The fantasy sports services market size was valued at $8.9bn in 2022. This enormous market valuation indicates the vast demand for fantasy sports worldwide. Accordingly, there will be plenty of business opportunities in this area. You can create a robust and engaging fantasy sports app and kick-start a profitable business.
But, which sports should your fantasy sports business cover?
It is important to cover sports that are widely popular and can get the maximum user base for your fantasy sports app. Amongst various popular sports, fantasy horse racing is the one that is attracting the attention of many businesses.
In 2020, the US’s horse racing track industry was valued at over 3 billion USD. The market was anticipated to reach 3.52 billion USD in 2021.
With the increasing popularity of horse racing, operators or entrepreneurs are considering it as a great fantasy sports business opportunity.
Being a leading and experienced fantasy sports software development company, we are acquainted with each and every aspect of fantasy horse racing. In this post, we are sharing all the crucial aspects of the fantasy horse racing app that leads to a successful business.
Why Invest in Fantasy Horse Racing App Development?
When starting a new business or investing in a new niche, the doubts are sure to be there. Ditto, when it comes to building a fantasy horse racing platform, you might have several doubts. You might not be sure about your decision. To help you with this, below we have mentioned a few major reasons to invest in fantasy horse racing app development.
The idea of a fantasy horse racing app is still in an emerging phase, which means the competition in this area is low compared to other fantasy sports. Therefore, when you launch a dedicated fantasy horse racing app, you won’t face cut-throat competition. You can outperform and generate excellent returns for investment within a short timeframe.
Another biggest reason to invest in this niche is the worldwide popularity of horse racing. Yes, horse racing has been there for centuries. It has a massive fan base across the world. Giving these fans a novel experience with their favorite sport will be an excellent idea. By launching an interesting fantasy horse application you can acquire a lot of users. Your application will let horse racing enthusiasts virtually participate in the horse racing events and enjoy the thrilling gaming experience.
Many countries have legalized horse racing allowing it to be defined as a game of skill. And this is the biggest advantage for your fantasy horse racing app. You can target audiences from different geographies without getting into legal trouble. Here is the list of the top 10 You can operate your app in countries like Japan, the UK, the USA, China (Hong Kong), France, Australia, Italy, South Korea, Malaysia, and Canada, where horse racing is legalized.
Developing a Fantasy Horse Racing App
Now that you are sure about your decision to create a fantasy horse racing app or software, you must be acquainted with the features, development requirements, and other aspects. So, here are some important steps for a successful fantasy horse racing app development project.
First of all, it is essential to study the market carefully by investing enough time. You must research the horse racing and software development market in depth to come up with a powerful and innovative solution. Below are some crucial questions you must cover in this market research:
Who are your competitors?
What are the marketing, monetization, and user-acquisition strategies of competitors?
What are the latest technology trends in fantasy sports?
Who is your target audience?
What are the preferences of the target audience?
Once you get the best answers to the above questions, you are ready to build a powerful and cutting-edge fantasy horse racing app that will be worth users’ time and money.
Planning the Budget
Other than research, budget planning is an important aspect when starting a new business. You must decide your fantasy horse racing app development requirements and goals in advance and accordingly plan your budget. Confirm what outcomes you expect from your app? Whether you want to generate good revenue from it or want to expand your existing fantasy sports business? Also, decide what type of development partner you want? A freelancer or an experienced fantasy sports software development company.
Hiring Fantasy Sports Developers
No matter how strong or innovative your app idea is, if you don’t choose the right development partner, it might be a big failure. Therefore, you must invest adequate money, time, and effort to find the best fantasy sports developers or companies. The choice of developers will depend on what kind of solution you want. For instance, whether you want a white-label fantasy horse racing platform or a custom fantasy sports app development solution. If you wish to set up a business quickly and want an app with your brand name then choose a how-label fantasy sports software development company. But, if you wish to build a unique platform from scratch then choose a company providing bespoke fantasy sports software development solutions.
Before you finalize any company or developer, make sure you inspect all the below key aspects:
- Industry Experience
- Technology Expertise
- Support and Maintenance Policy
- Ease of Communication
- Project Confidentiality and Security
Key Features of a Fantasy Horse Racing App
Features are at the heart of any application and can affect its success drastically. Your fantasy horse racing app must include all the basics well as the latest features to offer an exceptional gaming experience to the players. Here are some features you need to include in your fantasy horse racing app or software for preferable outcomes.
- Easy Login/Sign-up
- Multiple Draft Options
- Create and Manage Teams
- Live Leadership Boards
- Multiple Payment Methods
- Live Scores
- Refer and Earn Program
- Social Media Sharing
- Multiple Racing Tracks
Monetization Strategies for Fantasy Horse Racing App
If your main goal for developing a fantasy horse racing app is to make money, you must know the ways to do so.
You can earn money by sponsoring or organizing an event for attracting horse racing fans and converting them into your targeted audience. But, you must choose to sponsor opportunities wisely for getting good returns.
Advertising is one of the most common yet highly impactful monetization ways for apps. You can offer advertising spaces like ads, videos, or banners in your app, to the advertisers to earn a good deal of money.
Another effective way to make money through a fantasy sports app is to include an in-app purchase feature in your app. Users can purchase various items like betting, contests, etc. into your fantasy horse racing app.
Many fantasy sports apps have also adopted subscription modules to make money. With a subscription strategy, you can offer weekly, monthly, or yearly app subscriptions to the users for affordable prices.
Build an Impactful Fantasy Horse Racing App with Betfoc
We at Betfoc have hands-on experience in creating stunning fantasy sports apps and software for various sports, including cricket, football, horse racing, and more. We have experienced fantasy sports developers who will provide you with end-to-end assistance for developing a custom fantasy sports app based on your idea and requirements. We are also renowned for offering white-label fantasy sports software solutions.