It’s a knockout punch, lost 95% revenue & 100% profits: Dream11 CEO on real money-gaming ban
The ban on real-money gaming by the government has been a significant blow to the Indian startup ecosystem, with several companies having to re-evaluate their business models. One such company is Dream11, a popular fantasy sports platform that has been operating in the country since 2008. In an exclusive interview with MoneyControl, Dream11 Co-Founder and CEO Harsh Jain spoke about the impact of the ban on their business and their plans for the future.
When asked about the ban, Jain called it a “knockout punch” for the company, but remained optimistic about the future. “We’re going to work on…future. But yes, 95% of our group’s revenue…and basically 100% of…profit was coming from Dream 11’s current business model,” he said. This doesn’t mean Dream11 is “dead”, he added.
For those who may be unaware, Dream11 is a platform that allows users to create virtual teams of real-life athletes and compete against each other. The company has been a pioneer in the fantasy sports industry in India, and has been successful in attracting a large user base. However, with the government’s ban on real-money gaming, the company has been forced to shut down its core business model.
The impact of the ban has been significant for Dream11. In the interview, Jain revealed that the company had lost 95% of its revenue and 100% of its profits as a result of the ban. This is a massive blow to the company, which had been growing rapidly in recent years. However, Jain remained optimistic, saying that the company will continue to work on new business models and ideas.
So, what does the future hold for Dream11? Jain didn’t give away too much in the interview, but hinted that the company is working on new ideas and business models. He also said that the company will continue to focus on its core strengths, including its user base and technology. While it may take some time for the company to recover from the impact of the ban, Jain’s optimism is a positive sign for the company’s future.
It’s not just Dream11 that has been affected by the ban. Several other companies in the real-money gaming industry have also been forced to shut down or re-evaluate their business models. The ban has been a significant blow to the industry, which had been growing rapidly in recent years.
However, the ban has also been seen as a positive move by many, who argue that it will help to protect consumers and prevent addiction. The government has stated that the ban is aimed at preventing gambling and promoting responsible gaming. While the impact of the ban is still being felt, it’s clear that the government is committed to protecting the interests of Indian citizens.
In conclusion, the ban on real-money gaming has been a significant blow to Dream11 and the Indian startup ecosystem as a whole. While the company has lost 95% of its revenue and 100% of its profits, Jain’s optimism is a positive sign for the company’s future. As the company works on new business models and ideas, it will be interesting to see how they adapt to the new landscape. One thing is for sure, however – the Indian startup ecosystem is resilient and will continue to thrive despite challenges.
