It’s a Knockout Punch, Lost 95% Revenue & 100% Profits: Dream11 CEO on Real Money-Gaming Ban
In a recent interview, Harsh Jain, Co-Founder and CEO of Dream11, spoke candidly about the devastating impact of the government’s ban on real-money gaming. Jain, known for his optimism and resilience, called the ban a “knockout punch” but reiterated his stance as a “delusional optimist”. The ban, which has crippled the company’s revenue and profits, has left many wondering if Dream11 can weather the storm.
In the interview, Jain revealed that the ban has resulted in a staggering 95% loss of revenue and 100% loss of profits for the company. This is a significant blow, considering that the company’s business model was built around real-money gaming. However, Jain is quick to emphasize that this setback does not mean the end of Dream11.
“We’re going to work on the future,” Jain said, “But yes, 95% of our group’s revenue…and basically 100% of…profit was coming from Dream11’s current business model.” Jain’s words are a testament to the company’s determination to adapt and innovate in the face of adversity.
The ban on real-money gaming was introduced by the Indian government in November 2021, with the aim of curbing addiction and promoting a healthier gaming culture. While the move was intended to benefit the country, it has had a devastating impact on the gaming industry, particularly on companies like Dream11 that rely heavily on real-money gaming.
Dream11, a leading fantasy sports platform, has been at the forefront of the gaming industry in India. The company has built a massive user base and has been a significant player in the market. However, the ban has forced the company to re-evaluate its business strategy and explore new opportunities.
In the interview, Jain acknowledged that the ban has forced the company to “rethink” its strategy, but he remains optimistic about the future. “We’re not going to sit back and say that we’re going to get downgraded, or we’re going to lose our market share,” he said. “We’re going to find a way to come out of this, and I think we will.”
Jain’s optimism is not unfounded. Despite the challenges posed by the ban, Dream11 has already started exploring new opportunities. The company has launched a new product, Dream11 Pools, which allows users to participate in fantasy sports tournaments with a fixed entry fee. This move is seen as a bid to circumvent the ban and continue offering real-money gaming experiences to users.
In addition to exploring new products and services, Dream11 is also focusing on building a stronger community and engaging with users through social media and other channels. Jain emphasized the importance of building a strong relationship with users, saying, “We’re going to make sure that our users are happy, and we’re going to make sure that they’re engaged.”
Jain’s words are a testament to the company’s commitment to its users and its determination to thrive in the face of adversity. The ban on real-money gaming may have dealt a significant blow to Dream11, but the company is far from defeated.
As the gaming industry continues to evolve and adapt to changing regulations, Dream11 is well-positioned to emerge stronger and more resilient than ever. Jain’s optimism and determination are a beacon of hope for the company and its users, and a reminder that even in the face of adversity, there is always a way forward.
