While fantasy sports betting is a relatively new concept, demand for it is on the rise. With the evolution of the online gambling industry, new verticals are emerging and growing. Fantasy leagues and sports betting is one of them.
Defining Fantasy Sports
As the name suggests, fantasy sports is where an imaginarysports team is created. It can play any kind of sport as long as the “team” part is fulfilled. In other words, more than one player is required. These teams are either a figment of the user’s imagination or comprised of players similar to famous real-life ones. They compete in leagues, matches, and tournaments.
When you bet on fantasy sports, youtry to predict the performance of teams or individual players or the outcome of a certain tournament or match. It’s exactly the same as standard sports bets, except the team doesn’t exist in real life. More information about fantasy sports and betting on outcomes is available at www.dailyfantasycafe.com.
How to set up a Fantasy Sports Betting Platform
You need to be issued a license for online gambling.If you have one, you probably don’t need anything else to establish a betting platform. If you already have an online gambling company,you just need to update its services to include fantasy sports betting.
Still, those new to the field are often at a loss as to where to start. The market for online sports wagers is expanding all the time. It may be the best time to set up fantasy sports betting now,because user interest in live sports betting alternatives is growing.
You need to select an appropriate corporate structure and licensing jurisdiction depending on your unique situation andobjectives. You also need to be able to process different kinds of payments through your platform, so you must make the corresponding arrangements with payment providers and open a bank account.
Current Market Conditions
Research from 2019 found that about a fifth of the general population dabbles in sports betting of different types or wagers on sports events regularly. A fifth of these gamblers like playing fantasy sports. Back in 2014, less than 15% were interested in fantasy sports betting. The statistics are impressive and the tendency is becoming more pronounced.
Fantasy football is the most popular kind of fantasy sport to bet on and play. Almost 80% of bettors prefer it. Baseball, hockey, and basketball follow. People who play fantasy sports often wager on regular sports as well.
According to 2018 data of the Fantasy Sports and Gaming Association,78% of people who play fantasy sports also bet on them. The percentage of bettors who also play fantasy games was found to be similar. This proves the market has a lot of potential in the way of users to provide for and engage with.
The Uncertain Future of Fantasy Leagues
E-sports transitioned to the mainstream in 2020, in part thanks to COVID-19. Bettors became interested in wagers on e-sports tournaments and leagues against the backdrop of silent stadiums and postponed or canceled sporting events. However, not everyone finds e-sports exciting. Many sports fans have no interest in placing bets on fictitious events. They are true to one specific sport and turn all their attention there.
Overall, however, experts predict fantasy sports betting is here to stay. It provides a slightly different, less traditional way for sports fans to stay active and support a team. It has the advantage of not compelling fans to rely on real-life sports events. At the same time, the thrill of following leagues and matches is still there.
The coronavirus pandemic is another factor. It seems like it’s ebbing away, but the tide might turn. Predicting its impact on real-life sports games is not easy. It’s set to be a rough winter withpeople across the globe bracing themselves for another wave or a new strain. Live events might start getting canceled or postponed again.