Dream11, a leading fantasy gaming unicorn, made a spectacular entry into the 17th edition of the Indian Premier League (IPL) on March 22, adding 1.1 million new users on the tournament’s opening day. The platform, co-founded by Harsh Jain and Bhavit Sheth in 2008, also witnessed a staggering 15.01 million concurrent users, marking a significant milestone in its journey.
A Thriving Platform for Cricket Enthusiasts
The commencement of IPL 2024 brought not only excitement to cricket fans worldwide but also shone the spotlight on fantasy sports platforms like Dream11. With the TATA IPL fantasy cricket league, Dream11 offers fans a virtual skill-based game that rewards users for their cricket knowledge and strategic thinking. The platform’s significant user engagement on the first day highlights its popularity and the growing interest in fantasy sports.
Strategic Partnerships and User Growth
Dream11’s involvement with IPL extends beyond user engagement; the company has partnered with eight IPL teams for the season, enhancing its visibility and appeal among cricket enthusiasts. This strategic move comes on the back of Dream11’s remarkable user growth last year, adding 55 million users, with a notable increase in female users and significant representation from Tier I and II Indian cities.
Navigating Regulatory Challenges
Despite its success, Dream11 faces regulatory challenges, notably a substantial show cause notice from the Directorate General of GST Intelligence (DGGI) regarding its taxation practices. The notice suggests a shift from an 18% GST on platform fees to a 28% GST on the entire contest entry amount, reflecting ongoing debates in the real money gaming sector over tax rates.
Financial Growth and Focus on India
Amidst these challenges, Dream11 continues to show strong financial performance, with a 32% increase in net profit and a 66% rise in operating revenue in the financial year 2022-2023. The company’s steadfast focus on the Indian market, as reiterated by co-founder Harsh Jain, underscores its commitment to capitalizing on the vast opportunities within the country and its intention to remain a dominant player in the fantasy sports arena.
Conclusion
Dream11’s remarkable achievement on the opening day of IPL 2024 underscores the platform’s significance in the fantasy sports industry and its deep connection with cricket fans. As the company navigates regulatory landscapes and continues to grow, its impact on the sports and gaming ecosystem in India is undeniable, promising an exciting future for its users and stakeholders.
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- Source: https://timesnext.com/dream11-hits-six-with-ipl-2024-debut-1-1-million-new-users-onboarded/
