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 startup ecosystem, particularly in the fantasy sports industry. Among the most affected is Dream11, India’s largest fantasy sports platform, which has seen a significant decline in its revenue and profits following the ban. In an exclusive interview with Moneycontrol, Dream11 Co-Founder and CEO Harsh Jain spoke about the impact of the ban, his optimism for the future, and the company’s plans to adapt to the new landscape.
A “Knockout Punch”
Describing the government’s ban as a “knockout punch”, Jain acknowledged that the sudden loss of revenue and profits has been substantial. “We’re going to talk about the future, but yes, 95% of our group’s revenue and basically 100% of our profit was coming from Dream11’s current business model,” he revealed. However, Jain remained optimistic, stating that he is still a “delusional optimist” and that the company is working on its future plans.
The Impact of the Ban
The ban on real-money gaming has had a significant impact on Dream11’s business model, which relied heavily on its fantasy sports platform. The company had grown rapidly in recent years, with millions of users and a significant share of the Indian fantasy sports market. However, with the ban, Dream11 has been forced to adapt to a new reality, where fantasy sports can no longer be played for real money.
Adapting to the New Landscape
While the ban has presented significant challenges for Dream11, Jain is optimistic about the company’s ability to adapt and evolve. “We’re going to work on the future, and we’re going to make sure that we come out even stronger,” he said. Jain acknowledged that the company will need to diversify its revenue streams and explore new business models, but he believes that Dream11 has the talent and resources to succeed.
The Way Forward
So, what’s the plan for Dream11’s future? Jain hinted that the company may explore new opportunities in areas such as esports, online gaming, and social media. “We’re going to look at other areas where we can leverage our strengths and expertise,” he said. Jain also emphasized the importance of engaging with the government and regulatory bodies to ensure that the company’s products and services comply with the new regulations.
Conclusion
In conclusion, the ban on real-money gaming has dealt a significant blow to Dream11’s business, with a loss of 95% revenue and 100% profits. However, Harsh Jain’s optimism and determination to adapt to the new landscape are reassuring. While the road ahead may be challenging, Dream11 has the potential to emerge stronger and more resilient than ever.
