Fantasy Gaming Platform Sees Surge in User Engagement Amidst IPL Kickoff
In a remarkable start to the 17th edition of the Indian Premier League (IPL), fantasy gaming unicorn Dream11 reported the addition of 1.1 million new users on the tournament’s first day, further solidifying its position in the online gaming landscape.
Harsh Jain, the co-founder and CEO, disclosed this significant milestone, highlighting the platform’s growing popularity. Alongside the influx of new users, Dream11 also recorded a staggering 15.01 million concurrent users, showcasing a remarkable surge in user engagement.
The IPL 2024 opening ceremony, held at Chennai’s Chepauk Stadium, set the stage for an electrifying season. The IPL T20 Fantasy Leagues, synonymous with the tournament, witnessed a surge in interest among cricket enthusiasts, elevating the fantasy gaming experience to new heights.
Dream11’s association with eight IPL teams, including Mumbai Indians, Punjab Kings, and Kolkata Knight Riders, underscores its strategic sponsorship efforts, further amplifying its brand presence during the tournament.
Last year, Dream11 witnessed a substantial increase in user base, with a significant portion belonging to the 25-60 age group. Moreover, a noteworthy 28% of users hailed from top-tier Indian cities, indicating the platform’s widespread appeal. Additionally, the platform experienced a commendable 79% year-on-year growth in female users, reflecting its inclusive gaming environment.
Founded in 2008 by Harsh Jain and Bhavit Sheth, Dream11 derives revenue from its fantasy gaming business and the sale of goods. Despite facing regulatory challenges, particularly in taxation, the company remains resilient in navigating the evolving regulatory landscape.
In the face of regulatory scrutiny on taxation, Dream11 received a show cause notice amounting to INR 28,294.19 crore under Section 74 of the Central Goods and Service Tax Act, 2017. However, the company remains steadfast in addressing regulatory concerns while focusing on sustaining its growth trajectory.
With a 32% surge in net profit and a remarkable 66% jump in operating revenue in the fiscal year 2022-2023, Dream11 continues to exhibit robust financial performance, underscoring its market dominance and resilience.
While maintaining its focus on the Indian market, Dream11 remains optimistic about the abundant opportunities within the country’s gaming ecosystem, signaling its commitment to catering to the evolving needs of Indian gamers.
