It’s a Knockout Punch, Lost 95% Revenue & 100% Profits: Dream11 CEO on Real Money-Gaming Ban
In a recent interview with MoneyControl, Harsh Jain, the Co-Founder and CEO of Dream11, one of India’s leading fantasy sports platforms, shared his thoughts on the government’s ban on real-money gaming in the country. Jain described the ban as a “knockout punch” but expressed his optimism about the future of the company.
Dream11, which was founded in 2008, has been a pioneer in the fantasy sports industry in India. The platform allows users to create virtual teams of real-life players and compete against each other for cash prizes. With millions of users and a significant market share, Dream11 was considered one of the leading players in the industry.
However, the Indian government’s sudden ban on real-money gaming, which was announced in September 2021, sent shockwaves across the industry. The ban affected not only Dream11 but also several other fantasy sports platforms operating in the country.
In the interview, Jain acknowledged the severity of the blow, stating that 95% of the company’s revenue and 100% of its profits were generated from its current business model, which involved real-money gaming. He stated, “We’re going to work on…the future. But yes, 95% of our group’s revenue…and basically 100% of our profit was coming from Dream11’s current business model.”
Despite the devastating impact of the ban, Jain remained optimistic about the future of Dream11. He said, “I am a delusional optimist. I think we can still do great things.” When asked if he was worried about the future of the company, Jain replied, “I don’t think we’re dead. I think we’re just…we’re going to take a different route.”
So, what exactly does the future hold for Dream11? Jain hinted that the company is exploring new opportunities and business models to stay afloat. He mentioned that the company is working on developing new products and services that do not involve real-money gaming.
The ban on real-money gaming has sent shockwaves across the industry, and several other companies have been affected. However, Jain believes that the ban could ultimately benefit the industry in the long run. He stated, “I think this ban is a blessing in disguise. It’s a chance for us to rethink our business model, to innovate, and to come up with something even better.”
The ban has also raised questions about the future of the fantasy sports industry in India. With several companies struggling to adapt to the new regulations, it remains to be seen how the industry will evolve in the coming months.
Dream11’s story is a reminder that even the most successful companies can face unexpected challenges. However, it also highlights the importance of adaptability and innovation in the face of adversity. As Jain said, “I think we can still do great things. We just need to…we need to innovate, and we need to evolve.”
In conclusion, while the ban on real-money gaming has dealt a significant blow to Dream11, the company’s CEO remains optimistic about the future. With a focus on innovation and adaptation, Dream11 may still have a chance to recover and thrive in the new regulatory landscape.
