Is Dream11 parent headed for layoffs as 95% revenue hit amid govt’s money games ban? What co-founder Harsh Jain says
Dream Sports co -founder Harsh Jain confirmed that Dream11 will not be dismissed despite the free games after the government’s ban for money -based online games. The company rely on a strong talent demand on various platforms and sufficient cash reserves to maintain operations for years.
“We’re not interested in making any dismissal. All the skills here are safe, Jain Jain said in an interview with Moneycontrol on August 25th.
“We are interested in building ourselves with this ability to dig ourselves through this hole. The only way to deal with 95 percent of your income is to build new products in the future. This will always start with talent.”
On August 22, Dream11 suspended all paid competitions on the fantasy sports platform and focused only on free online social games to play. This decision was directed by the new gaming law, which India has invested by players and prohibits online money games, which aim to win prizes.
The report said that 95 percent of the company’s current income and all profits come from these cash -based competitions, which are currently considered illegal.
“95 percent of Dream11’s revenues disappeared overnight and 100 percent of our profits,” Jain said.
Strong talent demand
Harsh Jain, Dream Sports’ sports content and trade platform FANCODE, Sports Platform Dreamsetgo, Mobile Game Development Unit Dream Game Studios and Fintech Venture Dream Money, such as existing work, he said. There is also demand for new products that the company plans to develop in the future.
Jain also said that the Mumbai -based company has enough cash reserves to maintain its labor and operations for several years, and that it was enough. Dream Sports sent operational income La6.384.49 Crore for FY23 La3,841 Crore in FY22.
What’s next?
In the future, the company plans to focus all its efforts on sports -related opportunities in India by using artificial intelligence (AI) by emphasizing its creative economy.
“We have sports content, trade, fan participation, analytical, sports performance and products. “We will start again to solve these problems for Indian sports fans,” he added.
