It’s a Knockout Punch, Lost 95% Revenue & 100% Profits: Dream11 CEO on Real Money-Gaming Ban
The Indian government’s sudden decision to ban real-money gaming, including fantasy sports platforms, has sent shockwaves across the industry. One of the most affected companies is Dream11, a leading fantasy sports platform that has been touted as the pioneer in the space. In an exclusive interview with Moneycontrol, Dream11 Co-Founder and CEO Harsh Jain opened up about the impact of the ban on the company, his thoughts on the government’s move, and the future of the company.
A Knockout Punch
When asked to describe the impact of the ban on Dream11, Jain didn’t mince words. “It’s a knockout punch,” he said. “We’re talking about 95% of our group’s revenue and basically 100% of our profit was coming from Dream11’s current business model.” The sudden loss of revenue and profit is a significant blow to the company, which has been growing rapidly in recent years.
However, Jain’s reaction to the ban was not one of despair. Despite the setback, he remained optimistic about the future of the company. “I’m a delusional optimist,” he said with a smile. “We’re going to work on…the future. But yes, 95% of our group’s revenue…and basically 100% of…profit was coming from Dream11’s current business model.”
A New Era for Dream11
So, what’s the plan for Dream11 now that its core business is no longer viable? Jain didn’t reveal too much, but he hinted that the company is already working on new ideas. “We’re going to pivot, we’re going to innovate, and we’re going to make sure that we stay relevant,” he said. “We’re not going to sit back and say, ‘Oh, we’re done.'”
While Dream11 has been at the forefront of the fantasy sports industry in India, the company has been quiet about its plans to adapt to the new reality. However, Jain’s comments suggest that the company is already working on a new strategy that will allow it to survive and thrive in the post-ban era.
A Cautionary Tale for Startups
The ban on real-money gaming is a cautionary tale for startups in India. The country has been a hotbed for startup activity in recent years, with many companies raising millions of dollars in funding. However, the ban on real-money gaming is a reminder that the government can act swiftly and decisively to regulate the industry.
Startups that have been dependent on real-money gaming may need to rethink their business models and adapt to the new reality. While some companies may be able to pivot and find new opportunities, others may struggle to survive.
The Future of Fantasy Sports
The ban on real-money gaming has also raised questions about the future of fantasy sports in India. While the government has clarified that fantasy sports platforms that don’t involve real money will be allowed to operate, it’s unclear what this means for the industry as a whole.
Fantasy sports platforms like Dream11 have been popular in India, with millions of users participating in daily fantasy sports contests. However, the ban on real-money gaming has raised concerns about the future of these platforms.
Conclusion
In conclusion, the ban on real-money gaming has sent shockwaves across the industry, with Dream11 being one of the most affected companies. While the company has lost 95% of its revenue and 100% of its profit, its CEO remains optimistic about the future.
As the company works on new ideas and adapts to the new reality, it remains to be seen what the future holds for Dream11 and the fantasy sports industry as a whole. One thing is certain, however – the ban on real-money gaming has sent a clear message to startups in India: the government will act swiftly and decisively to regulate the industry.
