Fanduel is the leader in daily fantasy sports with millions of sports fans logging in daily to enter professional and collegiate sports contests. Of course, the website is making a lot of money.
In this article, you will learn how to make a website like Fanduel and turn it into a successful daily fantasy sports business.
1. Domain & Hosting
You will need to acquire a short yet brandable domain name for your new website. Brainstorm a bunch of domains then create a list of 5 potential domain names. If you need domain ideas, use Namestation to generate some domain ideas.
I recommend following these general domain guidelines:
- Short (12 characters)
- Easy to Remember
- Easy to Spell
- Avoids any trademarks
- .COM extension (or a country level domain if you want to target a certain country)
Once you have found a good domain, head over to Hostgator and see if it’s available. You’ll get a free domain name and unlimited hosting space for just $3.96 per month.
Here’s a list of domains in the DFS community to give you some ideas:
The best domain choice is 2 words and easy to remember. Your domain needs to indicate the sports niche as well or it could be confusing to users.
2. Choose a Website Script
Your two main choices for CMS are: WordPress and a custom built PHP solution. I had trouble finding a quality script for sale so Elance is probably your best choice for finding a PHP programmer.
WordPress Themes & Plugins
Find a custom PHP script developer
Get a custom logo
Every e-commerce website needs a custom logo to establish their brand. If you are on a limited budget, get a cheap logo from Fiverr for $5. If you have a bigger budget, I recommend 99designs.
3. Add Contests
You have to decide which sports to offer on your website. Here’s a list of sports offered by Fanduel:
Other competitors like Draftkings offer soccer and golf to attract more players. It’s your decision on which sports to include. The more sports you add, the more chances you have of building your customer base.
Tip: Sports go by season so you can attract NBA users who will eventually play MLB once basketball season ends. Think long term about customer acquisition. Players often play for years after they initially sign up.
4. Drive Traffic
Driving traffic in DFS is hard because your product is based on gambling skill games instead of content. It’s essential to start an affiliate program to drive the majority of your traffic.
Fanduel runs a successful affiliate program to attract new users. Another good way to get traffic is to partner up with the big strategy websites like Rotogrinders and Rotoexperts. Sponsor a page or show to get lots of clicks.
5. Payout Prizes
Fanduel typically pays out its users within 6 to 12 hours of the contest closing time. The sooner you pay out, the better. Take extra time to sort out stats to make sure everything is working fine. If you pay out, then it’s hard to admit you made a mistake and request the money back. Always verify your contests before making payouts.
6. Make Money
Fanduel generates its revenue from a small fee called a rake. Fanduel’s rake is 10%. They keep 10% of all the money each night then payout 90% of the money.
10% is the industry standard in daily fantasy sports. If you build a great website, then more users will play and increase the daily spend on your website.
Thus, your revenue increases along with more users and higher stakes.