US and Canada are betting big on daily fantasy sports. Europe also shows interest towards this industry. Now the European market is growing quite rapidly especially after major providers announced entering the market, making fantasy sports one of the most promising niches in the iGaming industry.
Thus, the market is appealing and many seek to enter it. If you are one of them, you need take into consideration five key essentials before you launch a fantasy sports website.
How to compete against operators who have eight years of experience and millions of players? This is the question that every operator asks themselves when deciding to enter the industry but you can always ‘cross the chasm’ (you can find a lot of interesting details in Geoffrey A. Moore’s theory). All is up to you, all you need is to understand your market, target a specific segment of clients and use a uniquely customized customer retention tool, CRM in addition to loyalty and achievement systems to retain and increase your sector of players.
The fantasy sports industry is huge and requires big investments but who said you must do it alone? Partnering with others interested in the industry will make your journey easier. Find like-minded people who will love to invest in your undertaking. Alternatively, you can join a network of existing legalized operators just sharing the guarantee value by the percentage you decide and decreasing the overlay percentage!
Partnering has many advantages, however, you do not want to be a mere copy of others. You need to be unique, otherwise your network will ‘eat from your share’ in the market. Nowadays only a few providers give you the ability to craft your own fantasy standalone website with easy tools to manage it. You will have to continuously adapt to the changes in the industry, which is ten times easier with the help of developers and designers located on the six continents of the world as it is in BetConstruct’s case.
If you are a newcomer in this market, marketing and networking alone won’t help you attract players. What you need is the combination of marketing with innovated features that only you offer. Customers always seek new things, and with a team of researchers and analysts located all over the world, this won’t ever be a problem. BetConstruct conducted a market study for its Fantasy Sports Product which resulted in a number of unique features including Live Transfers, Mix Entry Contests, Network Cloud, distinctive Point System, Salary Calculation, Loyalty and Mission Systems and other functionalities to attract users to an operator’s product.
You hit it big when you started operating and used the retention tools to keep current customers but suddenly the customers’ number drops and you do not know why. Keep in mind that you need grow continuously, research, analyse and innovate, and nothing is better than having a team doing that for you.
And finally, remember the most important thing is that you need yourself be a player who enjoys the game!
Mostafa Essa / Fantasy Sports product owner and Social Platform stakeholder