It’s a Knuckle Punch, Lost 95% Revenue & 100% Profits: Dream11 CEO on Real Money-Gaming Ban
The ban on real-money gaming in India has sent shockwaves through the entire industry, with many players struggling to come to terms with the sudden loss of revenue. One such company is Dream11, a leading fantasy sports platform that has been at the forefront of the real-money gaming revolution in India. In an exclusive interview with Moneycontrol, Dream11 Co-Founder and CEO Harsh Jain spoke candidly about the impact of the ban, and his plans for the future.
“It’s a knockout punch,” Jain admitted, when asked about the impact of the ban on his company’s business. “We’re talking about 95% of our group’s revenue, and basically 100% of our profit, that was coming from our current business model.” But despite the devastating blow, Jain remained steadfast in his optimism, declaring himself “a delusional optimist” who is determined to find a way forward.
So, what does the future hold for Dream11? Jain was cagey about the details, but hinted that the company would be exploring new opportunities and business models. “We’re going to work on the future,” he said. “We’re going to work on…new things, new models, new ways of engaging with our users. We’re going to keep thinking, keep innovating, and keep pushing the boundaries.”
It’s a bold plan, but one that Jain believes is necessary if Dream11 is to survive the ban. “We’re not dead,” he insisted. “We’re just…rebooting. We’re just…reinventing ourselves.” And while the road ahead may be uncertain, Jain is convinced that his company has the talent, the resources, and the determination to succeed.
But what about the impact on employees? Jain acknowledged that the ban has had a significant impact on staff numbers, with many employees being let go in the wake of the ban. “We’ve had to take some tough decisions,” he admitted. “We’ve had to let go of some of our colleagues, which was very difficult for us. But we’re not going to give up on them. We’re going to find new opportunities for them, and we’re going to make sure that they’re taken care of.”
So, what about the role of the government in all this? Jain was critical of the decision to ban real-money gaming, arguing that it was a “misguided” move that would have unintended consequences. “I think the government has made a mistake,” he said. “I think they’ve made a mistake by banning something that’s already legal and regulated. I think they’ve made a mistake by not understanding the nuances of the industry.”
But despite his reservations, Jain is willing to work with the government to find a solution. “We’re willing to engage with the government,” he said. “We’re willing to work with them to find a way forward. We’re willing to be responsible, to be regulated, and to be accountable.”
In conclusion, the ban on real-money gaming has dealt a devastating blow to Dream11, but the company’s CEO remains committed to finding a way forward. While the road ahead may be uncertain, Jain’s determination and optimism are a testament to the power of innovation and resilience in the face of adversity.
