Competition website start up

[Mcdougal]

Hello,

I am experienced at business.

I am looking at a new opportunity.

However I would like some advice from
Some of you who have set up a competition website.

1. I have done my research and it looks like “you have to answer a skill based question in order to be compliant with the laws of gambling”

2. Please can someone share there experience if have already done this.

3. How hard is it to get a following and keep them, as only one winner and many losers.

4. Is retention a challenge.

5. With current climate if you already have a business in this market, is it hard at the moment due to cost of living etc?

My idea is to focus on a niche competition rather then a spray approach. Specifically targeting an niche and becoming known in years to come in this particular area.

Many thanks,

 

[fisicx]

Answering 3 and 4: very hard. Almost all your income will be spent on marketing.

 

[DazRave]

I've followed a comp called RaffledUp since it's inception at the very very start of lockdown. The owner targeted gamers specifically and was heavily involved in gaming communities. I'm pretty sure he has a high level of repeat customers and repeat winners. Most of his followers/repeat customers also help choose the prizes.

It's taken off for him really well and it is, in my opinion, done the correct way. He never comes across like he's doing it purely for profit like some of the others.

As @fisicx has mentioned, the biggest hurdle is the traction and marketing budget required to actually get going unless you can find a USP people can latch on to like RaffledUp has.