Dream11 Shines On IPL Debut, Onboards 1.1 Mn New Users
The fervor and excitement of the Indian Premier League (IPL) never fail to capture the imagination of cricket enthusiasts around the globe. As the 17th edition of the IPL commenced on March 22, Dream11, a leading name in fantasy gaming, announced a milestone achievement. The platform welcomed an impressive influx of 1.1 million new users on the opening day of the tournament, showcasing the ever-growing popularity of fantasy cricket leagues.
Harsh Jain, the co-founder and chief executive of Dream11, expressed his enthusiasm by highlighting the platform’s achievement of adding over a million new users and managing 15.01 million concurrent users on the debut day of the tournament. This surge in user engagement underscores the deep connection and passion that fans have for fantasy cricket, particularly during the IPL season.
Held at the Chepauk Stadium in Chennai, the opening ceremony of IPL 2024 was nothing short of spectacular, setting the stage for thrilling cricket action ahead. Dream11, aligning itself with the excitement, offered fans a virtual skill-based game through the TATA IPL fantasy cricket league.
Fantasy cricket on Dream11 is designed to not only entertain but also to reward those who put their cricket knowledge to the test. Participants are encouraged to assemble their fantasy teams based on real-life performances of players in the IPL, thereby adding an extra layer of engagement to the already thrilling matches.
In a significant move, Dream11 has expanded its presence within the IPL ecosystem through partnerships with eight prominent teams, including Mumbai Indians, Punjab Kings, Rajasthan Royals, Royal Challengers Bengaluru, Sunrisers Hyderabad, Gujarat Titans, Kolkata Knight Riders, and Delhi Capitals. This strategic collaboration underscores Dream11’s commitment to offering an immersive and comprehensive fantasy gaming experience to cricket fans.
Over the past year, Dream11 has seen substantial growth, adding 55 million users to its platform. This diverse user base spans a wide age range of 25-60, with a notable increase in female users by 79% year-over-year. A considerable portion of these users come from Tier I and II cities, highlighting the widespread appeal of fantasy sports across different demographics.
Dream11’s business model revolves around its fantasy gaming services, where it earns revenue through platform fees paid by users. The past year has seen the company navigate regulatory challenges, particularly concerning taxation in the real money gaming sector. Despite these hurdles, Dream11 reported a 32% increase in net profit, reaching INR 187.83 Cr for the financial year 2022-2023, alongside a 66% jump in operating revenue.
The recent amendment in the GST rates for real money games, which came into effect from October 1, has prompted Dream11 and its peers to recalibrate their strategies. However, the company remains focused on exploring opportunities within the Indian market, with no immediate plans for global expansion.
The start of IPL 2024 has already set the tone for what promises to be an exhilarating season for cricket fans and fantasy sports enthusiasts alike. With Dream11’s continued innovation and engagement strategies, the platform is well-positioned to enhance the IPL viewing experience, offering fans not just the joy of watching cricket but also the thrill of being part of the action through fantasy sports.
