Before getting to know about the scope of the sports betting app industry let us go through an overview of the software. During the initial stages, the fantasy sports software industry has been staying dormant without much activity. But recently the industry is showing more activity due to the liberation of rules in certain countries and acceptable by people around the world. In 2018 KPMG, a multinational professional services network and Indian federation of sports gaming have conducted a study that concluded, the number of people who have used the sports betting app is more than 70 million in India alone.
Although it seems like the fantasy sports betting industry has imploded into the mainstream market, what we have witnessed until now is just the tip of a financial iceberg.“Sports betting in India is a $150 billion market. It is important that the government keeps a close eye on how this money is being used,” says Trigam Mukherjee, CEO, and co-founder of Starpick, a popular fantasy sports betting app.
The launch of several fantasy sports betting apps paved the way for the growth of the industry. As the fantasy sports app allows a user to join leagues, form teams, pick team members many people have become addicted to it. With the increase in the adoption of smartphones and internet usage, the demand for fantasy sports betting apps has increased, resulting in the expansion of the fantasy sports betting market on a global scale.
Using fantasy sports app as a tool for brand promotion:
Several renowned brands have decrypted one of the interesting ways to promote their brand. They make use of the fantasy sports app as a tool to advertise their brand because of their positive impact in the market. It is one of the key market trends which has the potential to drive market growth. Their target audience for the brands is mainly the people of ages 20-50, who actively participate in the app. Companies are expected to follow this strategy at least for the next few years.
Factors that contribute to the growth of the industry
Spending on advertising and marketing:
Draftkings and Fanduel are two biggest startups in fantasy sports. A combined sum of $206 million dollars was spent by them on advertising in 2015 according to a report on CNN.com. Now, these figures beg a question, Under what circumstances would the company take such a decision to spend such a huge amount of money on ads which are significantly more than the gross of the previous year. In today’s digital era analytics has made it easier for advertisers to determine its target customers.
The growing interest in millennials:
All over the world millennials cannot imagine a world without the internet since they were born with it. They find the fantasy sports app to be a bit tricky and interesting because of the mass inclination of the tech-generation towards the innovation. We can expect an upsurge in the graph indicating the usage of the fantasy sports app by the end of 2021.
A surge in sports events worldwide:
Here are some of the sports events that have been lined up for the year 2020. There is a clear indication of the increase in the number of sports events compared to the year 2019.
Australia Open(Jan 20- Feb 2)
- Winter Youth Olympics (Jan 9 – Jan 22)
- Masters (Apr 9 – 12)
- IIHF World Championship (May 1 – 17)
- US PGA (May 11 – 17)
- FA Cup Final (May 23)
- NBA Finals (June)
- Wimbledon (June 29 – July 12)
- Euro 2020 Football Tournament (June 12 – July 12)
- Tokyo Summer Olympics(24 July – Aug 9)
These are only the major sports events around the world, apart from these, there are several small events that happen around the globe annually.
Increase in adoption of smartphones:
The number of smartphone users worldwide has surpassed 3 billion with each country accounting to over 100 million users. Higher smartphone users will definitely account for an increase in the usage of fantasy sports betting apps in the upcoming years.
The fantasy sports app market is already filled with adequate players, while some have already placed themselves on the top tiers, others are struggling to get to that spot. So as the competition increases companies are forced to provide their customers with state-of-the-art features in the app so that they can overcome their competitors. This keeps pushing them over the limits to improve their service for the customers.
We at Inoru, provide a premium app at an affordable price. Along with that, you will get a feature-rich and future-proof fantasy sports app which will be integrated and customized entirely as per the needs of your business. With the team of innovative developers and marketing teams, we can offer you the future for your company that comes wrapped with a feature-rich fantasy sports app platform thus distinguishing ourselves from the other competitors in the market.