It’s a Knockout Punch, Lost 95% Revenue & 100% Profits: Dream11 CEO on Real Money-Gaming Ban
The Indian government’s sudden ban on real-money gaming has sent shockwaves through the industry, with many companies struggling to come to terms with the loss of revenue and profits. One such company is Dream11, a leading fantasy sports platform in India. In an exclusive interview with Moneycontrol, Dream11 Co-Founder and CEO Harsh Jain shared his thoughts on the ban and the future of the company.
When asked about the impact of the ban, Jain didn’t mince words, calling it a “knockout punch”. “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,” he said. However, he added that this doesn’t mean Dream11 is “dead”, and he remains a “delusional optimist”.
The ban on real-money gaming has dealt a devastating blow to Dream11, which had grown to become one of the most popular fantasy sports platforms in the country. The company’s success had been built on its ability to offer users a chance to win real money by creating virtual teams and competing against others. However, the government’s sudden decision to ban the practice has left Dream11 reeling.
Despite the setback, Jain remains optimistic about the future of the company. “We’re not going to go away,” he said. “We’re going to find a way to adapt and evolve.” He acknowledged that the company would have to rethink its business model, but was confident that it could find a way to thrive in the new environment.
Dream11’s success had been built on its ability to offer users a unique and engaging experience. The company had partnered with various sports leagues and teams, including the Indian Premier League (IPL) and the National Football League (NFL), to offer users a range of fantasy sports options. The company had also invested heavily in marketing and user acquisition, which had helped it to attract a large and loyal user base.
However, the ban on real-money gaming has dealt a significant blow to Dream11’s business. The company’s revenue and profits have taken a hit, and it is now facing an uncertain future. Despite this, Jain remains committed to the company and is working hard to find a way to adapt to the new environment.
In the interview, Jain also spoke about the company’s plans to diversify its revenue streams. He said that the company was exploring new opportunities, including fantasy sports that don’t involve real money. He also mentioned that the company was looking to expand its presence in new markets, including international sports.
However, the road ahead will not be easy for Dream11. The company will have to work hard to regain the trust of its users and to build a new business model that is sustainable in the long term. Jain is aware of the challenges ahead, but remains committed to the company and its vision.
“We’re going to work hard to rebuild and find a new way to do things,” he said. “We’re not going to give up. We’re going to find a way to make it work.”
In conclusion, the ban on real-money gaming has dealt a significant blow to Dream11, but the company’s CEO remains optimistic about the future. While the road ahead will be challenging, Jain is committed to finding a way to adapt and evolve, and to build a sustainable business model that will allow the company to thrive in the long term.
