The times when fantasy sports competitions were organized by newspapers and magazines are already in the past. Now fantasy sports apps are gaining popularity. The size of the fantasy sports market in the US was around $9.84 billion in 2023. And according to forecasts, this figure will be moving higher in the future.
Such applications allow players to enjoy the game without any serious or time-consuming effort from their side. All the main processes are automated. And the key task that users have is to create an excellent virtual team of athletes while bearing in mind their real-life results.
Today fantasy sports app developers have a wide range of the most innovative tools and technologies at their disposal which makes it possible for them to build unique apps with advanced features (like AI-powered forecasts and analytics).
To estimate the amount that you will need to pay to build a fantasy sports application, it is important to see and deeply analyze the requirements that you have for your future product. The list of these points that should be considered has to include the desired functionality, integrations, and technologies to be used.
All these factors have a weighty influence on the exact size and composition of the development team that will work on your project and, consequently, the time that this team will need to allocate to create your solution. If we need to put it as simply as possible, the core principle of cost estimates sounds the following way: the more complex projects you have, the bigger will be the amount that you will need to invest in them.
In other words, as a rule, the development of a calculator will be significantly cheaper than the creation of a feature-rich social media application, for example.
The budget for your fantasy sports app should be discussed with software engineers in advance in order to make sure that you won’t run out of budget earlier than your app is ready. Otherwise, you may find yourself in a very unpleasant situation when the work on your solution will be frozen and you won’t be able to move further with your project.
Moreover, there is another very important factor that should be also taken into account in this case. We are talking about the rates (or salaries) of your developers. Actually, there are several approaches to establishing cooperation with the teams that will be responsible for creating your software. You can either hire in-house experts, or you can establish cooperation with external specialists (individual contractors or companies that provide outsourcing services). And in the second case, you will have a rather impressive freedom of choice.
As you may have already heard, the rates are different in different regions. However, the modern engagement models allow you to choose a region that has the most comfortable financial terms for you regardless of its geographical location. For example, to reduce labor costs and at the same time to make sure that they will have a high-quality solution as a result, many businesses based in the US prefer to work with software development companies in the European region.
Another point to remember about developers and their rates is that their experience (or the level of seniority) also plays an important role. When we take a senior developer and a junior specialist who work with the same stake, we will see that the rates in the first case will be higher. However, we should admit that just hiring junior developers instead of senior ones with a view to saving costs is definitely a bad idea.
The scope of tasks for these specialists differs, as well as the time that they may need to fulfill this or that task. That’s why before making a decision regarding the exact composition of your team, you need to think about the exact tasks that you will have. If it is challenging for you to evaluate the level of complexity of your project and, consequently, the composition of the team you can have a consultation with professionals who will help you to find the right approach.
To evaluate how much time will be required to build your app and to set any precise time frames, developers need to familiarize themselves with your project’s concept. As a rule, this parameter is estimated together with your project budget.
The more integrations and modules you expect to get, the more time developers will need to create the required functionality. Nevertheless, on average, teams spend from 4 to 6 to build a fantasy sports app. In some cases, when they need to introduce complex features powered by the most innovative technologies, more time is required.
As you can see, the size of the investments that you will need to make greatly depends on numerous factors. It means that even if you find precise figures related to any similar project, it still doesn’t mean that you will pay the same amount. That’s why we recommend you discuss the financial aspect in detail with your development team (or even with several outsourcing companies before you choose the one to work with) and make up your mind in accordance with your ongoing business situation. Despite this variability, such projects can prove to be viable business ideas, particularly when coupled with a well-executed monetization strategy.
