled a list of points to consider when creating your plan.
- Discover areas in your market relatively untouched … offer something as unique to you as possible
- Do your research on fantasy sports business plans
- Discover the associate options open to you
- Try to reduce the number of direct competitors by having a niche offering
- Conduct geography-based research to better understand your audience
- Define your target audience
When these steps are followed and complete you can then consider the list below to ensure your plan is as unique as your product will be; in using the below checklist you’re on your way to creating a fantasy sports business.
- Competitive analysis
- Company valuation
- Executive summary
- Market research
- Profitability analysis
- SWOT analysis
- Targets and goals
- Any fundraising or investor support
- Company description
You can discover some of the top-performing fantasy sports businesses by viewing the below list of well-established platforms:
- ESPN Fantasy Football
- My Fantasy League
- CBS Sports Fantasy
Once these steps are complete and you feel that there’s nothing else to add in the early stages of planning your fantasy sports business, you can then move on to the next steps of building your business; the development phase.
Developing Your Fantasy Sports Business
During this process you should decide if your fantasy sports business is going to be one of the following;
- Web-based app
- Both application and website
Once this process is complete, the fun begins as you can begin designing the functionality, look, feel and content of your fantasy sports business.
You needn’t worry, the next step isn’t going to demand you take a three-year course in coding, instead, it’s about choosing the right provider for you, who understands the value of great content, usability, stable software and changing with the demands of a market.
Choosing The Right Software Provider For Your Fantasy Sports Business
This can be a tricky step, as many providers will over promise and underperform, at Altenar, a sportsbook software provider, you are in capable hands, which is demonstrated by the host of operators that Altenar is partnered with who prefer the provider’s solution to many others on the market today.
You can discover what partnered operators think about Altenar from a host of iGaming news outlets, but here is a sample from Andreas Bardun of KTO, who said ‘KTO has a long-standing relationship with Altenar, and I knew from the beginning that these are good people and that’s very important to me.’ As well as, ‘the number of things they’ve managed to deliver in that period is amazing.’
Not only this but Golden Palace’s Didier De Swert noted in a 2022-published interview that ‘We (Golden Palace) do believe the product is awesome.’ As well as, ‘offered much deeper bettor analysis and a dynamic, innovative and reactive approach to business, Altenar were the company finding solutions, working inside constructive methods and ultimately offering us everything on our wish list, essentially.’
Here are some essential steps for choosing the right provider…
- Discuss your fantasy sports business with your chosen provider
- Discuss any development deadlines and updates with your provider
- Launch the product
Points To Consider For Your Fantasy Sports Business
There are many design elements when it comes to creating your fantasy sports business, the least of which are the features that you can add to your product:
- Custom UI/UX
- Leagues of your choice
- Leaderboards and achievements
- Integrated wallet management
- Scalability aspects of the product
- Integration of different sports, events and leagues
- Compliant with local regulations
- Live games
Additionally, it’s important to see the Pros of starting your fantasy sports business:
- Creates important business relationships
- Will attract investors
- High ROI
- Low Investment
- High margins
- Low risk
- No overhead costs
- Easy to create for developers
- High revenue potential
- Minimum experience required for new-to-the-market entrepreneurs
The benefits of starting your fantasy sports business are plentiful and as a result, you can enter a relatively unique market for operators, but vastly popular market consumers and players.
With Altenar, a sportsbook software provider you can harness state-of-the-art software that is globally recognised, regulated and renowned, as well as, have access to minds that believe a software-based product should be stable and flexible … as you never know what life might throw your way.
You can contact the team behind Altenar today to take the first steps toward your fantasy sports business and harness the expertise at your fingertips.
Want to discover more about Altenar and its achievements? You can find daily news, insights, reports and more from Altenar’s social media and the website, altenar.com.
Contact the team today!