“Our business model is dead, not Dream11,” CEO Harsh Jain assures no job cuts after 95% revenue hit from RMG ban

Dream11, India’s largest fantasy sports platform, valued at $8 billion, wiped out 95 per cent of group revenues and all profits overnight, after the government imposed a blanket ban on real-money gaming.

Last week, Parliament passed the Online Gaming Bill, prohibiting all forms of real-money gaming in India.

The firm reported operating revenue of Rs 6,384 crore in FY23, has now shut down all paid contests on its fantasy sports platform.

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CEO assures no layoffs

However, the Mumbai-based company’s co-founder and CEO, Harsh Jain, insists that jobs are safe and they have sufficient reserves to meet the financial challenge.

“This is definitely one of the darkest times for us,” Jain said in an interview with CNBC-TV18. “But we are a law-abiding company and will fully abide by the decision. We have enough capital to sustain our 800-member team for the next couple of years. There will be no layoffs. Talent comes first.”

Unlike many of its peers, which face closure and mass retrenchments, Dream Sports is determined to sustain its human resources.

Jain said the company’s survival depends on its ability to build new products with the talent already in place.

“The only way to deal with 95 per cent of your revenue being gone is to build for the future. That always starts with talent,” he said. “We have the people, the brand, the user base, and the capital to get through this.”

The ban has affected the company severely, such that even Dream11’s high-profile partnership with the Board of Control for Cricket in India (BCCI) has ended.

The company has already informed the cricket board that it could not continue as Team India’s jersey sponsor under the new rules, losing a Rs 358 crore deal just weeks before the Asia Cup.

“This was our most important partnership,” Jain shared. “But our association with Indian cricket goes deeper than the front-of-jersey. We will continue to explore other ways to collaborate with the BCCI, whether through ticketing, experiences, or digital platforms.”

Current focus of Dream11

Dream11 is now transforming its business model from pay-to-play fantasy contests to free-to-play social games monetised through advertising and sponsorship. The CEO shared that the company plans to distribute these products globally, utilising its vast 260 million-strong user base.

The company's current focus is on Sports AI.

“We want to build a sports technology company from India for the world,” Harsh Jain said. “We already have 500 engineers working on AI solutions across performance analytics, fan engagement, and sports content. We believe AI will disrupt every part of this industry, and we want to lead that shift.”

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