- What is a Sports Prediction App?
- The state of fantasy sports prediction app market
- Sports fantasy apps business model
- Sports Prediction App Features
- How to develop a fantasy sports app?
- Sports Prediction App Cost
- Wrapping up
Sports is one of the most prominent things that bring together and connect the entire world. Regardless of the region, language, tradition, and lifestyle, people love sports. While not every country is crazy about the same sport, there is at least one sport that resides in the hearts of the people. For instance, India and other Asian countries are mostly involved in cricket and love players like Sachin Tendulkar and MS Dhoni.
When you think of football, the names of Messi and Ronaldo seek the mind automatically. Startups and businesses are now finding business opportunities in sports. Gone are the days when people could access live matches only on television. Today there are mobile apps that offer the live experience on the go. The viewers have to pay a subscription fee to get a hassle-free experience.
Along with such apps, the trend for fantasy sports prediction apps and sports forecasting sites is also increasing. This is because the people are winning hundreds and thousands of bucks every day by making predictions before and during a live match.
What is a Sports Prediction App?
In a sports prediction app or sports forecasting app, users just pay an entry fee, predict the performance of players or teams, get points based on performance, and win prizes if their prediction proves right. This is a legal business now around the world.
The money won in the prize depends on the level of competition, entry fee, and user’s ranking among the competitors. People like to analyze and predict the performance of real sports players and make a lot of money out of it.
A few years back, when the sports fantasy apps started to enter the market, the users had trust issues. It is because they had to make and receive payments using apps that looked like illegal betting. But things have changed now.
The emergence of apps like Dream11, William Hill Sports, Betfred, etc., has gained users’ trust. These apps provide complete transparency in monetary transactions, integrate verified payment gateways, and use highly secure servers.
Moreover, the apps also allow users to access the teams created by other users so that they don’t feel cheated by the platform if they lose. All the rankings and results are kept completely transparent.
The state of fantasy sports prediction app market
According to Statista, 85% of people who use fantasy platforms prefer mobile apps, while only 8% prefer websites.
In 2019, the value of the fantasy sports market was $18.6 billion. The market is expected to witness a rapid growth of 13.9% CAGR to reach over $48 billion by 2027.
In this market, the Football prediction app segment is leading the pack and is expected to continue its dominance over the next many years.
The growth of the sports prediction app development is driven by the rapid rise in digital infrastructure in developing countries. For instance, there are around 700 million internet users in India (as of 2020). This number was nearly 560 million in 2018. Moreover, by 2025, there will be more than 974 million internet users in India.
The decline in the cost of smartphones and the internet has significantly contributed to the growth in the mobile app development market.
Sports fantasy apps business model
Most of the sports fantasy apps follow a similar business model to generate revenue and make a profit in the market. These apps make money through sponsored advertisement, brand partnerships, and entry fees from the app users.
The highest portion of the revenue made by a soccer prediction app or any other sports prediction application is through user entry fees. Whenever a user participates in a contest to create a team or predict the performance of players and teams, he has to bet some money. Based on the prediction and performance, some users lose their entry fee while others multiply their entry fee. Some portion of the entry fee still remains with the app, even after paying the winners.
You can include multiple sports in a single app. For example, an app like William Hill allows prediction for football and racing. Dream11 lets users bet on cricket, football, NBA, and other sports.
By teaming up with a reliable company that holds expertise in fantasy sports app development, you can get a custom app developed and make huge profits.
Sports Prediction App Features
Following features are crucial and essential if you are looking to develop a sports prediction app:
Sign-up/log in: Allow new users to register on the app using their mobile number and email address or Gmail account. Once registered, they can log in to the app using the details used for signing up or an OTP sent to a mobile number or email.
Profile: A feature to allow users to manage their personal profile, like editing name, photo, etc.
Wallet: The wallet will show the amount available to users for betting on new contests or to redeem. Users should be able to easily add money to the wallet using debit/credit card, UPI, or net banking.
Transactions: This allows users to see all the transactions they have made in the app, including the money added to the wallet, used in contests, winning amount, and transferred to the bank account.
Referral: The referral feature is excellent for onboarding more users on the app. Your app users can invite their friends to use the app. In exchange, you can offer them some bonus.
Search: Allowing users to search for their favourite or preferred sports or match in the app to play a contest.
Filter: While performing the search, users must be able to apply filters and find the required matches or contests quickly. For instance, there should be an option to show matches related to football, basketball, or cricket.
List of matches: When users choose a sport, they should be able to see a list of available matches for contests.
Join contest: After browsing or finding the list of matches and favourite contests, the users should be able to join a contest. In the contest, there should be information related to it, such as number of allowed entries, prize, etc.
Create team: To join a contest, the user will need to create a team or predict things.
Winning history: There should be an option for the user to have a look at the matches where he won the contests and money.
Playing history: A complete overview of all the contests in which the user participates, whether lost or won.
Login: Login panel for the administrator to access the platform’s backend using a strong username and password.
Dashboard: A unified place for the admin to have a 360-degree view of everything, including the matches and contests, number of contestants, revenue, winners, etc.
User management: An essential feature to allow admins to have complete control over user management. The admin can update user profiles, delete inactive profiles, or ban suspicious accounts.
Match management: Admin can manage the live matches and upcoming matches, add unique contests, edit the prize money and number of contestants in a contest group, etc.
Transactions: This feature allows admins to manage the revenue and monitor all the app transactions, whether credit or debit. There should also be features to manage payment modes and gateways.
Prizes: Access to the prize money won by the users. This is especially useful to manage the users who win a lot of money. You may need to ask for their additional details.
Push notifications: You can send push notifications to the users to inform them about the upcoming matches, the performance of ongoing contests, app updates, etc.
Live score: This feature will show the live score of the match users has participated in as a contestant. It gives them an idea of what expectations they should keep from their predictions.
Analytics: Feature for the admin to see insights about everything, like the number of users per match, revenue made per day/week, etc. and make decisions accordingly.
How to develop a fantasy sports app?
Here is the step-by-step on developing a sports prediction app:
1. Market research
The first step is to research the market properly and find which sport is loved the most in your target country. Not every country has the same interest in a specific sport. So, the research is meant to find the sport for your app, get an overview of audience size, existing competitors in the market, and more things.
2. Decide the sports
You have to decide the sports around which your app will be available for betting. You can either choose a specific sport like football, cricket, basketball, etc. or go ahead with more than one sport. For instance, you can opt for football and cricket. This decision will depend on the country in which you are operating.
If you are looking to market your app in India, then you shouldn’t ignore cricket. In case your target audience is based in European countries, then you will love to finalize football, basketball, etc.
3. Finalize the features and functionalities
It would be great if you add the features mentioned above to optimize the experience for users. Lucrative and advanced features help you to attract new users to your app easily and stay competitive in the market. So, finalize the required features and functionalities accordingly, also considering the sports you have chosen for the app.
4. Choose the OS
Android and iOS are the most commonly used operating systems in the market. You can choose to get your app developed for both platforms or start the journey with only one. This, again, depends on the demographics and geography. During your research, you must also gain insights into the number of Android and iOS users in your targeted regions.
5. Partner with an app development company
Once you get a clear idea about the kind of app you want, including the sports and features, it is time to find the best app development company. The development firms that have experience in sports prediction app development should be your preferred choice. It is because you can share your idea and leave everything up to them to meet your expectations.
Moreover, most of these companies also have designers who can take care of the UI/UX of the app. Otherwise, you have to find developers and designers specifically, which can increase the app complexity.
After developing the app, you have to ensure that it is properly tested. It is a critical phase for every app to fix all the potential bugs and issues before the app is released to the users. If users find problems using the app, they will abandon or uninstall it. Let the QA teams and testers at the chosen app development company handle this task for the best experience.
Sports Prediction App Cost
The cost of developing a fantasy golf prediction app or any other sports prediction app depends on a number of factors. These factors include the app complexity, expertise of developers or the development company, platforms chosen (Android, iOS, or both), as well as the sports chosen by you to feature in the app.
For instance, you may choose to have a dedicated basketball prediction app or integrate features for multiple sports the way Dream11 does. Dream11 app allows cricket, football, kabaddi, and more sports for prediction.
On average, the total cost of a sports betting app development with the basic features and functionalities will be somewhere between $10k to $15k. Whereas, an app with advanced and rich features will cost around $20k to $30k.
In today’s world of digital transformation and marketing, everything can be turned into a business. Over the years, sports fantasy apps have become so popular as a massive amount of people look to make instant money by making predictions in their favourite sports.
If you are looking out to develop such an app, undoubtedly, this is the right time to grab a big bite from the available opportunities.
Feel free to get in touch with our experts for any questions related to sports prediction app development.