If you are looking for a profitable market for the near future, and a great opportunity to start a successful business, fantasy sports may grab your attention. Recently, the demand for betting applications and sites that include online games has grown massively. Check out these four main reasons for fantasy sports being a lucrative business idea in 2024.
The Rise of Online Gambling
For a few decades, the online gambling industry has been steadily growing, but it has gone through some major development in the recent year or two. After the COVID-19 pandemic that caused everything to operate digitally, the line of business is anticipated to be worth $127 billion in only five years.
Since the yearly percentage of growth is 12%, the industry proves to be commercially successful and a good way to make a profit for potential investors. The branch of fantasy sports is slowly gaining attention from both gamers and operators.
The Growing Interest in Fantasy Sports
Thirty years ago, the number of fantasy sports enthusiasts was around 5 million. Today, just the North American continent alone has 56 million players, with the number rising every day. People of all ages are joining this branch of the industry. A significant factor in the rise of fantasy sports was the pandemic when all real-life events were cancelled or postponed due to the spread of the virus.
These strict quarantine measures took place at the beginning of 2020, but even nowadays, there are still certain limitations when it comes to sports. For people who relied on it both for entertainment and business purposes, it was a serious issue. Luckily, this void was filled in by fantasy sports.
Towards the end of 2019, the industry was worth $18.6 billion. It is predicted to rise to approximately $48.6 billion by the end of 2027, which shows that the percentage of growth will be 14%. It is also worth noting that football is currently the most beloved fantasy sport, but the other ones are quickly rising to prominence.
Possibility for More Products
Imagine that you have started your website that specializes in betting on fantasy sports. Apart from that, you will be able to add other services related to gambling, to connect to a wider audience. It can be general sports betting, eSports wagering, and casino gambling.
All these opportunities will build your brand and increase the loyalty of your clients, who are most likely looking for an operator that can provide multiple product options.
Another thing to remember is that fantasy sports enthusiasts mostly belong to the younger demographic, which you will need to take into account when designing your products.
Regulation of Business
Gambling businesses need to be properly regulated. You will have to sign up at a specialized agency to obtain the license for your betting company. One more thing that is recommended to get is a good business advisor that will assist you in all related questions.
Once you get your license and launch the website, you will have to find a reliable payment system for people to withdraw their money. This will help users to put more trust in your company and make sure that they will be able to own their winnings.
If you also follow all the policies of fairness and safe play, the customers will be more confident in your brand, and this will lead to further activity on your site.
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