It’s a Knockout Punch, Lost 95% Revenue & 100% Profits: Dream11 CEO on Real Money-Gaming Ban
Dream11, India’s leading real-money gaming platform, has been reeling under the impact of the government’s recent ban on real-money gaming. In an exclusive interview with Moneycontrol, Dream11 Co-Founder and CEO Harsh Jain shared his thoughts on the ban, its impact on the company, and his vision for the future.
The ban, which came into effect in May 2021, prohibited online gaming platforms from accepting real-money bets. The move was aimed at curbing the growing problem of addiction and gambling among young Indians. While the ban has dealt a significant blow to the real-money gaming industry, Jain remains optimistic about the future.
“We’re going to work on the future,” Jain said, “but yes, 95% of our group’s revenue and basically 100% of our profit was coming from our current business model.” He acknowledged that the ban has been a “knockout punch” for the company, but he refused to give up.
Jain’s statement echoes the sentiments of many industry experts who believe that the real-money gaming ban is a significant setback for the industry. However, Jain’s determination to “work on the future” suggests that he is not ready to throw in the towel just yet.
So, what’s the plan? According to Jain, Dream11 is exploring new revenue streams and business models to stay afloat. “We’re looking at other ways to monetize our user base, like offering fantasy sports products that don’t involve real-money bets,” he revealed.
Jain also emphasized the importance of innovation and adaptability in the face of adversity. “We’re not going to sit back and cry about the situation,” he said. “We’re going to take it as an opportunity to reinvent ourselves and come back stronger.”
The ban has not only affected Dream11’s revenue and profits but also its user base. The company’s active user base has declined significantly since the ban came into effect. However, Jain remains confident that the company can bounce back.
“We’re not going to lose our users,” he said. “We’re going to keep engaging with them and providing them with the best possible experience. We’re not going to let this opportunity go to waste.”
Jain’s optimism is not unfounded. Despite the challenges posed by the ban, Dream11 has managed to maintain its user engagement levels. The company’s social media platforms are still buzzing with activity, and its users are eagerly awaiting the company’s next move.
In conclusion, while the real-money gaming ban has dealt a significant blow to Dream11’s revenue and profits, the company’s CEO remains “a delusional optimist.” Jain’s determination to “work on the future” and his commitment to innovation and adaptability suggest that Dream11 is not ready to give up just yet.
As the company navigates these challenging times, it will be interesting to see how Jain and his team adapt to the changing landscape. Will they be able to reinvent themselves and come back stronger? Only time will tell.
