There is little difference between betting in fantasy sports and real sports because even though its characters are not controlled by players, algorithms do calculations which are control based on real-sports stats. Simply put, fantasy sports are platforms like websites where players are allowed to put together their dream teams to compete with other people’s teams. The only difference from the real world is that AI systems determine the outcome of the match.
Fantasy sports is a big widely played that is estimated to be around 7 billion dollars as people continue to play. As varieties of sports are being added to these websites, the industry continues to grow across the world. In 2017, America became the leading country in terms of revenue for fantasy sports with a total of 58%. Between 2015 and 2020, the fantasy sports industry grow by 0.5% per year.
According to economic experts, the industry is expected to grow by 9 billion by 2024. Therefore, it shows that the fantasy sports market is gaining popularity and capable of reaching more people than ever before. Based on these statistics sports investors can build fantasy sports websites especially during this time that this industry is gaining popularity. Investing in this requires good software that would make playtime easy and interesting for all players.
Ballr, Fantrax, and NFL Fantasy are three leading fantasy sports market players in the industry. Regarding product segments itself, fantasy football leads with various mobile applications launched to make player experience better. Its growth is attributed to the increased penetration of the internet where people can now access using their smartphones easily. Statistics have it the there were 178 billion app downloads in 2017, which is expected to increase steadily.
The rise in sporting events makes the fantasy sports market growing very fast where this is seen in North America as it dominates. Youths are the dominant age group accounting for about 10 million out of the 56 million people from the region. Women account for 9% as compared to 19% of men bringing the adult player population to 6.2%.
Laws affect the market growth of fantasy sports taking an example of American laws where gambling laws by states and federal government are directly linked to fantasy sports. Technology plays a key role because its market penetration is depended on the advancement of digital platforms that as projected to provide more players into the websites. Economies continue to be built by the new business models that are being used in sports to reach people everywhere.