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As IPL Frenzy Peaks, Illegal Betting Sites Parimatch, Fairplay, Others Target Fans With Discounts

Inc42Inc42 · 1y ago
As IPL Frenzy Peaks, Illegal Betting Sites Parimatch, Fairplay, Others Target Fans With Discounts
Medial

Illegal sports betting platforms like Parimatch, Betway, and Betfair have been increasing their operations in India, particularly during the Indian Premier League (IPL). These platforms are offering discounts and hosting promotional events to attract cricket enthusiasts. The E-Gaming Federation of India (EGF) has called for a complete ban on these platforms, accusing them of flouting regulations and deceiving users. According to a report by Think Change Forum (TCF), the offshore sports betting market receives around INR 8,20,000 Cr ($100 Bn) in deposits from India annually. The Indian government has previously taken steps to combat illegal gambling platforms, including banning 138 offshore platforms last year.

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Illegal betting sites start new innings as IPL action picks up

Economic TimesEconomic Times · 1y ago
Illegal betting sites start new innings as IPL action picks up
Medial

Illegal sports betting platforms such as Parimatch, Betway, 1XBet, Betfair, Crickex, Fairplay, and Lotus365 have increased their operations in India during the Indian Premier League (IPL), targeting cricket fans with discounts and promotions. E-Gaming Federation of India (EGF) has urged the government to ban these platforms, citing unlawful activities and risks to data, taxation, and national security. Despite online betting being prohibited in India, these websites continue to operate under different names and domains, offering special deals and enticing users. mFilterIt, a fraud detection agency, warns users of financial fraud and personal data misuse on these platforms. An estimated $100 billion in deposits were made on illegal betting sites in 2023, with the IPL being a driving force. The government is considering measures to address this issue, including a KYC database for legitimate players. The responsibility to crack down on these websites lies with the state governments.

Streaming was supposed to rescue the ailing TV ad business. It hasn’t.

LivemintLivemint · 1y ago
Streaming was supposed to rescue the ailing TV ad business. It hasn’t.
Medial

Brands such as Mondelez and Hershey are decreasing their TV advertising budgets as they find that traditional television no longer reaches their target audiences effectively. These companies are redirecting their ad spending to social media sites like TikTok and Instagram, as well as advertising on the websites of large retailers like Amazon and Walmart. While many had hoped that ad-supported streaming TV would fill the gap left by traditional TV, this has not been the case. Brands are now focusing on building reach across multiple platforms and shifting their ad budgets to digital channels. Live sports remain popular for TV advertising, with 96 of the 100 most-watched broadcasts last year being live sports events. However, as more sports content is watched on streaming platforms, traditional TV conglomerates are preparing to launch dedicated sports streaming platforms. The streaming landscape remains fragmented, and streaming audiences are less tolerant of ads compared to traditional television. High ad prices and varying viewership measurement and ad performance also complicate matters for marketers. Retail media, including platforms like Amazon and Walmart, are benefiting from the shift away from traditional TV, as they offer access to valuable customer data and the ability to measure ad effectiveness. Ad spending in the retail media sector is expected to surpass traditional TV ad spending next year. Microsoft has reduced its traditional TV advertising in favor of digital ads, which offer better measurement. The decline in TV ad spending is happening faster due to significant discounts offered to longstanding advertisers, but if these discounts were removed, brands like Mondelez would likely stop buying TV commercials altogether.

Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X

EntrackrEntrackr · 4m ago
Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X
Medial

Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X Premium fashion brand Rare Rabbit has been growing rapidly in recent years, with its revenue increasing by over 69% during the fiscal year ending March 2024. At the same time, the firm’s profit surged 2.3 times, touching Rs 70 crore during the same period (FY24). Rare Rabbit’s revenue from operations increased to Rs 637 crore in FY24 from Rs 376 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Rare Rabbit is a men's fashion brand operated by The House of Rare. Founded in 2015, the brand offers a range of clothing including shirts, polos, T-shirts, trousers, and jackets. Product sales were the company’s primary source of revenue. The company earned Rs 5 crore from interest income, bringing its total income to Rs 642 crore in FY24. On the expense front, the major cost, material expenses increased by 53% to Rs 208.4 crore. Employee benefit expenses surged by 95% to Rs 78 crore while expense increased by 45% to Rs 93 crore. Rent and commission expenses also increased by 62% and 58%, respectively. Overall, Rare Rabbit’s total expenses grew by 59.9% to Rs 542 crore in FY24, up from Rs 339 crore in FY23. Since Rare Rabbit’s revenue growth outpaced its expenses, the company’s profit surged 2.3 times to Rs 75 crore in FY24 from Rs 32 crore in FY23. The EBITDA margin improved to 19% from 14.7%, while the return on capital employed (ROCE) increased to 52.15% in FY24 from 42.02% in the previous fiscal year. On a unit level, Rare Rabbit spent Rs 0.85 to earn a rupee in the last fiscal year. As of March 2024, the company held Rs 2 crore in cash and bank balances, with current assets totaling Rs 349.5 crore. According to TheKredible, Rare Rabbit has raised a total of approx $24 million of funding to date, which includes the recent Rs 50 crore funding round from its existing lead investor A91 Partners. Rare Rabbit’s success and presence have practically crept up if you have been an ordinary industry watcher. The men's focused brand (their women's offering is called Rare is, and a children's planned offering will be Rare Ones) has gone about its work slowly but surely, not offering the permanent discounts that have been a feature of many others. The premium positioning seems to have worked eventually, placing the brand in a very strong position a decade after it launched. So will the House of Rare stay independent? We are betting it will, at least until after FY25 numbers, which could take the brand beyond the 1000 crore milestone. At that level, assuming it remains profitable, a unicorn valuation will be just one of the perks of staying rare.

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