- Market Overview of Sports Betting App Industry
- Factors Affecting The Fantasy Sports App Development Cost
- World Class Features To Be Included In Your Sports Betting App
- Cost To Develop a Fantasy Sports App Like Fanduel
- How Do Sports Fantasy Apps Generate Revenue?
- How Can Appinventiv Help You With Sports App Development Like Fanduel?
- Frequently Asked Questions on Sports Betting App Development Cost
The concept of Fantasy Sports has never been new, it has stayed among us for many years. You must be thinking how?
Well!! The emergence of sports betting apps started with the first reported fantasy game of baseball began in Boston in 1960, and from there the journey began and never hit a stop. The fanbase in the sports industry is constantly evolving especially with sports mobile app development for news, betting, watching live matches, gameplays and more.
Currently, there are many sports fantasy apps like Fanduel, Draftkings, BetMGM, and more taking over the world of fantasy sports app development. Fanduel is one of the most popular realtime fantasy sports mobile apps among the masses attracting millions of players to the platform.It is a New York-based gaming company that provides daily fantasy sports, sportsbooks, online casino, and online horse race betting products and services. This online sports betting platform was acquired by Flutter Entertainment for $4.2 billion in Dec 2020 and currently has over 12 million registered users.
Looking at how mobile apps are driving the sports industry, If you have also decided to develop a gaming app or sports betting app, this is just the article for you. Launching a potential sports betting platform requires idea formation, designs, features, development, testing and maintenance. Not to mention the associated factors that come along with the development process such as fantasy sports app development cost.
To guide you through your app development journey, this article talks about the cost of development of apps like FanDuel, factors manipulating the development cost, and how these platforms generate revenue. Let’s start with the sneak peek in the sports betting app industry.
Market Overview of Sports Betting App Industry
- The global sports betting industry reached a market size of $231 billion in the first quarter of 2022.
- Within the sports betting app market, there are over 25,000 active businesses with nearly 245,000 employees running the fantasy sports industry.
- Many countries are a part of the legal sports betting market, including the US in 2019. The sports betting revenue in the US is estimated to grow to as much as $10 billion by the end of 2028.
- In March 2021, the total wager value recorded reached $4.6 billion where the sports mobile app wager alone accounted for $3.1 billion representing the online sports betting app market.
- As a whole, the global fantasy sports market size is forecasted to grow up to $6.11 billion at a CAGR of about 6.51% during the period 2021 to 2026. Here’s a graph depicting the exciting numbers of the global fantasy sports market.
Note: *Before we start with fantasy sports app development, you must note that you require a license from the compliance authority to launch a realtime fantasy sports mobile app in your country. However, the compliance will depend upon the standard legal protocols followed by your country. Therefore, consult with a legal advisor before taking any further steps.*
Factors Affecting The Fantasy Sports App Development Cost
When it comes to developing a real time fantasy sports app, the cost is undoubtedly one of the first considerations. In order to determine the budget for your project, you must first determine the cost of development be it through freelancing or hiring a fantasy sports app development company.
There are four significant aspects that influence the cost of producing a realtime fantasy sports mobile app.
Let’s take a look at every factor in detail:
Which platform should I create my mobile app on?
This is the thought that comes to your mind when you think of launching an app. When it comes to mobile apps, though, you have two options. You can choose from both Android and iOS. The platform you choose will have a big impact on the price of your project.
Fanduel is on both Android and iOS platforms and it has been running its fantasy sports service on Amazon Web Services (AWS) for security and administration, and to make sure services run smoothly. The Amazon RDS for Aurora is used by the team for high performance.
Since Android is more compatible with a wider range of devices, developing an app for iOS is regarded to be far less expensive than developing one for Android. As a result, deciding on a platform before engaging an app development partner is critical. However, if you want to cover more territory in terms of customers, you should develop your app for both platforms.
2. Tech Requirements
After you’ve decided on a platform, the next critical consideration is choosing the right tech stack. You must be able to answer questions such as:
- Which programming language you wish to use or,
- Which database will you use to store data?
- You must also decide if you want to develop your software natively or run on a cross-platform framework.
All of the above questions will help you figure out how much money you’ll need to spend on your mobile app development. It’s a good idea to talk to your development partner first so you can make an informed decision.
3. Fantasy Sports Mobile App Features
Your app’s features will ultimately determine whether it succeeds or fails. As a result, it goes without saying that the functionality your app has will influence the cost of your development project.
The fantasy sports app development cost will vary based on the features you choose to include in your tool. If you opt to add high-end features like multi platform support, expert analysis, live match streaming, multiple payment modes, leader boards, and so on, then the process will be more expensive.
Whatever you choose, there are some things that your real time fantasy sports app simply simply needs to be successful. We will discuss the world class features your sports betting app like Fanduel should include in our next section.
4. Hiring a Sports Development Partner
At last, the cost to create an app like Fanduel or bring any sports app ideas to life will be determined by the sports app development company you choose. It’s critical to work with a development partner who has the experience, resources, and overall goodwill to assist you in developing an app at a reasonable cost.
For instance, check some of the most successful sports app designed and developed by Appinventiv.
How well-optimized your development process is, will influence a large portion of the money you spend. A respectable development partner will help you avoid mistakes, provide you sound advice, and use only the greatest minds and cutting-edge resources to bring your mobile app to life. The cost of your project will also be affected by the location of your developers.
Now that we have looked at the factors that directly affect the development cost of a sports app like Fanduel, we must also take into consideration the features that play a huge part in making your sports betting app successful.
World Class Features To Be Included In Your Sports Betting App
To make any application successful, your prior focus must be on the features and functionality of your sports app. You can categorize the sports betting app features into two parts:
- The Admin Panel Features
- The User Panel Features
Note that these features impact the fantasy app development cost and decide the USP of your app.
The Admin Panel Features
The Admin panel is designed to have control of the user activities and overall application functionalities.
The Admin panel includes following functionalities :
- User management – Through this the admin can supervise the actions performed by the users and regular bettors in the app. In case of any malicious activity, the admin can ban any user from the application using the user management feature.
- Price and payment management – This helps admin to manage the payment received as bet money from the user and later distribute the payment price among the winners.
- Game management – Here, the admin can modify the particular event or game of their choice and control the ongoing games with ease.
- Marketing tools – If you focus on the revenue point of view, marketing tools are super crucial in your sports fantasy app. Here, the admin can implement various marketing strategies to send promotional messages, social media messages etc.
- Content management – The content management system features allows admin to modify the content of the app including language, access, updates and delete.
The User Panel Features
The user panel is for your users and subscribers and the features included in this category make your app user friendly and help with maximum engagement. The user panel includes the following features:
- Sign-in – This helps users to sign-up on your sports betting platform using email credentials, phone number, banking details and more. You must also allow users to sign up using their social media accounts for easy onboarding.
- Live scores – This helps users to observe the live scores of the online games or bet matches. In addition, users can also analyze the team or the player performance to make betting decisions.
- Result notifications – Here, the users get information about the match results as a part of push notifications.
- Ranking and upcoming events – One of the best features of your sports app betting app would be the ranking feature where it is handy for users to place bets on a particular team or players based on their ranks. Moreover, you can also alert your users on the upcoming matches and events with the help of upcoming events feature.
- Offers and betting tips – It is always preferable to reward your regular users with exciting offers and discounts especially in a sports betting app.
Apart from this, always keep a “betting tips” section in your fantasy sports app for new users to help them understand more about the game.
You can also include advanced features such as in-app video call , live streaming, app updates etc. to make your sports betting app stand apart from the crowd.
It is now time to talk about the final development cost of your sports betting app.
Cost To Develop a Fantasy Sports App Like Fanduel
It can be challenging to create a realtime fantasy sports mobile app. Every day, millions of people utilize popular fantasy sports sites and apps like FanDuel and Draftkings, which are changing the sports industry.
You’ll need to invest in a high-quality backend and servers to ensure that your app can handle a large quantity of traffic. Furthermore, these platforms necessitate a slick and attractive user experience that is both exciting and simple to use.
On average, the cost to develop a sports betting app like Fanduel will range from $20,000 – $80,000 based on all factors discussed above.
If you want to construct a sports app with simple features and for a single platform, the projected cost to create a sports app like Fanduel can start from $10,000. However, if you want to make an app with extensive features and for more than one platform, then the prices can go up to $50,000 and more.
The fantasy sports app trend is sweeping the globe, and now is the greatest moment to get into the game by making your own Fantasy app. However, if you are still in a dilemma with how to make money with your sports betting app, here’s what you need to know.
How Do Sports Fantasy Apps Generate Revenue?
Different monetization techniques are used by fantasy sports apps for making money on Fanduel. If you are thinking about how to make money on fanduel then you should know that an app can use a combination of one or two of them, or it can use all of them at the same time. With that in mind, let’s look at how to make money on fanduel.
1. Fees for participation
One of the main ways most fantasy sports apps make money is by taking a tiny cut of the buy-in cost. You can set a percentage of the total cash you’ll deduct on each buy-in.
As your platform grows in popularity, making money on Fanduel mobile app is easy as you’ll be able to sell advertising space on it to brands and businesses. Sports-related brands and leagues are always on the search for platforms that have a high level of fan involvement.
3. User engagement models
Both fantasy sports apps like FanDuel and Draftkings allow users to participate in daily or weekly contests. This results in higher user engagement and revenue.
Sports betting apps are the new generation apps legally allowing users to place bets on the games of their choice. Sports betting apps with great monetization strategies and bring extensive results, however, make sure you have a reliable sports development partner by your side.
How Can Appinventiv Help You With Sports App Development Like Fanduel?
Appinventiv is a leading fantasy sports app development company with a track record of delivering captivating Android and iOS apps for global businesses. Our high-end sports app development services include:
- Mobile game development
- Web 3 game development
- 3D game development
- AR/VR game development
- Metaverse game development and more.
Our highly expert team of developers, designers and gamers utilize advanced technologies and mobile programming techniques to create impressive sports and gaming apps for businesses. Talk to our experts to get started on your journey now.
Frequently Asked Questions on Sports Betting App Development Cost
Q1. How much does fanduel cost?
A. The cost to create a sports app like Fanduel can start from $10,000. The cost for a fanduel mobile sports betting app with extensive features that too for more than one platform, can go up to $80,000.
Q2. How to create a fantasy sports algorithm?
A. As the daily fantasy sports game is growing, so is the competition and thus use of algorithms. You can create fantasy sport using algorithms like:
- Algorithm for developing, managing, and calculating game points based on live games data coming from a data feed provider.
- Algorithm for building the ideal team for the daily contests.
Algorithm for making a prize pool for contests based on several factors such as entry fees, contest complexity, number of participants, and so on.
Q3. Where can I go for more information about FanDuel and DraftKings like Fantasy Sports app development?
A. For more detailed information, you can consult our experts at Appinventiv and get customized insights on your app idea.