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Transition to regulated environment painful for online gaming sector: Dream Sports CEO

Economic Times

Economic Times · 2y ago

Transition to regulated environment painful for online gaming sector: Dream Sports CEO

The CEO of Dream Sports, Harsh Jain, spoke at a panel discussion about the challenges faced by the online gaming industry in India due to regulations. He acknowledged the government's role in regulating the sector but mentioned the pain caused to disruptors like Dream11. Jain believes that once the retrospective tax issues are resolved, there will be significant growth opportunities for the gaming industry. Dream11 is currently contesting a tax demand of over Rs 28,000 crore. Despite these challenges, Dream Sports has experienced significant growth, attracting 55 million new users in the past year.

Related News

RMG Continues To Bleed, Blinkit Bags INR 600 Cr & More

Inc42 · 3m ago

RMG Continues To Bleed, Blinkit Bags INR 600 Cr & More

India's real-money gaming (RMG) sector faces significant challenges with major companies like Junglee reducing staff and Dream Sports pivoting towards SaaS. Dream Sports is initiating a shift by open-sourcing its technology, HorizonOS, to offer development tools, aiming to generate revenue while aiding startups in focusing on core products. Meanwhile, the regulatory environment remains stringent, continuing to impact the RMG landscape.

Dream11 parent testing app to foray into financial services under DreamSuite Finance brand - The Economic Times

Economic Times

Economic Times · 6m ago

Dream Sports, known for Dream11, is testing a new app, Dream Money, to enter the financial services market. Following a government ban on online money games, Dream Sports closed its money-based gaming operations. Dream Money, under pilot testing, aims to offer services like daily gold purchases and fixed deposits via the Dreamsuite Finance brand. Despite regulatory challenges, Dream Sports continues to operate its sports and travel platforms like Dream Set Go and FanCode.

‘Bad timing’, says Dream Sports CEO Harsh Jain on flipback to India amid RMG ban - The Economic Times

Economic Times

Economic Times · 6m ago

‘Bad timing’, says Dream Sports CEO Harsh Jain on flipback to India amid RMG ban - The Economic Times

Dream Sports CEO Harsh Jain admits the company's move to re-domesticate to India was poorly timed due to the government's ban on online money gaming, affecting revenue and leading to a potential drop in valuation from $8 billion. Despite the regulatory challenges, including a retrospective GST demand, Jain remains optimistic about rebuilding as a fully Indian company, focusing on future growth rather than legal battles. Dream Sports is adapting to its new Series B startup status.

Dream Sports restructures business as over 100 executives exit

Entrackr

Entrackr · 1d ago

Dream Sports restructures business as over 100 executives exit

Dream Sports, the parent of Dream11, has reorganised its operations following regulatory challenges in the real-money gaming (RMG) sector, leading to the exit of more than 100 executives. After the online gaming ban in August last year, Dream Sports reorganised into multiple startups including Dream11 (pivoted), FanCode, DreamSetGo, DreamCricket, Dream Play, Dream Money, and Dream Horizon. Confirming the development to Entrackr, a Dream Sports spokesperson said, “Dream11’s 700 employees were redistributed across these startups based on experience. Around 15% chose to leave for larger companies or start their own ventures, while attrition is only slightly higher than the earlier 10%.” According to Dream Sports, it currently has around 950 employees. Following the ban on real-money gaming, Dream Sports has shifted from fantasy gaming to a global sports entertainment platform, with creator-led watch-alongs, fan interactions, banter streams, and free-to-play fantasy formats. Dream11’s revenue from operations declined 15% year-on-year to Rs 6,759 crore in FY25 from Rs 7,934 crore in FY24. The firm reported a loss of Rs 479 crore in FY25, compared to a profit of Rs 1,295 crore in FY24. According to the company’s filing, costs booked against the domicile shift and directors' benefits led to the loss. The RMG ban had triggered a wave of layoffs across the sector, forcing companies to explore ad-driven and subscription-led monetisation models. The list includes Gameskraft’s 400 layoffs, A23 Rummy (Head Digital Works) cutting 500 jobs, Zupee axing 170, MPL shrinking up to 60% of its staff, and Baazi Games reducing its headcount by 200. Games24x7 reportedly laid off 70% of its workforce. Some of these companies are also facing heat from the government's financial investigation agency Enforcement Directorate (ED).

Dream11 to discontinue its investment arm Dream Capital

Entrackr

Entrackr · 2y ago

Dream11 to discontinue its investment arm Dream Capital

Dream Sports, the parent company of Dream11, has made the decision to shut down its venture capital and merger & acquisition arm, Dream Capital. This move comes in response to the government's implementation of a 28% GST on online real money games. Dream Capital, which was launched in August 2021 with a $250 million fund, focused on investing in startups in the sports, online gaming, and fitness-tech sectors. The discontinuation of Dream Capital was reportedly decided a few months ago, and Dev Bajaj, its head, will also be leaving the firm.

Dream11 Revenue Crash-CEO Harsh Jain Rules Out Layoffs

StartupTalky

StartupTalky · 6m ago

Dream11 Revenue Crash-CEO Harsh Jain Rules Out Layoffs

Dream11 has experienced a 95% revenue drop following India’s ban on paid online gaming. Despite this setback, CEO Harsh Jain assures no layoffs will occur, emphasizing Dream Sports' financial stability and internal talent demand. Dream11 has pivoted to free-to-play games after halting paid competitions. While cash-based games, which contributed significantly to revenue, are now banned, Jain remains optimistic about leveraging AI-based sports opportunities and developing new products to sustain future growth.

Zupee halts paid games after blanket ban on real-money gaming, shifts focus to free-to-play strategy

YourStory

YourStory · 6m ago

Zupee halts paid games after blanket ban on real-money gaming, shifts focus to free-to-play strategy

Zupee, a leading Indian online gaming startup, announced it will discontinue paid games following a new law banning real-money gaming platforms. The company will shift focus to free-to-play titles like Ludo Supreme and Snakes & Ladders. This decision comes as Parliament's 2025 Online Gaming Bill imposes a blanket ban on real-money gaming, affecting the once-booming industry. Companies like Dream Sports are expected to make similar moves, pivoting toward alternative gaming models.

Dream11 acqhires fantasy cricket stocks startup Sixer

Money Control

Money Control · 2y ago

Dream11 acqhires fantasy cricket stocks startup Sixer

Fantasy sports giant Dream11 has acquired Sixer, a Delhi-based fantasy cricket stocks startup. Dream11 backed the startup to help scale its offerings. Sixer allows users to buy and sell virtual stocks of prominent cricket players based on their performance. Dream Sports, the parent company of Dream11, declined to comment on the acquisition. This comes at a time when the Indian government has imposed a high GST (Goods and Services Tax) slab on player deposits, which may impact the growth of the sector. Dream Sports has previously invested in various sports, gaming, and fitness-tech startups through its corporate venture and M&A arm, Dream Capital.

Harsh Jain's Dream11 enters casual real money gaming segment with Dream Play

IndianStartupNews

IndianStartupNews · 8m ago

Harsh Jain's Dream11 enters casual real money gaming segment with Dream Play

Dream Sports, the company behind Dream11, has ventured into India's casual real-money gaming market with Dream Play, a new platform offering games like Carrom and Pool. Available on Google Play Store and App Store, Dream Play features various game modes and Mega Contests with cash prizes. This move positions Dream Play against established competitors like MPL and WinZO. Dream Sports, valued at $8 billion, reported significant revenue growth, further diversifying its offerings beyond fantasy sports.

TIGA Gets CCI Nod To Acquire Stake In Dream11, Tencent To Offload Entire Stake

Inc42 · 1y ago

TIGA Gets CCI Nod To Acquire Stake In Dream11, Tencent To Offload Entire Stake

Tiga Investments has received approval from the Competition Commission of India (CCI) to acquire a stake in Dream Sports Inc, the parent company of real money gaming major, Dream11. This transaction involves Tiga Acquisition Corp III purchasing preferred stock and certain rights from an existing shareholder of Dream Sports. Additionally, it has been reported that Tencent Holdings, a backer of Dream11, is considering selling its entire stake in Dream Sports.

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