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IPL Blues For Fantasy Gaming
Inc42
ยท
1y ago
Medial
Fantasy gaming apps in India are facing challenges in acquiring customers and marketing during IPL 2024 due to the impact of the Goods and Services Tax (GST). The clarity received last year regarding the 28% GST tax on real money gaming has led to cutbacks in marketing spends and layoffs for many startups in the fantasy gaming industry. The tax has resulted in a decline in user engagement and a drop in customer acquisition. As a result, fantasy gaming platforms are rethinking their strategies to avoid major losses during the IPL season.
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Related News
GST Shockwave Hits IPL 2024 Marketing Fund for Fantasy Gaming Apps
StartupTalky
ยท
1y ago
Medial
The recent imposition of a 28% Goods and Services Tax (GST) on fantasy gaming apps in India has disrupted the industry, particularly during the Indian Premier League (IPL) 2024 season. The high tax rate has caught many gaming operators off guard, hindering their marketing efforts and user engagement strategies. This has led to challenges for fantasy gaming platforms during one of the most anticipated sporting events of the year. The industry is now reassessing strategies and business models to cope with the financial burden imposed by the GST.
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Fantasy gaming platform Dream11 makes its IPL debut and onboards 11 lakh new users
IndianStartupNews
ยท
1y ago
Medial
The Indian Premier League (IPL) has resulted in a surge of new users for fantasy gaming platform Dream11, with 1.1 million users signing up on the first day of the tournament. The platform also reported a record 15.01 million concurrent users, demonstrating its popularity. Dream11 offers skill-based virtual cricket games, allowing users to compete and win rewards. The company has expanded its presence by partnering with eight IPL teams and experienced significant growth in its user base, including a 79% increase in female users.
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Dream11 Shines On IPL Debut, Onboards 1.1 Mn New Users
Inc42
ยท
1y ago
Medial
Dream11, the popular fantasy sports platform, reported onboarding 1.1 million new users on the first day of the Indian Premier League (IPL) tournament, with a total of 15.01 million concurrent users. Dream11 has partnered with eight IPL teams for sponsorship this year and has witnessed significant growth in female users. The company faces a regulatory battle over taxation in the real money gaming sector and received a show cause notice from the Directorate General of GST Intelligence regarding the tax rate to be applied. Despite this, Dream11 reported a 32% increase in net profit for FY23.
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My11Circle Outbids Dream11 To Become Official Partner Of IPL
Inc42
ยท
1y ago
Medial
My11Circle, a fantasy gaming app, has secured a five-year partnership deal with the Indian Premier League (IPL), outbidding previous partner Dream11. My11Circle will pay INR 125 Cr annually for the rights, totaling INR 625 Cr over the contract period. The announcement from the Board of Control for Cricket in India (BCCI) is expected soon. In a separate development, the TATA Group has secured the title sponsorship rights for the IPL for the next five years, with a record-breaking value of INR 2,500 Cr. Dream11, on the other hand, reported a 32% increase in net profit for FY23 compared to the previous year.
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Real-money gaming companies look for an ace to beat tax blues
Economic Times
ยท
1y ago
Medial
Gaming companies that offer online games involving real money, such as poker and fantasy sports, are implementing new approaches to discourage frequent withdrawals by users. These measures aim to minimize the impact of increased indirect tax and boost the companies' earnings. Some platforms are limiting the number of daily withdrawals, while others are adjusting the win percentages. The objective is to keep users' money in the system for longer, leading to higher compounded commission for the companies. These changes are being made in response to the new Goods and Services Tax (GST) regime, which has resulted in a 28% tax on player deposits.
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Ashneer Grover shuts down fantasy cricket app CrickPe
Inshorts
ยท
4m ago
Medial
Ashneer Grover-led fantasy cricket platform CrickPe has halted operations within a couple of years of its launch. The fantasy platform, which was the first product of Grover startup Third Unicorn, was launched ahead of the start of the Indian Premier League (IPL) in 2023. However, it has stopped rolling out new contests.
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Dream11, PhonePe, Others In Race For IPL Partnership
Inc42
ยท
1y ago
Medial
Nine major companies, including Dream11 and Ceat, have purchased the tender document for the Indian Premier League (IPL) associate and special partner slots. Newer companies like Cred, Upstox, and Paytm have opted out, possibly due to cost reduction. The deadline for bids is February 21. IPL is a highly watched event in India, with last year's edition attracting 505 million viewers. Redseer reports that IPL 2023 generated a gross gaming revenue of around Rs 2,800 crore, with a 24% increase from IPL 2022. Advertising revenue for IPL 2023 is estimated to be approximately Rs 10,000 crore.
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Games24x7's five-year IPL deal is a long-term growth strategy for brand, says Saroj Panigrahi
Money Control
ยท
1y ago
Medial
Games24x7's My11Circle emerged as the official fantasy sports partner for the Indian Premier League (IPL) this year, surpassing Dream11 for a 5-year partnership. With a three-fold increase in marketing investment, the company aims to capitalize on the opportunity by fostering a stronger connection with cricket enthusiasts and enhancing the user experience on their My11Circle platform. My11Circle plans to engage with fans by offering additional avenues to interact with the tournament and showcase their cricket skills. The company's IPL campaign focuses on celebrating the love for the game and providing users with rewarding experiences.
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Top Online Gaming Start-Ups of India
VCCircle
ยท
1y ago
Medial
India has seen a surge in online gaming start-ups, catering to the growing interest of Indian gamers. Some of the top online gaming start-ups in India are Nazara Technologies, known for popular games like World Cricket Championship and Kiddopia; WinZO, with 175 million users in India and partnerships with over 100 game developers; Games24x7, offering RummyCircle and fantasy sports platform My11Circle; MPL (Mobile Premier League), known for fantasy sports and puzzle games; and Hike, owning the Rush Gaming Universe platform. These start-ups have garnered significant success and investment in the rapidly expanding Indian gaming market.
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RIP India's real money gaming industry: Ashneer on 28% GST on online gaming
Twitter
ยท
2y ago
Medial
Ashneer Grover, the creator of the CrickPe fantasy sports app, expressed his dismay on Twitter regarding the newly imposed 28% GST on online gaming. He described the fantasy gaming industry as "murdered" by this development. Grover further explained that if players were required to contribute โน100 with a โน72 entry fee (inclusive of 28% GST) and won โน54 (after deducting platform fees), they would still have to pay 30% TDS on their winnings, making the situation unfavorable.
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