As the finance sector operates on tons of personal data and billions of critical transactions every second, it becomes especially vulnerable to fraudulent activities. Scammers are always seeking to crack the servers to get valuable data for blackmailing. 

According to PwC’s Global Economic Crime and Fraud Survey 2020, respondents reported losses of a whopping $42 billion over the past 24 months due to fraudulent activities. Banks and financial institutions have no choice but to tighten their defences by adopting innovative technologies such as machine learning. 

Machine learning is providing the financial services sector with the means to protect their businesses and defeat cybercriminals. According to a report by Markets and Markets, the global fraud detection and prevention (FDP) market is expected to grow to USD 38.2 billion from USD 20.9 by 2025, at a CAGR of 12.8%.

Fraud detection and prevention areas include money laundering, insurance claims, electronic payments, and bank transactions. 

In this article, we will discover the main ways machine learning in finance can be used for fraud detection. Read on!

Major areas of financial fraud in the Finance sector

Before we dive into the details of machine learning in financial industry, let’s get to the different areas where financial fraud detection software can assist enterprises. 

1. Email phishing: This is a type of cybercrime wherein attackers send fake messages and website links to users via email. These emails are seemingly legit and authentic that anyone can misjudge them and enter the vulnerable data that puts them at risk. 

To avoid such situations, you can use automated methods for detecting phishing using machine learning. These methods are based on classical Machine Learning algorithms for classification and regression.

2. Credit card fraud: In an increasingly digital world, credit card fraud has become quite common. This type of financial fraud involves stealing debit cards or credit card numbers through unsecured internet connections. 

Machine learning algorithms help identify which actions are authentic and which ones are illegal. If someone tries to cheat the system, an ML model can alert the bank and take measures to negate the activity. 

3. Mobile fraud: Machine learning integration in anti-fraud systems is particularly crucial when payment methods extend beyond physical cards and into the realm of mobile phones. 

Smartphones now feature NFC chips, enabling users to pay for products just with their phones. This means your smartphone is prone to hacking and cyber threats. Machine learning in Finance is an effective tool to detect abnormal activities for each user, thus minimizing mobile fraud risks.

4. Identity theft: Information such as user’s name, bank details, passwords, login credentials, and other extremely sensitive information is under great threat if a cybercriminal comes into play. Identity theft puts both individuals and enterprises at risk. 

Machine learning in Finance helps examine and check identity documents such as passports or driving licenses against secure databases in real-time to ensure all fraud cases are detected. Besides, ML can be also used for fighting fake IDs by enabling biometric scanning and face recognition.

5. Insurance claims: Insurance fraud typically includes fake claims of car damage, property, and even unemployment. To reduce such frauds, insurance companies spend an extensive amount of time and resources to validate each claim. However, this process is expensive as well as prone to hacking. 

Machine learning due to its superior pattern recognition capabilities helps resolve insurance claims with utmost accuracy and find fake claims. 

[Also Read: 5 Ways Fintech Industry is Using AI to Woo Millennials]

Why should you use machine learning for fraud prevention?

As evident from the ML uses in different financial fraud areas mentioned above, the finance and banking industry considers machine learning to be extremely helpful in financial fraud detection. The high volume of transactional and consumer data makes it ideal for the application of complex machine learning algorithms. ML helps banks and financial institutions to identify and flag fraudulent activity in real-time.

The increased accuracy of machine learning algorithms provides financial firms with a significant reduction in the number of false positives (where transactions are incorrectly flagged as declined and fraudulent) and false negatives (where genuine instances of fraud are missed). This is the reason why ML has taken the prime spot in the finance sector. 

If still in doubt on how machine learning can help in detecting frauds for your financial services business, go through the pool of benefits mentioned below.

1. Faster data collection: As the velocity of commerce is increasing, it’s important to have quicker solutions like machine learning to detect fraud. Machine learning algorithms can evaluate enormous amounts of data in a very short amount of time. They have the ability to continuously collect and analyze data in real-time and detect frauds in no time.

2. Effortless scaling: Machine learning models and algorithms become more effective with increasing data sets. Machine’s learning improves with more data because the ML model can pick out the similarities and differences between multiple behaviors. 

Once genuine and fraudulent transactions are found, the system can work through them and begin to pick out those that fit the bucket. 

3. Increased efficiency: Contrary to humans, machines can perform repetitive tasks and detect changes across large volumes of data. This is critical for fraud detection in a much shorter amount of time.

Algorithms can accurately analyze hundreds of thousands of payments per second. This reduces costs as well as time taken to analyze transactions, thus making the process more efficient. 

4. Reduced security breach cases: With the implementation of machine learning systems, financial institutions can combat frauds and provide the highest level of security to their customers. It works by comparing every new transaction with the previous (personal information, data, IP address, location, etc) one and detecting suspicious cases. As a result, financial units can prevent fraud related to payment or credit cards.

Now that we have seen the benefits of using machine learning, let’s dive into the machine learning models used for fraud detection.

Machine learning models and algorithms for fraud detection

Here are the types of machine learning models and algorithms used for detecting financial fraud in the finance industry. So, let’s understand them one by one. 

1. Supervised learning: Supervised learning works for cases like fraud detection in deep learning environments in FinTech. In this model, all information has to be labeled as good or bad. And it is based on predictive data analysis. 

2. Unsupervised learning: An unsupervised learning model detects anomalous behavior in cases where there is no such data or little transaction data available. It continuously analyzes and processes new data and updates its models based on the findings. It learns the patterns over time and decides whether they’re legitimate or fraudulent operations.

3. Semi-supervised learning: It works for cases where labeling information is either impossible or too expensive and requires human intervention. 

4. Reinforcement learning: This model allows machines to detect ideal behavior automatically within a specified context. It helps machines to learn from the environment and find actions that minimize risks.

How does an ML system work for fraud detection?

The fraud detection process starts with gathering and segmenting the data using machine learning systems. Then the machine learning model is fed with training algorithms to predict the probability of fraud.

Below are the steps that show how an ML system works for fraud detection:

1. Input data: To detect fraud, the machine learning system first needs to collect data. The more data an ML model gets, the better it can learn and polish its fraud detection skills.

2. Extract features: The next step is feature extraction. At this stage, features describing both good and fraudulent customer behaviors are added. These features usually include:

• Identity: It comprises the fraud rate of customers’ IP addresses, age of their account, number of devices they were seen on, etc.
• Order: This feature shows the number of orders customers made, average order value, number of failed transactions, and more.
• Location: This feature helps to find out if the shipping address matches the billing address, shipping country matches the country of the customer’s IP address, and fraud rate at the customer’s location. 
• Payment methods: It helps to identify the fraud rates in credit/debit cards issuing banks, the similarity between customer name and billing name, etc. 
• Network: It includes the number of emails, phone numbers, or payment methods shared within a network.

3. Train algorithm: An algorithm is a set of rules that needs to be followed by an ML model to decide whether an operation is fraudulent or legitimate. The more data your business can provide for a training set, the better the ML model will be.

4. Create a model: When the training is over, your company will receive a machine learning model for fraud detection. This model can detect fraud in no time with high accuracy. But to be effective in fraud detection, a machine learning model needs to be constantly improved and updated.

Financial fraud detection using machine learning – Use cases

Using ML-powered modern fraud protection systems, financial institutions greatly reduce the risks of missing suspicious transactions, human errors, and cases of security breaches. Machine learning algorithms can process huge volumes of data and protect it from fraud. 

Compliance.ai is a startup that uses adaptive machine learning models in FinTech to automate research and track financial regulatory content and regulatory updates in a single platform.

Companies like PayPal are also using machine learning to enhance their fraud detection and risk management capabilities. Through a combination of linear, neural networks, and deep learning techniques, PayPal’s risk management engines can determine the risk levels associated with a customer within milliseconds.

Machine learning helped such large corporations to prevent issues such as fake accounts, payment frauds, and suspicious transactions. ML takes care of all the dirty work of predictive analytics and data analysis and allows companies to grow safe from fraud. 

Final thoughts

Enterprises all over the world have started using machine learning to prevent financial fraud. It is the most innovative tool that can help prevent fraudulent operations that lead to greater losses every year. 

Machine learning allows creating more complex algorithms for analyzing various transactions and suspicious financial behavior, thus minimizing the risks of financial loss. 

That’s why hiring machine learning development services has become the topmost priority for the financial services  industry. At Appinventiv, our experts empower different companies with various innovative solutions and approaches to improve their productivity and reduce financial risk. 

If you want to implement ML systems or financial fraud detection software into your business, feel free to contact us. We will help you understand the immense benefits of this innovative technology and help you scale your business while reducing overall costs. 

The post How Machine Learning Helps in Financial Fraud Detection in the FinTech Industry appeared first on Appinventiv.

Additionally, the number one reason why most users uninstall an app is the lack of usability and usefulness.

While the above statistics may not seem to connect and conclude, they imply the importance of app development and indicate how crucial it is to ensure quality of the process and results.

One smart way of doing so is choosing custom application development for your business. Wondering why not low code development? This article talks in detail about that.

Here’s a bunch of reasons why it’s smart to favor custom app development over low-code app development. But first, let us find out what actually is meant by low-code and custom app development.

What is Low-Code Development?

Low-code development is a mobile app development process that employs low-code development platforms including various tools that help build mobile apps through a drag and drop interface.

While low-code platforms help build applications in a short period of time, the ease of access comes with a variety of cons that must be considered before a project is commenced.

What is Custom App Development?

Custom application development is the process of building software for a specific set of users, functions or organizations. The idea of building custom-code applications is to develop software that closely fulfills the needs of the users and meets their expectations.

Custom applications are generally built from scratch and offer limitless customization options.

Why Choose Custom App Development Over Low-Code App Development?

1. Low-code May Encourage Inexperienced Development

Although not every low-code app developer lacks experience, it’s a route often preferred by individuals who may lack technical know-how or expertise.

Of course, a custom-code developer developing your business application from scratch may demand higher compensation compared to our low-code friend. But, this cost will bring with it the valuable experience and availability of a talented custom application development team closely looking after your business’ app development front.

2. Low-Code Lacks Freedom 0f Design and Features

As low-code applications are based upon pre-developed templates or low-code platforms, there isn’t much scope for customization.

If you have ever tried developing a low-code, template-based mobile app before, you may have an idea.

While these templates and platforms enable users to start off the app quickly, the final products often lack various features that may be essential for your business.

Apart from that, even the most minor edits, including graphic and visual updates, may require an unusual amount of extra work. This makes low-cost applications a less preferred option by companies.

3. Low-Code Approach Makes Scaling and Updation Costlier

Unlike custom-code applications, low-code apps have fewer customization options, which we just mentioned. But is this the end of the problem there?

A low-code application is often likely to pose challenges at the time of scaling or update.

For instance, the template that you used for building the application may stop future support for that particular range of products. Or, the latest template updates may not suit your purpose well. Additionally, a template-based application will put limits to your business’ creativity and productivity, keeping the app enclosed inside the same design and set of features.

4. Security and Reliability May be a Concern

In the past ten years, more than 300 data breaches have occurred, causing a global loss of over 100,000 records.

The amount of data lost and leaked may account for tens or hundreds of thousands of dollars, inflicting severe damage on businesses across all industries.

One primary reason why data attacks become easier is the lack of security that low-code platforms may offer. 

This majorly happens for the following reasons:

• You or your development partner has not written the code, so it can’t be trusted for its reliability.
• Low-code template developers may eliminate security features that may not hinder the normal function of the application but can leave loopholes for a cyber attack.

However, when you hire a reliable full-cycle app development service company, the team ensures delivering a product that is fully customized as per your business’ security preferences and requirements.

5. Integration Challenges

Another drawback of using low-code platforms is their lack of integrability with other existing tools and software that your business is currently using.

Most low-code platforms come with several limitations around what changes you can make to the output. Additionally, to make these changes, the developer will require the know-how of the platform in use.

This makes integration a challenge. Even if the integration of such a grade is possible and supported by a low-code platform, finding the way through may be difficult as all platforms work differently.

Speaking of custom-code development, it leaves enough room for seamless integration with your existing software.

6. Low-code Apps Can Lower Efficiency

Most low-code apps are built with several short-comings, led by the lack of customization. This means that several useful features may be missing from the application. Or design preferences may not be optimum or as required. 

These factors can greatly contribute to lowering the overall efficiency of your team.

As your business app is not performing optimally, your employees may have to step in to guide your users through, or to make amendments or to just manage the mess being created by the low-code counterpart.

Building a custom-code application in the first go will save you the hassle. Also, a custom built application will be designed and developed based on your business’ specific requirements and your target audience.

This can help your business establish a connection with its prospects.

7. User Lock-in Concerns

As a low-code platform comes ready from its developers, we do not have all the access to how the platform functions.

In case of data loss or vendor or user lock-in, your business may just be left helpless or too dependent on the platform developers. This can lead to mistrust or dissatisfaction, accompanied with panic among your users.

In a custom-code application, your team of developers or development partner will be able to make the required amendments on priority.

Also read: Top benefits of custom app development

Low-Code vs Traditional Development

In the sections above, we discussed a variety of factors that support the fact that custom code applications are a tad better than their low-code counterparts. For a better understanding, a high-code vs low-code differentiation table may be helpful:

Low-Code or Custom-Code? What’s Good For Your Business?

Businesses with firm plans of upscaling and expansion would generally consider building a versatile app that can be updated with ease and no limits. Secondly, companies might also have to update app design/features as per the user feedback. 

This can precisely be achieved in a custom code application. Although, as mentioned above, low-code applications may appear to save time, effort, and money in the first go; a few months or weeks down the line, you and your users may start discovering the long list of shortcomings.

Save yourself the trouble — consult a reliable custom app development company such as Appinventiv. With qualified resources and years of custom development experience, we create applications that keep our clients and their customers happy.

For instance, for one of our clients, JobGet, we delivered an end-to-end custom application development solution, which resulted in over $2 Million funding for the organization and reduced the job search time for blue collar workers from days to minutes.  

For another client, YouCOMM, we developed a custom multi-request format platform that helped reduce patients’ assistance wait time during emergencies and led to 60% growth in nurses’ real-time response time.

The post Low Code Vs Custom App Development – Which is the Best Bet for Your Business? appeared first on Appinventiv.

But getting fundings for your app is surely not a cakewalk. Hence, you need to find investors for your business. Well, before you pitch your business idea or app concept to investors, make sure to conduct some preliminary research. If your idea looks revolutionary to investors, they’ll surely invest. 

However, apart from the idea, if you present an MVP with minimal features, it will help investors to check and use your product in real-time. Investors will see that you are serious about your product and hence, they will be more likely to invest in it. 

In one of his essays, Paul Graham wrote: “Most app investors decide in the first few minutes whether you seem like a winner or a loser, and once their opinion is set it’s hard to change. Every startup has reasons both to invest and not to invest. If app investors think you’re a winner they focus on the former, and if not they focus on the latter.’’

Thus, the first impression is really important to convince an investor. So, moving forward, let’s discuss the steps to gain the trust of your investors and the types of investors that you may find. 

Types of investors

The market offers a variety of ways to get funded. Depending on your app idea, the amount of funds you need, and the stage you are at, you’ll need to look for investors in different places and pitch your ideas in different ways. 

So, without further ado, let’s dive into the different types of investors you may find.

1. Family and friends: Family and friends are usually the easiest to convince that your app idea is worthy. However, in most cases, your personal connections can sponsor a startup only at the beginning. You can use that money to do market research and build a prototype to show other possible investors. To do more, you need to consider other options as well.

2. Co-founders: The second way is to invite your friends or family members to become a co-founder. When a person is convinced that your idea has enough potential, they are likely to invest in your project. You can also find people outside your connection to co-found your business if you have enough trust in them. 

3. App contests: There are several app contests that take place in different parts of the world. While extremely competitive, these app contests give entrepreneurs a chance to present their idea to investors and convince them to finance your project.

4. Crowdfunding: It is a type of fundraising where collaborative efforts are made via the internet and other networks to raise money. For a successful crowdfunding campaign, you will need to invest time, effort, and probably money in marketing. 

5. Angel investors and venture capitalists: In case you are looking for a serious infusion of money into your mobile startup, it’s angel investors and venture capitalists you should look for. These entities generally offer a large sum of money. 

While angel investors for app development are more often individuals, venture capitalists are usually companies. In order for investors to take interest in your app, you have to make a very compelling argument to prove why your idea is worth the investment. 

[Also Read: How to raise money for mobile app startup?]

Steps to gain the trust of investors for mobile app development

Having just a baseline app idea won’t help as investors want to know that you have really given this idea some thought. They want to see that you have analyzed your competitors and your product has the potential to succeed in the market. 

Below are the key steps that will help gain the trust of investors and raise funds for your creative idea: 

1. Validate your idea: Finding a good idea can be a daunting task. You need to brainstorm ideas that can make a difference and solve customers’ pain points. You can start by working on your area of interest or passion. Once you have an interesting app idea, the next step is to validate your app idea to make sure that it is promising. Investors don’t want to fund an app idea that already exists. 

So, do a thorough research of the market and figure out the competitive landscape of your app’s market. Make sure that your app idea is not just a copy of another company’s offering. You can also consult an app development agency to understand the feasibility of your idea. 

Find the right market: It’s important to understand the competitive landscape of the market. You need to do thorough research on applications in your space to find out what innovative features are they offering to users and how you can stay ahead of them. 

2. Define the market size: When studying the competitive environment, you will get an idea regarding the size of the market you can expect. You must define the target audience and the market share, so that you can present your potential mobile app stakeholders with the real figures of the probable opportunities and risks, which can be expected.

Choose a reliable app development partner: Hiring a reliable app development partner can help turn your idea into reality. Choose a company that has successfully carried out similar projects and delivered analogous products. 

A mobile app development company has a team of expert developers, UI/UX designers, and market specialists that offer competent suggestions and always take your vision into account. 

The company also provides the latest industry expertise and access to the newest technologies. It helps create an app with the latest features and functionalities that will definitely impress investors. So, joining hands with a reputed development partner is the right thing to do if you want your product to get app funding from investors.

3. Know the investment basics: To gain the trust of your potential investors and be persuasive, you should know the basics of running a startup and money-raising yourself. This will help you understand the type of capital to take and the investment stages existing.

4. Figure out revenue strategy: Apart from understanding the basics of investment, you should also work on the strategy to generate revenue. The plain and clear strategy presented to the investors will make them finance your mobile app development more wholeheartedly. So, it’s essential to study the various monetization strategies and be ready to answer the clarification questions about them. 

5. Create MVP:  Minimum Viable Product or MVP is the first version of a product with a basic set of features. It is an effective and affordable way of helping investors understand the working flow of your app. An MVP allows you to understand if your app has the potential to succeed before going to mobile app investors. 

Moreover, MVP provides your potential investors with a physical product that they can see and use in real-time. An investor loves nothing more than a business that already works and whose owners have invested time and their own money into it. 

An MVP offers enormous flexibility so you are able to continue tweaking until you receive the ideal response. For a successful MVP development, you can contact us. Our team of experts will help create an MVP that will look favorable to mobile app investors. 

We recently helped JobGet to create an application that makes the job search process easier for blue-collar workers. From understanding the client’s vision to MVP development, our team of experts helped them to raise funds for their unique application. JobGet has bagged $2.1 million funding to date and more than 1,50,000 job seekers have been placed. 

What are the stages of mobile app funding?

Now that we have seen how to get investors for an app, let’s discuss the various stages of app funding. 

1. Pre-seed: Pre-seed is the stage when your app is just a floating idea and nothing substantial has been done yet. This stage is considered an informal round because most funding comes from friends and family or it’s your own money. Funds raised in this stage are typically used to create a founding team, demos, or MVP, conduct research and collect data, and gain some early traction.

2. Seed stage: It is the second stage of funding where the focus is on the initial growth of your business. In the seed round, your mobile app startup is not yet operational, and you’re still working on improving the product. You’re looking for investments to fund further research, begin testing the product-market fit, and hire a workforce. At this stage, typically angel investors, early-stage venture capitalists, and startup incubators respond.

3. Series A: Reaching this stage of investment means you are on your way to success. At this point, you’ve established the market-product compatibility and have clearly defined the objective of your brand. You start to focus on your business and product growth. Your main focus should be on optimizing your business, marketability, and scalability of your mobile app. At this stage, venture capital firms, “super” angel investors, and family offices are the usual Series-A investors.

4. Series B,C,D, etc: Making to series B and beyond means your product has gained acceptance from users. This stage focuses on improving and adding new features to your product to attract more users. Your brand has a reputation and people are aware of your services. Now you have to take your app from a mobile app startup funding stage to a mid-size business. Funds raised at this stage are used for business acquisitions, going public, partnerships, upgrading branding levels, and engaging with new markets with constant product development and upgradation. 

Now that we have seen how to get funding for an app, let’s see how much funding one needs for an app startup. 

[Also Read: What type of mobile apps will tech investors fund in 2022?]

How much funding do you need for your app startup?

When it comes to how much funding for app startup is required, there isn’t any fixed figure to achieve. The exact number will depend on your app idea, the complexity of the app, the team, and other factors. For instance, a simple MVP with minimal features can cost anywhere from $15,000 to $50,000. A more complex cross-platform app with APIs, on the other hand, can cost anywhere between $50,000 to $200,000. 

But don’t worry, we have already discussed the options to raise money for your startup. However, before going to the app investors, work with your full-cycle app development company to figure out the estimated cost of developing your app, functionalities, and primary purpose of the app. Without any budgetary plans in place, you risk making a monetary miscalculation that can cost you your dream.

If you receive less funding, you won’t be able to even start the app development process. On the other hand, if you receive more funds than you need, you may end up giving away your owner’s share or even your company to mobile app investors.

What to do once your app gets funding?

Once you’ve received funds from investors, what’s next? Well, your work doesn’t stop here. Your app needs continuous improvement and maintenance. Once your app is launched, keep improving your app and take feedback from users and app investors as you grow. As you move through the various stages of funding, your business will receive funds that can be used to add innovative features to the app, improve the design, and scale the business. 

Plus, with the advent of new technologies and updates in OS, your app will surely need to evolve constantly. For this reason, you must hire a capable startup development app development company that can ensure the smooth functioning of your app for a long time.

The post How to get investors for your mobile app startups? appeared first on Appinventiv.

Well!! According to Wikipedia’s information, the first reported fantasy game of baseball league began in Boston in 1960, and from there the journey begins.

Currently, there are many sports fantasy apps like Fanduel, Draftkings, BetMGM, and so on. Fanduel is popular among the masses attracting millions of players to the platform. This online sports betting Fanduel has more than 6 million membership subscriptions and a staff of over 1,000 people.

As we know FanDuel has gained quite a popularity and is a New York-based gaming company that provides daily fantasy sports, sportsbooks, online casino, and online horse race betting products and services. In this blog we will read regarding the cost of development of apps like FanDuel, factors manipulating the development cost, and how do these platforms generate revenue.

As per the reports by Technavio, the fantasy sports market size will grow up to USD 5.38 bn at a CAGR of about 6% during 2021-2025.

Factors Affecting The Cost Of Development

When it comes to developing a real time fantasy sports app, the cost is undoubtedly one of the first considerations. In order to determine the budget for your project, you must first determine the cost of development be it through freelancing or hiring a fantasy sports app development company.

There are four significant aspects that influence the cost of producing a realtime fantasy sports mobile app. 

If you want to know how much does Fanduel cost then you should read the factors given below.

1. Platform

Which platform should I create my mobile app on? This is the thought that comes to your mind when you think of launching an app. When it comes to mobile apps, though, you have two options. You have the option of using Android or iOS. The platform you choose will have a big impact on the price of your project. 

Fanduel is on both Android and iOS platforms and it has been running its fantasy sports service on Amazon Web Services (AWS) for security and administration, and to make sure services run smoothly. The Amazon RDS for Aurora is used by the team for high performance.

Because Android is more compatible with a wider range of devices, developing an app for iOS is regarded to be far less expensive than developing one for Android. As a result, deciding on a platform before engaging an app development partner is critical. However, if you want to cover more territory in terms of customers, you should develop your app for both platforms.

2. Tech Requirements

After you’ve decided on a platform, the next critical consideration is the tech stack. You must be able to answer questions such as:

• Which programming language you wish to use. Or, 
• Which database will you use to store data? 
• You must also decide if you want to develop your software natively or cross-platform.

All of the above questions will help you figure out how much money you’ll need to spend on your mobile app development. It’s a good idea to talk to your development partner first so you can make an informed decision.

3. The Features

Your app’s features will ultimately determine whether it succeeds or fails. As a result, it goes without saying that the functionality your app has will influence the cost of your development project. The price of the course will vary based on the features you choose to include in your tool. If you opt to add high-end features like multiplatform support, expert analysis, live match streaming, multiple payment modes, leader boards, and so on, then the process will be more expensive.

Whatever you choose, there are some things that your real time fantasy sports app simply cannot do without, no matter how much it costs. Here is the guide to developing a fantasy app that provides a detailed description on the features, factors, and what to do.

4. Hiring a Developing Partner

Finally, the cost of bringing your real time fantasy sports app ideas to life will be determined by the app development company you choose. It’s critical to work with a development partner who has the experience, resources, and overall goodwill to assist you in developing an app at a reasonable cost. 

How well-optimized your development process is will influence a large portion of the money you spend. A respectable development partner will help you avoid mistakes, provide you sound advice, and use only the greatest minds and cutting-edge resources to bring your mobile app to life. The cost of your project will also be affected by the location of your developers.

Cost To Develop Fantasy Sports App Like Fanduel

It can be challenging to create a realtime fantasy sports mobile app. Every day, millions of people utilize popular fantasy sports sites and apps like FanDuel and Draftkings, which are changing the sports industry. You’ll need to invest in a high-quality backend and servers to ensure that your app can handle a large quantity of traffic. Furthermore, these platforms necessitate a slick and attractive user experience that is both exciting and simple to use.

The fantasy sports app trend is sweeping the globe, and now is the greatest moment to get into the game by making your own Fantasy app.

Although the thought of developing a Fantasy game app is exciting, the operation for this development can be difficult for businesses, and they must guarantee that the app they are creating can handle a large volume of traffic. Businesses must invest in high-quality backends and servers to do this. Aside from that, these platforms require a user interface that is both easy to use and engaging. As read above, the cost to create an app like fanduel depends on various factors.

If you want to construct a sports app with simple features and for a single platform, the projected cost to create a sport apps like Fanduel can start from $7000. However, if you want to make an app with extensive features and for more than one platform, then the prices can go upto $50000.

How Do Fantasy Apps Generate Revenue?

Different monetization techniques are used by fantasy sports apps for making money on Fanduel. If you are thinking about how to make money on fanduel then you should know that an app can use a combination of one or two of them, or it can use all of them at the same time. With that in mind, let’s look at how to make money on fanduel.

Also according to some reports, the global market size of Fantasy Sports is expected to reach USD 43,370 million by the end of 2026, with a CAGR of 13.2% during 2021-2026.

Fees for participation: One of the main ways most fantasy sports apps make money is by taking a tiny cut of the buy-in cost. You can set a percentage of the total cash you’ll deduct on each buy-in.

Advertisement: As your platform grows in popularity, making money on Fanduel mobile app is easy as you’ll be able to sell advertising space on it to brands and businesses. Sports-related brands and leagues are always on the search for platforms that have a high level of fan involvement.

User engagement models: Both fantasy sports app like FanDuel and Draftkings allow users to participate in daily or weekly contests. This results in higher user engagement and revenue.

Frequently Asked Questions

Q1. How much does fanduel cost?

Ans. The cost to create a sport apps like Fanduel can start from $7000. The cost for fanduel mobile sports betting app with extensive features that too for more than one platform, can go upto $50000.

Q2. How to create a fantasy sports algorithm?

Ans. As the daily fantasy sports game is growing, so is the competition and thus use of algorithms. You can create fantasy sport using algorithms like:

• Algorithm for developing, managing, and calculating game points based on live games data coming from data feed provider.
• Algorithm for building the ideal team for the daily contests.
• Algorithm for making a prize pool for contests based on several factors such as entry fees, contest complexity, number of participants, so on.

The Ending Note

Once you’ve sat down to draw out a plan for your mobile app, you’ll be faced with a slew of questions. One of the issues that will undoubtedly concern you is the cost of development. There isn’t a definitive answer to this question but we have provided you with the possible solutions and factors affecting it.

The fantasy sports app development company that you choose is critical for the success of your fantasy sports platform. Appinventiv is a digital transformation firm that has a track record of assisting brands in the establishment of successful platforms.

The post How Much Would It Cost To Develop A Fantasy Sports App Like Fanduel? appeared first on Appinventiv.

Sports betting is currently the fastest growing sector in the global gaming industry. As per Statista, it is expected to account for a huge market share of $92.9 billion by 2023, with a CAGR of 6.9%. While it seems clear that the coronavirus (COVID-19) pandemic (global pandemic) is blocking the demand for gambling, sports betting continues to thrive thanks to the creation of new and convenient online sports betting apps programs.

Finally, with the legalization of sports and mobile betting apps, there are several best sports gambling apps that are making their way to the market.

Sports Betting Popularity

As per Dave Finn, who directs the Draft Kings account for Taylor in New York, ‘Sports betting is very popular and New Jersey is ahead of Mega in revenue,’ referring to Megabet, the UK’s most famous sports betting company.

Sports betting has become a huge industry. According to Legal Sports Report, in October 2019, Americans spent more than $12 billion in legal sports betting. Of that amount, $858 million was used for sports betting, whereas the state kept $103 million.

As per a report by Technavio, the sports betting market size will grow up to USD 106.25 billion at a CAGR of 9.70% during 2021-2025.

What To Look for in Sports Betting Apps?

Choosing the best real money betting app is not easy. There are many suppliers that offer different levels of quality, safety, and service. It will take time to get to the full ranking, but let’s take a quick look at what we think is the most important. Here are four factors that go into finding the best sports betting apps for real cash bets. 

Safety and security

Ensuring that secure sports applications are used is critical to the quality of your gaming experience. You need to have peace of mind to know that your money is safe, your bets will be fulfilled, and you will not take advantage of opportunities by putting yourself at risk. Security and safety are two of the most important criteria we always look at when creating and updating our list of recommended best sports gambling apps.

Rewards

In the event that you have two gaming applications one next to the other and they’re similar in each sense, with the exception of one gives you free cash for betting, where are you going to take your action? You should snatch that free cash! Search for huge rewards that sportsbook apps offer and are easy to clear, accessible to bettors, and cover several (if not all) sports.

Banking options

Apps for online sports betting are useless if a money transfer is difficult. You must be able to deposit funds immediately and withdraw funds at least a few hours or days later. The leading best sports betting app development for iPhone and Android offers secure and high-quality banking options.

Benefits of Mobile Sports Betting Apps

Online sports betting mobile apps have a number of advantages. Draftkings and Fanduel are the apps that have transformed the industry in a great way. Here are some of the main benefits that mobile apps offer: 

Convenience 

One of the main reasons people use their smartphones to bet is convenience. Mobile phones do not require a lot of parts to operate, they are lightweight, can be carried anywhere, and are available worldwide. This not only changes the betting experience but also allows users to place bets on the go. 

User experience

There is no doubt that all sports betting platforms are very responsive. All sports betting platforms are designed to be compatible with a variety of devices. Responsive websites get the job done, but they don’t provide the desired betting or user experience. As a result, various sports betting platforms have moved to mobile online betting apps, providing users with the industry’s best gaming experience. That’s the reason why people are getting started with fantasy sports app.

Access to diverse games

What’s the best thing about various smartphones with gaming access? It provides a great gaming experience even on small screens. It gives players access to a wide variety of virtual games, slots, esports, professional sports, casinos, and more, so you can choose the sport that best suits your betting style. 

24/7 Access

The best sport betting apps give you access to a variety of betting markets so you can bet anywhere, anytime. With high-speed internet connection providing ideal bets, different bet types provide more convenient betting conditions and more. Smartphones allow users to access the betting platform 24 hours a day, 7 days a week.

More privacy

Many people want to explore the betting markets, but privacy concerns prevent them from visiting the betting markets and exploring options. Mobile gambling apps allow you to research the betting markets, the types of bets, the sports you can bet on, and more while protecting your privacy. 

Practice and free play

Various best online betting apps allow players to practice and hone their betting skills by offering free and low-cost practice games. This allows players to try out new games, bet types, betting markets, and more without any financial commitment.

Mobile bonus

There is mobile sports betting that has been around for a long time. There are several professional gamblers who turn to mobile sports betting apps. Almost all mobile sports betting apps offer subscription bonuses for downloads and mobile sports betting to make all sports betting stand out and clean up the clutter. It not only allows a large number of users to take download the app, but it also renders easy access and provides a great user experience.

Popular Types Of Sports Betting Apps

Crypto Sports Betting 

If you are looking for higher bonuses with easy withdrawal options, cryptocurrency betting is your best bet. These sports betting, which is mostly based on bitcoin and altcoins, is very popular these days.

Straight Bets

This is the most popular among sports fans, especially when it comes to sports such as football and basketball. It’s very simple, and app developers do a good job of it.

Point Spreads

Bets are placed on the player covering the spread and not on the player or team. Due to this, it is widely famous in the USA for football along with other sports too.

Total Line Bets

This bet offers an alternative way to place bets on your soccer and basketball teams. It is determined by the sum of the points of the two groups.

Moneyline

In money line bets you only bet on who wins and gets the higher or lower price, depending on whether the winner is the favorite or the loser. For example, if you bet $ 470 on your likes, you get $ 100, but if you bet $100 on your likes, you get $ 250 if you win.

Teasers 

A teaser is a parlay bet variation that offers small prizes for big changes in the distribution of points in your favor. In this, basketball, and soccer games programs get the most out of the additional teaser betting options. 

Prop bets 

The best sports betting apps are looking for ways to attract users who have never bet before. Prop Betting is a fun and easy betting app that are beginner-friendly. In this type of sports software solutions, bets are made on event details that do not require knowledge of the team you are playing on. For example, if the cart number in a racing game is greater than 9, then which side wins the reels?

Head-to-head bets

Head-to-head bets are one aspect of the money line in which you place your bet on a winner. For example, in cars or horse races.

Parlays 

Parley, also known as stack bets, combines multiple bets into one bet. The more bets are added to the pool, the higher the probability of winning. However, if you lose one of your bets, you will lose your entire bet.

Best Sports Betting Mobile Apps in 2021

When you visit the Play Store or App Store, you can come across a variety of mobile sports betting apps that are known to offer the best betting experience. With the advent of various mobile betting apps and mobile sports betting sites, it can be difficult to choose the one that suits your needs. 

That’s why we’ve compiled our list of the best mobile sports betting for 2021. This way you will be able to download the app and get the best betting experience possible. Some of these apps accept new laws and offer new deals for clients to get started.

Bet365

One of the most popular and trusted mobile bookmakers is bet365. The platform provides users with access to approximately 140,000 events that take place annually and offers live streaming options for major sports such as tennis, football, basketball, Irish horse racing, live games, and many other sports for partial and automatic cash distribution.

The app also provides safe transportation for betting players, access to major events, easy UI navigation, and access to games like poker and casinos. Apps can be downloaded from Google Play Store and App Store.

William Hill

William Hill is ranked second in online mobile betting and best soccer betting app. The app provides users with state-of-the-art scoreboards for a variety of sports such as boxing, soccer, and table tennis, as well as options to enhance their betting experience. The app also includes various features such as in-game updates, race acceleration, cash income, partial cash income, flash capabilities, and more. This app is also available on both Google Play Store and App Store.

Betfair

If you want to expand your experience and place bets on a wide range of sporting and non-sporting events, Betfair is the app for you. Betfair allows you to place bets on horse racing, tennis, dog racing, cricket, boxing, golf, rugby, political racing, and elections. The app has features such as race notifications, live streaming, two-touch race betting, notifications, in-game betting, all aspects of advantage, equality in multiplayer games, and best major league odds. This app is available in the Play Store and App Store. 

BetVictor

BetVictor offers a betting product that allows you to create your own markets and add different options to place your own bets. The app offers live streams with real-time updates, as well as payouts for various sports such as live betting, soccer, and horse racing. The app also provides access to the casino and offers a wide variety of sportsbook betting. BetVictor is available on both Google Play Store and App Store. 

PaddyPower

Paddy Power‘s user-friendly interface makes it easy to navigate and find your favorite games. This app gives you access to the live casino lobby and access to various casino games such as Roulette, Blackjack, Giant Grizzly, Blue Wizard, Spinwin, Quantum Roulette, Age of God Collection, and many more. The app includes a quick registration and deposit process that can be launched in less than 5 minutes and also supports a free play mode.

Want To Get Started?

Mobile betting trends are usually a good way to predict what will happen in the game you want to bet on.

All market research reveals one thing behind the continued popularity of sports betting- the online and digital revolution. Colossal growth in sports betting is expected, mainly due to the global spread of the internet and the investment of professional bookmakers in digital platforms to meet the demand for online sports betting.

The gaming industry market is highly competitive because it is very profitable and the future of sports industry is bright.

Entering this space requires a dedicated sports app development team of professionals who understand the nature of such projects and offer high quality solutions.

The post How Mobile Apps Are Changing Sports Betting? appeared first on Appinventiv.

Same goes when you are the provider and the user has found your site through a Google search, then you should be aware about what they will be looking for?

Individuals presently access data at the touch of a screen and all you require to think about an item or brand is attainable in a couple of seconds. Purchasers don’t require a personal computer to explore the website, as more than 61% visit to the U.S. sites in 2020 came from smartphones. Ease of access and use are the main reasons why number of smartphone users are increasing day by day.

The reason why people are asking for mobile apps are because of the below stats:

• As per Statista, revenue generated from mobile apps is expected to reach 935 billion US dollars.
  
• According to Globe News Wire, the Global Mobile Apps Market 2021-2025, the analyst has been monitoring the mobile apps market and it is poised to grow by $ 653. 91 billion during 2021-2025 progressing at a CAGR of 21% during the forecast period.
  
• As per Data Reportal, more than two-thirds of the world has a mobile phone, with smartphones accounting for almost 4 in 5 of all the mobile handsets in use today.
  

• According to GSMA Intelligence, the global number of reachable RCS users will total 2.7 billion by the end of 2023, or 50% of the mobile base. 

Reading the above data, when we talk about loyalty then, it is really high on a mobile device than a desktop when we investigate our worldwide publisher information. One of the reasons to answer how to make a website an app?

Below in the image you can see that a mobile user shows more faithfulness and loyalty than a desktop user. This doesn’t mean that the desktop traffic is disappearing, it’s simply tied to a solitary spot (e.g., work or home), while your mobile device moves with you the entire day and helps you with the process through its easy UI UX Design.

How To Make A Website An App?

Ensure you need a mobile app

It is imperative for you to take note of the fact that not every site needs to create mobile app from website. For example if your site is responsive and performs well on a mobile device, then you may not require an application to further improve your customer experience by converting website to web application. All things considered, a mobile application just might be additional work that probably won’t pay off if more individuals are inclined toward your site over your mobile application.

List of features for your app

Before you jump recklessly into application development, think about what components you’ll include for your mobile application. In addition to the fact that this gives you a thought of what you’ll require to develop, however it will assist you with ascertaining expenses and stay within budget plan.

All things considered, it’s not difficult to get out of hand contemplating every one of the potential capacities and functions your application can perform. Thus, by thinking of a checked list of components, like UX, consistency, navigation, and so on, you’ll make an achievable vision for your application and guarantee all of its elements are helpful for your users and audience — as opposed to simply being a flashy extra.

Hire a freelancer

In the event that you have a low-spending plan and need to foster a small app, you can take help of a Freelancer. However, assuming you need to build a complex app, you need a group because freelancers won’t be able to deal with the whole undertaking adequately.

To convert website to mobile friendly app, you’ll need to work with a certified and experienced team. Nowadays, there are two choices — enlist an in-house group or collaborate with a reliable merchant.

Freelancing will in general be the less expensive alternative for website to mobile app conversion since developers can be recruited from different places and every one will probably have a unique rate. The drawback of this is that you won’t be able to supervise each part of development and you need to believe that you’ve recruited the right individuals to do the work.

Hire an app development agency

Assuming you need to convert a rich and dependable website to mobile application, you can recruit mobile application development company in USA

Organizations of various sizes and industries freelance their work to a mobile app development company as it is more reliable and secure than a consultant.

Both the variants including, freelancing and mobile app development company have ups and downs. For instance, an in-house group will in general be more costly. You’ll have to pay for things like lease, equipment, software, taxes, get-aways, and some more. Nonetheless, in-house development permits you to control the development interaction totally and make an application that is custom-made to your accurate details.

Use an app builder

Suppose you need to convert website to android app then at that point you can go with an application builder. In any case, you can’t make any small, medium, or high-scale application utilizing a developer. For the equivalent, you require an application development agency and app development services.

An application development is a stage that permits anybody to turn website into app without having coding experience. They give a simplified drag and drop component through which you can construct an application successfully.

Create a user-friendly UX design

Beside the essential usefulness of your application, your UX configuration is the main factor to focus on when assembling your interface or when considering converting a website to an app. All things considered, why bother building a portable application in case it’s not as responsive as your site? Here a great UI UX importance in app development plays a role.

Test your app

With any presentation page, online media post, or email campaign, you should test your application prior to submitting it to the application store. This will permit you to calibrate your application’s components and fix any errors or defects before your clients find them.

This will not only assist you with holding users who may have erased your application subsequent to encountering these issues, yet it will likewise save the group’s time from reacting to clients who are having issues with your mobile application. Regardless of whether you can’t fix the entirety of the blemishes prior to pushing it live, basically you’ll know about likely issues and can prepare your service group before they’re presented to these kinds of requests.

Submit your app to the app store

Once your application is all set and you have successfully converted website to an app, the last step is to submit it to the App Store. Both Android’s App Store and Apple’s App Store take a similar measure of time to survey your submission — each requiring around three days all to support your application. After your application is endorsed, it ought to be accessible for download in the respective application store.

Conclusion

A popular app would work productively paying little heed to stage type. It should offer worth, provide solution, cost of development, and comfort, to users. This load of characteristics consolidated together will guarantee that your application is a productive channel for your business.

Creating such an app requires extremely amazing discipline. There’s no way you can leave the application and it will keep working impeccably. Nonetheless, this obligation comes not just when you make website into an app. 

The post How to Convert Your Website Into a User-Friendly Mobile App? appeared first on Appinventiv.

Like every other business, the journey in the legal cannabis business can be fun, invigorating, and yet somewhat overpowering. Thus, following a couple of tips to make the initial steps can help to make a solid establishment and set up a successful business.

The legalization of medical and recreational and marijuana in specific states has provided cannabis business opportunities in the market for bold entrepreneurs and visionaries.

You are not the only one wondering how to legally start a cannabis business? Or how to start a marijuana business? Or how to get into the cannabis industry? So to answer this we have provided you with brief points regarding what steps you should take and what to consider to get your business up and running.

But, before we dive into the details and a complete procedure, let’s just address some cannabis facts:

According to the Market Study Report, the Global Cannabis market is valued at approximately USD 20.6 billion in 2020 and is anticipated to grow with a growth rate of more than 28.5 % over the forecast period 2020-2027.

As per some reports by Glassdoor, cannabis jobs pay higher than U.S. median salary.  The average salary in the cannabis industry amounts to $58,511. In comparison, the average salary in the US is $52,863 per year.

Few reports state that, according to the New Frontier Data, a cannabis market-research and data-analysis firm, estimates that the US cannabis industry employs at least 250,000 people.

The U.S. cannabis industry is now projected to be worth $100 billion USD by 2030.

Starting A Cannabis Business Isn’t About Growing Plants And Enjoying Life!

 Although Cannabis has been legalized in some states, it is still illegal in many other states; which makes it illicit to consume at the licensed facilities. Also, if you are growing marijuana, then you know how it requires all the licenses, charges, taxes, financing, and a lot of paperwork (unless someone is doing it illegally!!).

Apart from the paperwork, taxes, and all, having a successful and effective legal cannabis business additionally needs modern and updated legal skills. Many organizations don’t simply hold expert legal counsel for guidance, but they additionally retain full-time ‘compliance officials’ to stay aware of the changing laws.

You should know before starting a business that cannabis is regulated more rigorously and strictly than liquor and tobacco.

How To Get Into The Legal Cannabis Industry?

Research and come up with ideas

When you’re thinking of starting a business in any industry, then you should make sure to have a distinctive idea that is crucial to start upon.

In the case of a legal cannabis company or a marijuana startup business, here you have to first decide which sector of the legal marijuana business you want to explore and bring into action. Normally, when thinking about the type of weed business, dispensaries and growing (production) operations come to mind.

Now that you have ideas and are thinking of taking one for your business, it’s time for you to research the legalities of the industry and market.

The legal field is a decent area to begin your research. For example you can:

• Research your state’s laws for utilising and consuming marijuana and start a legal cannabis business.
• Familiarize yourself with cannabis laws.
• Then discover the licenses and permits that you require.
• Can also scale cannabis app business.

Next step is to understand financing options and consider how the business will deal with its funds. Limitations like not getting enough funds or refusal of deposits from a legal cannabis company, or difficulty in getting loans from an insured bank, make it hard to launch a cannabis business. Prior to bringing resources into your venture, it is better to understand and know where you’re getting into.

Understand regulatory and legal requirements

The new sanctioning of cannabis in many states has been an amazing advance towards commercializing the legal cannabis industry. However, the terms of legalization, particularly the regulatory standards for various cannabis organizations, differ under various jurisdictions.

The shortfall of government regulatory compliance demonstrates that you need to remember and keep in mind the regional laws while beginning a weed business.

Search and explore the regulatory policies thoroughly for your preferred cannabis business startup in the local neighborhood, where you want to set up the business. Cannabis laws are unpredictable now, and henceforth ensure you are up to date on the most recent policies.

For new entrepreneurs, taking the easy way out while complying with the laws in the cannabis startup business could assist in building up a successful business. It is better to search for portions that have less regulatory prerequisites. 

Create a business strategy

Thinking about the venture idea and strategy are two different things. Strategy to start a medical marijuana business will help you to achieve your goals. Having a strategy may include:

• A Description about the company: In this explain what your business is into and who it serves. Make sure to also add the competitive advantage that your business will have.
  
• Market investigation: One of the ways to calculate strategy is analysing the market needs and asking questions. What pain-point your business will solve while serving the clients and customers? Are there any trends that your business is hoping to benefit from?
  
• Organization and management: Select a legitimate structure for your business. Make sure that you have everything on papers and everyone is aware about the laws. Also make use of the modern technologies to fuel your cannabis business.
  
• Sales and Marketing: Making a pitch is a deal when it comes to sales and marketing. As this pitch decides your customers and characterizes the deal. Make sure you know who your customers are.
  
• Delivery: You need to brainstorm on how to deliver the products in your state and when required in other states. For that you need to understand the laws of other state as well where the delivery needs to take place. You can also start a cannabis delivery business side by side, to reach maximum potential customers.

In case you’re into a business strategy to look for financing, then incorporate a funding request section. Here, you can depict how much financing you’ll require, and how you’ll utilize the capital. In short, Be transparent.

Register your business name and entity

Since marijuana isn’t legalized federally, retail sales from dispensaries are or will be allowed in all states where the drug is legal except for in one state: Vermont in U.S.

Due to non-acceptance of the cannabis market at the national level in the U.S. the cannabis startup business will probably be local and on a limited scale. Don’t get discouraged as you still need to pick a business substance that is ideal for you.

The business entity chosen by you will affect the taxes you pay and the degree of risk you’re open to. You may be inclining toward starting your business as a limited liability company (LLC), or perhaps a company. Both the entities can protect owners from individual obligation or liability. However, there are some key contrasts with regards to an LLC versus corporation.

You will be required to pick a name for your cannabis business startup. The procedure for picking a business name will be specific to your state, however by and large, you’ll need to take out a pursuit to make sure the name you need is accessible, and afterward there will be a little fee related to holding the name for a set measure of time. Nail down both of these things before you attempt and register your marijuana startup business, as you’ll require this data to do so.

Attain permits and licenses

Though marijuana organizations are not federally legalized, yet most licenses and enlistments needed for your organization should be gained from state bodies.

Subsequent to sorting out a business idea, strategy, and financing, the next initial step is to plan for the different legal enrollment needed to start a legal cannabis business. Start by enrolling your organization name and the kind of business you will be doing, as the latter influences your tax liabilities.

Since, every state has its own set of guidelines for starting a cannabis business, thus, you need to do a thorough research on licenses, enrollments, grants needed to open the business. The most ideal approach to ensure you have covered all the legitimate necessities is to rope in a legal advisor or association to assist you with getting all the documents and reports.

Make a point to finish general documentation other than marijuana related enlistments, for example, tax enrollments. When you have all the proper documentation prepared for your business, you are good to go to begin your business.

Raise funds to grow

Finance is the main factor in setting up any business. There is a requirement for adequate funds to begin and run a cannabis business, whether it be from authorizing expenses to operational costs.

At the same time, finance can be perhaps the greatest obstacle for growing entrepreneurs. The explanation for this is that unlike normal organizations, financial institutions, such as banks, don’t offer credits for new establishments especially in the cannabis section.

The quick development in the industry has supported a ton of interest from capitalists and other different financial investors hoping to investigate open doors in the area. You can exploit this cannabis business opportunity to give a great business strategy to raise the essential funds.

Also To develop an app like ‘Eaze’ (a cannabis delivery app), make sure you know the cost for development of such apps like where to invest and what to look out for?

Be genuine and make a sensible monetary projection taking care of multitude of expenses, including overheads and huge contingencies, to secure funds from interested individuals. Ensure you have sufficient funds and backup to endure till your business turns productive.

Parting Thoughts

Establishing a legal marijuana business can be a challenging task. Yet, with the right assets and efforts, the degree for development and achievement is vast. You just have to be careful and ensure to keep in mind the legal parts of operation in the cannabis area before taking any step in this developing industry. 

In case you are thinking about building a business with cannabis through websites or using custom healthcare software development company apps, then schedule a free call with our expert healthcare app developers. You can also clear your doubts with a reputed healthcare app development company in USA like ours.

The post How to Successfully Launch a Legal Cannabis Business appeared first on Appinventiv.

The individual’s increasing interest in fantasy sports is a strong sign that fantasy sports apps like Fanduel and DraftKings will be the next big thing. Several big businesses are looking forward to investing in projects that can meet the increasing demand for fantasy sports.

So if you are searching for an idea for a mobile app, then developing the emerging sports betting app can be the ideal pick.

Just like our previous articles on mobile gaming changing the industry, this article will discuss fantasy sports applications and the two most popular fantasy sports platforms that seem to have taken over the sports world, Fanduel and DraftKings. 

What Are Fantasy Sports Apps and Why They Are So Popular?

Fantasy sports market apps are just like any gaming apps such as e-sports. Here the participants create virtual teams that comprise real players. The teams that users make on the fantasy sports apps then compete based on the players’ statistical performances in the actual games. 

The way a player performs on the actual field gets converted into points, which are then summed together to make final points. Users can also trade players to boost the statistics in the league.  

Fantasy sports market apps such as FanDuel and DraftKings have allowed users to participate in short-term fantasy sports on a far larger scale than ever before. Engaging in the game at any time of day or night has made them more popular. 

The framework eliminates the possibility of selecting a terrible squad and being stuck with players for the entire season. For die-hard followers of the game, it’s a chance to relive the whole season every day. In one-day fantasy football leagues, FanDuel, and DraftKings are the market leaders. 

To develop fantasy sports app, one has to be careful as users compete for real money in leagues that begin with $1 as an investment. There are no related subscription fees, allowing both services to develop at a rapid pace. 

This has also increased the emergence of fantasy sports software development company and fantasy sports app developers to fulfill the market needs and Develop fantasy sports mobile app.

Online fantasy sports platforms are popular among the masses because of several other factors such as:

• Fantasy sports applications allow participants to play in real-time.
• The competition is based upon the player’s actual performance on the field and hence is always fair.
  
• Users get a chance to showcase their love and enthusiasm for sports. Also, such fantasy game apps have kept people pretty motivated and engaged amidst the pandemic.
  
• While playing a league, people get to meet like-minded people from across the globe and make friends for a lifetime.
  
• Playing a league is always a thrilling experience for the users; whether you lose the game or win one, the intense competition will keep you hooked.
  
• Well, the best thing about fantasy game apps is that they are rewarding. You may earn some cash if your team performs well or wins the game.

What Are FanDuel and DraftKings Platforms?

FanDuel

FanDuel was established in 2009 and is one of the most popular fantasy sports sites in the United States. FanDuel is based in New York and has over 1,000 employees. The app has more than 6 million registered users to date, and the numbers are continuously increasing. The company is owned by Flutter Entertainment and received several rounds of funding from the biggest investors.

FanDuel provides fantasy sports and betting in the below shown segments:

• NBA
• CFB
• Golf
• NFL
• NHL
• MLB
• Soccer
• Tennis
• WNBA
• CBB
• NASCAR

DraftKings

DraftKings is the USA’s largest fantasy sports service. The firm was founded in 2012 in Boston and employed more than 850 people across eight nations. Till now, the firm has raised more than $895 million and is still surpassing its profit records.

DraftKings focuses on sports segments such as:

• NHL 
• MLB
• NBA
• NFL
• PGA
• premier League
• UEFA Champions League Soccer
• NASCAR Auto Racing
• Mixed Martial Arts (MMA)
• Canadian Football League
• XFL

FanDuel and DraftKings Revolutionizing the Sports World!

Acquisitions are significant to the fantasy sports business, just as they are in any other sector. Paddy Power Betfair, currently known as Flutter Entertainment, bought FanDuel in mid-2018. FanDuel is a subsidiary of the parent business in the United States. 

The acquisitions of FanDuel heralded an exciting future for daily fantasy sports.

Former FanDuel CEO Nigel Eccles claimed that the firm’s objective shifted from being just a fantasy sports company to making sports more entertaining through a tech-based approach. 

Both FanDuel and DraftKings attempted to merge into a single organisation. 

Still, the merger was called off when the Federal Trade Commission (FTC) claimed the new firm would create a monopoly with a combined 90 percent of the US DFS industry.

As per the Arizton report, the application-based fantasy sports market share is expected to grow at a CAGR of 14%, recording a growth of over 119% from 2020 to 2026.

The same report also states that the female segment is likely to witness an incremental growth of USD 255 million in North America due to the increasing awareness of fantasy sports among females through social media.

As per the Businesswire report, the Fantasy Sports and Gaming Association states that over 59 million people are engaged in fantasy games across the U.S. and Canada. It also states that 20 million people are playing fantasy games across India and the figure is estimated to reach 150 million by 2022.

You can clearly see the revolution in the sports industry through these stats.

How Do These Apps Generate Revenue?

Fantasy sports software solution applications can operate on several different monetisation models. An app can have a combination of two or more other models. Let us explore the various fantasy sports app revenue models:

Participation fees

One of the primary ways most fantasy sports apps earn an income is by taking a small percentage of the buy-in price. You can choose a predetermined portion of the money deducted from each buy-in.

Advertisement 

If your platform becomes famous enough, you will offer it to brands and businesses for marketing. Sports-related leagues and enterprises are always on the hunt for venues with a high level of interaction among sports enthusiasts.

User engagement models 

Both DraftKings and FanDuel allow their consumers to participate in daily or weekly contests. This increases user engagement and income.

The Endnote

Fantasy sports app development is a massive, lucrative industry that generates millions of dollars in income each year for businesses like FanDuel and DraftKings, which comes from fees, advertising, and partnerships. Although digital fantasy sports are not considered gambling, Developing a fantasy game app and then making it legal in the US states is a challenging task.

With many individuals playing fantasy sports at an alarming rate, fantasy sports app development services might be a lucrative business option to pursue. However, with so many such apps on the market, finding the appropriate mobile app development firm is essential.

The post How are Apps Like Draftkings & Fan Duel Changing the Sports Industry? appeared first on Appinventiv.

Those were the times when people used to work out from home watching all those tapes and following instructions.

Earlier if you met somebody before Covid-19 struck and asked them (excluding gym freaks!!) about healthy living and their views on it, odds are you probably won’t get a convincing explanation on why they should remain active. But after the arrival of the stay-at-home lifestyle, individuals got motivation to displace their stationary way of life with more blood-pumping activities.

This flood to get fit and live a healthy life resulted in individuals having digitized their routine through use of ARs in exercising, use of mobile apps, and exercise video recordings via social channels, such as Youtube, Facebook, and Instagram stories.

The last couple of years has made individuals throughout the world to become self-aware about the significance of wellbeing and health. To place things into a certain point of view, wellness industry statistics are by and large depicted as a method to be followed to accomplish top mental health and physical prosperity. 

Here are some wellness industry statistics to understand why the future for this market is bright and what trends in the wellness industry can be adopted.

Health and Wellness Stats and Facts

1. The wellness industry is valued at $4.5 trillion

According to research by the Global Wellness Institute, the wellness industry is valued at $4.5 trillion and is continuing to grow at a historic rate.

2. Global wellness forecast by PwC

The report by Global Wellness Institute states that the physical activity economy will exceed $1.1 trillion by 2023. The report also states that Asia-Pacific will overtake North America as the largest market, with 40% of global growth through 2023. Mindful movement will be the #1 growth sector (12 percent annually from 2018–2023), taking a jump from $29 billion to $52 billion market.

3. Health and wellness market value is said to grow by USD 1,299.84 billion during 2020-2024.

As per the Health and Wellness Market by Product and Geography – Forecast and Analysis 2020-2024, the health and wellness market size is expected to grow by USD 1,299.84 billion with a CAGR of 6.37% during 2020-2024.

4. Global Digital Health Market Size Will Grow to USD 220.94 Billion by 2026

According to the recent analysis research report; the Global Digital Wellness Market size in 2019 was approximately USD 84.08 Billion. The market is expected to grow at a CAGR of 14.8% and is anticipated to reach around USD 220.94 Billion by 2026. 

5. The PwC report wearable device has determined the wellness wearables market to reach $27 billion by 2022.

This massive growth is based on the expectations of the consumers regarding their wearable devices.

According to the PwC report, 70% health-conscious consumers want their wearable devices to help them live longer, 63% want to maintain a healthy weight, and 62% want to reduce their health insurance premium. 

6. Workplace wellness market is projected to grow to $66 billion by 2022

According to the Global Wellness Institute estimate, only 10% of the world’s employees have access to workplace wellness programs and services, that too mostly from North America and Europe. Workplace wellness in 2017 had a $48 billion market, which in 2022 is projected to grow to $66 billion.  

7. Wearable device sales with $24 billion+ market by 2022

According to CCS Insight, worldwide smart wearable device sales to double between 2020 and 2025 to 388 million. The report also states that over 1.2 billion devices will be used by the end of 2025, with yearly sales approaching 400 million units in the year.

The report also states that of the 258 million smartwatches that will be sold in 2025, about 40% will feature cellular connectivity.

8. Global Wellness Market estimated to be more than $1.5 trillion

According to Mckinsey, the global wellness market is estimated to be more than $1.5 trillion, with annual growth of 5% to 10%.

The research was based on noticing the consumer interest and purchasing power as spending on personal wellness is rebounding after stagnating during the COVID-19 crisis. Currently the wellness market is increasingly getting crowded, being strategic about where and how companies compete.

9. The wellness tourism is projected to reach US$1.2 Trillion by 2027

According to Business Wire, the global market for Wellness Tourism is projected to reach US$1.2 Trillion by 2027, growing at a CAGR of 6.6% over the period 2020-2027.

The Wellness Tourism market in the U.S. was estimated at US$212.7 Billion for 2020. Currently the U.S. accounts for a 28.9% share in the global market. Apart from U.S., China is forecast to reach an estimated market size of US$220 Billion by the year 2027 with a CAGR of 10.5%.

10. Health and Wellness Market Revenue will reach $6033196 Million in 2025

The Health and Wellness market revenue was 4428174 Million USD in 2019, and the wellness industry future will reach 6033196 Million USD in 2025, with a wellness industry growth rate of CAGR of 5.29% during 2020-2025.

This wellness market report is dedicated to providing niche markets, potential risks, opportunities, and strategy analysis in different fields to focus on.

11.  Revenue in meditation apps segment is projected to reach US $5,008.93m in 2021

One of the interesting statistics for meditation app is the revenue. As per Statista reports, the revenue of meditation apps is expected to show an annual growth rate of 18.61%, resulting in a projected market volume of US $9,914.80m by 2025. The average revenue per user is expected to reach US $41.94.

Is The Wellness Market Growing?

With these stats and increasing consciousness on health there is no doubt that the future of health and wellness industry growth is rising with the way consumers approach their physical, emotional, and spiritual wellbeing.

With the positive and growing predictions for the wellness industry, there is a vast degree of scope for organizations to make the most of the forecast and upcoming wellness market trends. 

Sooner, the health industry worldwide will observe new health and wellness business trends, driven by consumer interest and demand along with development from the main players in the market. Opportunities present in business are to be discovered across various segments including the one in luxury spas, fashion, and wellness tourism.

From the development of applications by wellness software development company which will personalize the experience for consumers, to utilizing technologies like AI, AR, there will be an emphasis on giving the customers an exciting experience. 

Simultaneously, the profile of service providers in the health area is also observing a huge change. Along with the established chains, there has been an expansion of new businesses or startups which are enjoying some real success on the flood of the growing interest among the customers. With celebrities joining the bandwagon, by promoting and collaborating with the health and wellness brands, there appears to be a great chance for value creation.

Wellness Defined By Customers

According to Mckinsey research, their Future of Wellness survey released the categories that interest consumers the most. Categories are:

• Better health
• Better fitness
• Better nutrition
• Better appearance
• Better sleep
• Better mindfulness

Wrapping Up

These were some of the health and wellness stats mentioned that tell how the wellness industry’s future is changing with time. Now that we have encountered the facts and predictive future reports, all we need to do is look out for the wellness industry trends that will stick around making an impact.

There is no doubt that the health and wellness industry has increased the customer’s attention and interest. We need to keep a tab on the future of the health and wellness industry.

Fitness apps along with meditation apps and health related apps have become quite popular. Thus, if you are looking for any expert advice, then connect with the top Wellness & Fitness app development company experts for great advice. You can also consider our wellness app developers for your app idea.

The post Future Of Wellness Market In 2021 And Beyond! appeared first on Appinventiv.

Is it legal?

Well!! This is the first response of most people when they hear this word. Right?

We all know what cannabis is and how it is used for health and wellness. But what we are missing is the use of technology in the cannabis industry and its growing market.

So here we will talk about the ways through which technology in cannabis industry 2021 is making an impact.

Let’s Start!

Generally, the innovation in the cannabis technology industry has been slow and tricky due to its ban in most of the countries.

The legalization of cannabis by many nations and currently by the US for recreational use has opened up new spaces for development by permitting more individuals to take an interest. As more individuals embrace cannabis because of its therapeutic impacts, cannabis organizations are adjusting to the trend by streamlining operations utilizing state of the art tech advancements and bringing cannabis business online.

The last decade has seen innovative breakthroughs by leaps and bounds that will change how we develop, grow, and use cannabis.

One thing that is pushing this industry upwards is a rise in cannabis technology, which serves better harvests, associates customers and marijuana businesses, guarantees quality safety guidelines, and offers a wide range of choices for cannabis consumption.

Today, we can see that there are not just a pile of farming and security technologies used for growing cannabis, but additionally there are different tools, from dispensary robots to APIs- to assist with selling cannabis in a manner that is advantageous, convenient, and compliant with the guidelines and regulations.

Market and Sale Stats for Cannabis Industry

A report by Grand View Research states that, the global legal marijuana market size was valued at USD 9.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 26.7% from 2021 to 2028.

The global cannabis market is estimated to be valued at USD 20.5 billion in 2020 by Markets and Markets, and is projected to reach USD 90.4 billion by 2026, recording a CAGR of 28%, in terms of value.

According to some reports, the Global cannabis sales reached $21.3 billion in 2020, with a rise of 48% over 2019 sales of $14.4 billion. BDSA forecasts global cannabis sales will grow from $21.3 billion in 2020 to $55.9 billion in 2026, with a CAGR of more than 17%.

With useful reports of marijuana, the use of medical marijuana is reported to alleviate pain. With more people becoming aware of the cannabis consumption benefits, the market is expected to grow rapidly.

The transformation in the marijuana industry growth is mostly technology-based. Meaning that many new technologies are either reforming the industry in one part, or are on the verge of doing so in another. Let’s look at the most prominent and exciting technology in marijuana industry.

Top Emerging Technologies Redefining The Future Of The Cannabis Industry Growth

Cultivation and Extraction

The marijuana industry has swayed investors around the world, and obviously, their currency has been utilized appropriately. The rising interest for cannabis has supported the utilization of new and cutting edge technologies while cultivating the plants.

But, Weed Gummies stay on the cutting edge of the CBD (cannabidiol), medical marijuana business. Thus it is important to use the cannabis technology market when cultivating to quicken the harvest time and work on the quality to match the customer’s requirements. This makes it simpler for organizations to produce quality products.

With each innovation, there are new methods of extracting and planting CBD. For example, Enterprises utilize remote sensors to help with the process of plant growth.

The use of these innovations in the medicinal marijuana business provides the separation of medical compounds from marijuana elements. Cannabis goes through tests prior to being passed on through the end product to guarantee quality and product safety.

Cannabinoid Biosynthesis

Cannabinoids are compounds or groups of substances found in cannabis plants. 

Most cannabis producers utilize traditional extraction techniques to extract cannabinoids from the crude cannabis plant. The drawback of these methods is the extravagant expense that is reflected in the cost of finished products.

Cannabinoid biosynthesis is a new innovative technology that has come out to be a cost-effective method of creating CBD, THC, and other cannabinoids. The leading medical marijuana industry growth makers are currently putting resources into this medical marijuana technology, expecting to change the whole cannabis supply network.

This arising extraction method utilizes microorganisms to develop yeast strains that can create valuable cannabinoids and make marijuana industry worth. The technology is relied upon to bring down production costs, improve quality, and lower the end cost of cannabis products.

Personalized and Quality Products  

Technological advancement has customized the utilization of marijuana. Meaning that, a couple of years back, smoking was the only way to devour cannabis.

But now, with marijuana industry technology services, one can decide to consume the plant in different forms, such as – vapes, oils, sweets, candies and gummies, and other food items.

Thus, it is fundamental to develop the right mix of THC and CBD present in every product, discovering which could be very difficult. Consistent endeavors are likewise en route to encapsulate the chemical substance found in cannabis to improve the items’ viability as individuals’ biochemistry makes them process cannabinoids differently.

Since this is a psychoactive substance, hence, utilization of an alternate strain that is different from your physiological need can cause a genuine issue. Technology helps in eradicating this issue by preparing cannabis contents in a deliberate and measured proportions.

LED lighting

Another intriguing technological advancement that is being implemented for the cannabis industry growth, is the utilization of LED lights instead of high-pressure sodium (HPS) bulbs.

Now you must be thinking, how come a light came in between the technological ways?

It is because the marijuana cultivation area is in connection with lighting technology. If the plant is grown indoors, then it requires high-intensity discharge bulbs that are expensive and consume an enormous electric current, which in turn raises the production cost.

Well! The cannabis industry (legal and illegal) has been inclining toward HPS bulbs for quite a while. These HPS bulbs devour a lot of power and electricity, their lifespan is short, and they create a great deal of warmth, which frequently requires producers to use a climate control system which additionally uses electricity.

LED lights here come to the rescue for marijuana technology companies. LED lights last longer than HPS bulbs, draws less power, and imposes less strain on a climate control system, and less production cost meaning the end product is not expensive.

E-Commerce Technology

Web technology has changed how customers access cannabis. You can now efficiently arrange or order top notch cannabis products from the comfort of your home. The quick development of the e-commerce business in the cannabis industry growth altogether adds to the worldwide cannabis sales.

The retail online business space is another medium for cannabis organizations to expand the new purchase medium previously restricted to different organizations.

According to some reports, the cannabis market is expected to hit $166 billion by 2025, as more cannabis organizations embrace eCommerce platforms.

The acquaintance of seed-to-sale and point-of-sale software streamlines activities to producers and retailers. With medical marijuana software, there is no need to keep manual records, which makes tracking stocks simpler. Retailers can now effectively get to critical data about their stock a lot simpler.

For example, information on a specific strain’s accessible cannabis products are only a touch of a button away.

With regards to payment processing, cannabis dispensaries have few alternatives. Hence, seamless electronic payments are arising, making payment of cannabis simple and easy to use. E-commerce business is additionally enjoying wide payment service options and presently offer prepaid cards, cryptocurrency, and e-wallet payment service systems.

Let’s look into the technology trends that entrepreneurs should consider to get a successful cannabis market.

Cannabis Industry Technology Trends

Use of the Cloud

Data is the most important thing in every industry. Regardless of whether talking about growing plants, customer and order management, task management or compliance with the state, cloud platforms are empowering producers, representatives, and other partners in the cannabis space to take important information and drive productivity across cannabis operations.

In today’s time, computing services and solutions, for example, Amazon Web Services, Microsoft Azure, and Google Cloud offer storage and processing power, offering organizations across industries expanded efficiencies. The best part is that these cloud platforms can be accessed from any smart device containing internet connection. Relocating your information to the cloud likewise guarantees that it is consistently accessible and retrievable at any time.

From seed to deal, there are various viewpoints that can be improved all through the cannabis development cycle to improve the whole process. Data collection and storing it in the cloud today can empower early adopters the capacity to monetize that information by improving the seed-to-sale lifecycle.

Applications

The COVID-19 pandemic has taught us many things and one of them is that enterprises should be prepared to adjust to global events as fast as they can to limit any economic impacts. This is something that the cannabis business figured out and managed to accomplish rather effectively.

As COVID-19 lockdowns fell upon the business, cannabis dispensaries used applications, for example, Eaze and Budly to give curbside pick-ups and deliveries without breaking social distancing norms. 

This implied that while different ventures had to lose sales during the pandemic, the cannabis industry figured out to get an increment in sales across the U.S. This lead to more individuals getting into the cannabis delivery business and increase in global cannabis spending worldwide.

Applications have played a game changing role to increase the cannabis market. Apps like WeedMaps, advise users where their closest cannabis dispensary is.

Other app, Leafly, provides loads of data on cannabis strains with the help of user reviews to assist and help users attain knowledge on which strain is the best.

Another region where cannabis businesses have used applications is with Australia’s Althea Group Holdings, who developed ‘Concierge‘ application. 

Concierge is a platform for patients, pharmacists, and medical care experts where they respond to the questions of each other while improving and simplifying the prescription process. Thanks to the simplicity of the App, healthcare app development company in USA are trying to serve as many people by providing apps like Concierge.

Ending Note

The cannabis business has encountered innovative thoughts that totally changed the manner in which producers grow their crops and how customers find and use cannabis products.

For each technological progression that has caused a seismic shift inside the cannabis business, there are huge loads of different businesses, items, and applications that have arrived and gone suddenly and abruptly.

While it is difficult to determine what the next big thing will be, it is sure that cannabis innovation will remain an awe-inspiring phenomenon providing healthcare software development services with no indications of easing back down in the coming years.

If you wish to make use of this moden hemp health technology, then you can contact the experts of our custom healthcare software development company for consultation.

The post How IT is Fueling the Budding Cannabis Industry? appeared first on Appinventiv.