It’s a Knockout Punch, Lost 95% Revenue & 100% Profits: Dream11 CEO on Real Money-Gaming Ban
The Indian government’s ban on real-money gaming has sent shockwaves through the industry, with many players reeling from the sudden loss of revenue and profitability. For Harsh Jain, Co-Founder and CEO of leading fantasy sports platform Dream11, the impact has been particularly severe. In an exclusive interview with Moneycontrol, Jain shared his thoughts on the ban, describing it as a “knockout punch” that has left his company reeling. Despite the devastating blow, Jain remains optimistic about the future, insisting that Dream11 is not “dead” and will continue to evolve and thrive.
The ban on real-money gaming, which came into effect on November 25, 2021, has had a profound impact on the industry. For Dream11, which was once one of the leading players in the space, the consequences have been dire. Jain revealed that the company has lost 95% of its revenue and 100% of its profits due to the ban. These figures are staggering, and it’s clear that the company is struggling to come to terms with the new reality.
“It’s a knockout punch,” Jain said, reflecting on the devastating impact of the ban. “We’re going to work on…future. But yes, 95% of our group’s revenue…and basically 100% of…profit was coming from Dream 11’s current business model.” Jain’s words are a stark reminder of the fragility of the real-money gaming industry, which has relied heavily on the ability to offer cash prizes to attract players.
Despite the severity of the situation, Jain remains defiant, insisting that he is still a “delusional optimist” when it comes to the future of Dream11. This optimism is likely rooted in the company’s ability to adapt and evolve in response to changing circumstances. Jain hinted that the company is already working on new initiatives and business models that will help it to survive and thrive in the post-ban era.
So, what does the future hold for Dream11? While the company’s immediate future is uncertain, Jain is unequivocal about one thing: the company is not “dead”. Despite the devastating impact of the ban, Jain believes that Dream11 has the potential to evolve and adapt, finding new ways to engage with players and generate revenue.
“We’re going to work on…future,” Jain said, his words a testament to the company’s determination to survive and succeed. “We’re going to work on new business models, new initiatives, new ways to engage with our users. And I’m confident that we will come out stronger on the other side.”
For Jain, the key to Dream11’s survival will be its ability to innovate and adapt. The company has already taken steps to diversify its revenue streams, and Jain hinted that new initiatives are in the pipeline. The company is also looking to expand its user base, targeting new demographics and geographic regions to offset the loss of revenue from the real-money gaming ban.
While the road ahead will be challenging, Jain is confident that Dream11 has the potential to emerge stronger and more resilient than ever. As the company continues to evolve and adapt, it will be fascinating to see how it navigates the new landscape and finds new ways to engage with players.
In conclusion, the ban on real-money gaming has dealt a devastating blow to Dream11, with the company losing 95% of its revenue and 100% of its profits. However, despite the severity of the situation, Jain remains defiant and optimistic, insisting that the company is not “dead” and will continue to evolve and thrive in the future. As the company looks to the future, it will be fascinating to see how it naviges the new landscape and finds new ways to engage with players.
