You probably have a lot of questions about what a fantasy sports business is—and more importantly—how to tap into the growing opportunity this market offers. Knowing where to begin is key to success. In the early planning and development stages, you’ll define the type of content you want to offer, envision how your website or app will appear to users, and refine your operations for long-term, year-over-year success.
You’ve likely seen fantasy leagues and games referenced in pop culture—from dedicated platforms to moments like The Simpsons, where Marge jokes, “Homie, the fantasy draft just ended. I got you five kickers. It is called football, right?” Chances are, you’re already more informed than Marge Simpson when it comes to fantasy sports.
Still, a refresher from basics to booming business can be a smart move.
Altenar, a sportsbook software provider, is here to walk you through the process of building a fantasy sports business—getting you on the path to launching your own platform successfully.
Let’s start with the basics…
What Is a Fantasy Sports Business?
A fantasy sports business is an app or website that functions as a virtual gaming platform. Over the past few years, it has grown in popularity, with millions of people playing live every day.
Players create teams through a selection process—often choosing based on who they believe will perform best during real games. On your platform, they’ll compete for rewards, bonuses, and cash prizes. But beyond the money, the passion and fun of fantasy sports are what keep players coming back.
Fantasy sports let users build their “dream teams” across a wide range of sports—like basketball, football, soccer, rugby, and more!
By launching a fantasy sports business, you’re giving players a way to immerse themselves in the sports content they love.
Now, let’s take a closer look at why fantasy sports businesses are becoming increasingly popular…
Why Fantasy Sports Businesses Are on the Rise
As the fantasy sports sector continues to grow, it’s becoming clear that launching a business in this space can be a smart move for entrepreneurs like you. Here are just a few reasons why starting your fantasy sports business with Altenar could set you up for success:
- Enhanced entertainment value
- Low entry bets, high potential rewards
- Top-tier player experiences—largely unmatched across betting platforms
- Fantasy sports have one of the largest global fan bases
- Boosted player retention thanks to freedom of choice
- Easy to learn and participate
- Multiple game types available on a single platform
- Improves users’ decision-making abilities
Understanding what drives fantasy sports fans to your platform will play a key role in your long-term success. But first, you need to build and design the fantasy sports business of your dreams—and that’s where Altenar comes in.
What You’ll Need to Start a Fantasy Sports Business
As you begin your journey into the fantasy sports business, it’s important to consider the following factors to maximize brand visibility and market penetration. A solid, adaptable foundation can make the difference between short-term efforts and long-term success.
Altenar, a sportsbook software provider, understands the power of a flexible foundation. In fact, Altenar’s software solution has evolved through multiple iterations from its legacy code—a testament to continuous innovation and scalable development.
- Define your business objectives
- Identify your target audience
- Understand the type of engagement your players are seeking
- Ensure your software provider has proven industry expertise
- Build a marketing strategy from the start
You can monetize your platform through in-app purchases, third-party advertising, pay-per-play models, or subscription-based content—though the specifics are entirely up to your vision and business model.
These five strategic pillars serve as the foundation of your fantasy sports business. Once aligned, they allow you to design a cohesive, successful offering tailored to your market.
Creating a Business Plan for Your Fantasy Sports Platform
Crafting a comprehensive business plan is essential, and Altenar—a leading sportsbook software provider—has outlined several key considerations to help you get started.
- Identify underdeveloped niches in your market—offer something uniquely your own
- Conduct thorough research on successful fantasy sports business models
- Explore partnership or affiliate opportunities
- Minimize competition by delivering a niche experience
- Use geographic research to better understand player behavior and regional preferences
- Clearly define your target audience
Once you've completed the foundational steps, you can use the checklist below to ensure your business plan is as distinctive as your product. With this guide in hand, you’re well on your way to launching a successful fantasy sports business.
- Competitive analysis
- Company valuation
- Executive summary
- Market research
- Profitability analysis
- SWOT analysis
- Target setting and goal planning
- Fundraising strategy or investor outreach
- Company description
Want to get inspired? Explore some of the top-performing fantasy sports platforms on the market today:
- ESPN Fantasy Football
- My Fantasy League
- 4for4
- CBS Sports Fantasy
- FanDuel
Once you’ve checked off these items and are confident in your early-stage strategy, you’re ready to move into the next phase of your fantasy sports business journey: development.
Developing Your Fantasy Sports Business
During this stage, you’ll need to decide the format your fantasy sports business will take:
- Mobile app
- Website
- Web-based app
- Both app and website
Once you’ve made your choice, the fun begins—you can start designing the look, feel, functionality, and content of your fantasy sports business.
No need to worry—this next step doesn’t require a three-year coding course. Instead, it’s about selecting the right provider—one that understands the value of compelling content, smooth usability, reliable software, and the need to evolve with market demands.
Choosing the Right Software Provider for Your Fantasy Sports Business
This step can be challenging, as some providers tend to overpromise and underdeliver. With Altenar—a sportsbook software provider—you’re in trusted hands. This is reflected in the many operators who continue to choose Altenar’s solutions over others on the market.
You can read what Altenar’s partners think across various iGaming news sources, but here’s one example from Andreas Bardun of KTO: “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.” He added, “The number of things they’ve managed to deliver in that period is amazing.”
Also worth noting is the praise from Golden Palace’s Didier De Swert, who shared in a 2022 interview: “We (Golden Palace) do believe the product is awesome.” He continued, “Altenar offered much deeper bettor analysis and a dynamic, innovative, and responsive approach to business. They were the company finding solutions, working within constructive frameworks, and ultimately delivering everything on our wish list—essentially.”
Here are some essential steps to take when choosing the right provider:
- Discuss your fantasy sports business vision and requirements with your provider
- Set clear development timelines and schedule regular updates
- Launch your product
Key Features to Consider for Your Fantasy Sports Business
There are numerous design elements to consider when building your fantasy sports business—starting with the features you want to integrate into your product:
- Custom UI/UX design
- Leagues of your choice
- Leaderboards and achievement tracking
- Integrated wallet and payment management
- Scalable product architecture
- Multi-sport, multi-league, and multi-event integration
- Compliance with local regulations
- Live game features
Additionally, it’s important to recognize the advantages of launching your fantasy sports business:
- Highly flexible
- Fosters valuable business relationships
- Attractive to investors
- High return on investment (ROI)
- Low initial investment required
- Easily scalable
- Strong profit margins
- Low operational risk
- No overhead costs
- Developer-friendly and quick to build
- High revenue potential
- Minimal experience required for first-time entrepreneurs
The benefits of launching your fantasy sports business are numerous. As an operator, you’ll be stepping into a relatively unique business space—yet one that’s immensely popular with consumers and players alike.
With Altenar—a sportsbook software provider—you can leverage cutting-edge technology that is globally recognized, regulated, and respected. Plus, you’ll gain access to a team that believes software should be both stable and adaptable—because you never know what challenges the market might bring.
Contact the Altenar team today to take your first step toward building a successful fantasy sports business—and unlock the expertise at your fingertips.
Want to learn more about Altenar and its accomplishments? Explore daily news, insights, reports, and more through Altenar’s social media and on the official website, altenar.com.
