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Dream11

From Wikipedia, the free encyclopedia
For the mixed martial arts event in Japan, see Dream 11.

Dream11
Company typePrivate
IndustryFantasy sports[1]
Founded2008; 16 years ago (2008)
Founders
  • Harsh Jain
  • Bhavit Sheth
Headquarters
Mumbai, Maharashtra, India
Area served
India
RevenueIncrease ₹6,384 crore (US$760 million) (FY23)
Increase ₹188 crore (US$23 million) (FY23)[2]
OwnersSporta Technologies Pvt Ltd[3]
Number of employees
800+ (September 2022)
ParentDream Sports[4][5]
Websitewww.dream11.com

Dream11 is an Indian fantasy sports platform[6] that allows users to play daily fantasy sports contests, primarily in cricket.[7][8][9] In April 2019, Dream11 became the first Indian fantasy sport company to become a unicorn.[10] In November 2021, Dream11 was valued at $8 billion.[11][12] In October 2023, Dream11 claimed to have 200 million users.[13]

History

[edit]

Dream11 was co-founded by Harsh Jain (son of Indian businessman Anand Jain) and Bhavit Sheth in 2008.[14][15][16][17] In 2012, they introduced freemium fantasy sports in India for cricket fans.[17] In 2014, the company reported 1 million registered users, which grew to 2 million in 2016 and to 45 million in 2018.[18][19]

In April 2019, Steadview Capital completed secondary investment in Dream11. Apart from Steadview, Dream11's investors included Kalaari Capital, Think Investments,[20] Multiples Equity and Tencent.[10] In April 2019, they launched FanCode, an ad-free multi-sport aggregator platform offering content, commerce and community engagement.[21]

In 2021, Dream 11's parent company, Dream Sports raised $840 million in a funding round led by Tiger Global, D1 Capital, Falcon Edge, DST Global, and Redbird Capital.[22]

Legality

[edit]

In 2017, a case was registered against the company in an Indian High Court. The court, in its ruling, stated that playing the Dream11 game involves superior knowledge, judgement and attention. The Court also held that "the element of skill" had a predominant influence on the outcome of the Dream11 game. However, the law does not allow fantasy sports in a few Indian states like Assam, Telangana[23] and Andhra Pradesh.[24] A challenge to this judgement was filed with the Supreme Court of India, which dismissed the appeal.[25] The judgement provided legality[26] to the company and allowed them to run their operations throughout the country.[27]

In October 2021, Dream11 suspended its operations in Karnataka after the state prohibited online gambling and wagering.[28] In February 2022, Dream11 resumed operations in the state after the Karnataka High Court reversed the ban on online gambling and repealed a complaint lodged against the company.[29]

Despite it being adjudged to be a "game of skill", experts believe that the company operates in the country's regulatory "grey area".[30][31]

Partnerships

[edit]

In 2017, the company partnered with three leagues within cricket, football and basketball. Dream11 became the Official Fantasy Partner for Caribbean Premier League, Indian Super League[32] and US professional basketball league National Basketball Association (NBA).[6] Later in the year, they partnered with the Indian Super League as their official Fantasy Football Partner.[33][34] In November 2017, the NBA, launched a fantasy basketball game in association with Dream11 and launched their official NBA fantasy game on their platform.[35][36]

In 2018, Dream11 announced its partnership with International Cricket Council (ICC),[37] Pro Kabaddi League,[38] International Hockey Federation (FIH),[39] WBBL and BBL.[40] In 2018, through the above partnership, Dream11 introduced two new games on their platform viz., kabaddi and hockey.

In October 2019, New Zealand Cricket (NZC) announced Dream11 as the title sponsor for the Super Smash domestic Twenty20 competition.[41] In January 2021, this partnership was extended for another six years until 2026.[42]

On 18 August 2020, Dream11 won the title sponsorship rights for the 2020 Indian Premier League for ₹222 crore (US$29.96 million), after Vivo pulled out for the season.[43]

On 30 June 2023, Dream11 acquired the lead jersey sponsorship rights of the Indian National Cricket Team from July 2023 till March 2026 for ₹358 crore.[44][45]

Financial

[edit]
Year Revenue (In crores) Profits/Loss (In crores) Source
FY 2018 224.6 -65.1 [46]
FY 2019 775.4 -131.6
FY 2020 2,120 181 [47]
FY 2021 2,706 329
FY 2022 3,480.75 142.86 [48]
FY 2023 6,384 188 [49]

Brand ambassadors

[edit]

The company had first signed commentator Harsha Bhogle as their brand ambassador in 2017 IPL.[50]

Cricketer Mahendra Singh Dhoni was the brand ambassador of Dream11 and launched the "Dimaag se Dhoni" media campaign during the 2018 Indian Premier League.[51]

In 2019, Dream11 signed up seven cricketers and partnered with seven Indian Premier League franchise as part of its multi-channel marketing campaign.[52]

In March 2022, Dream11 announced actors Kartik Aaryan and Samantha Ruth Prabhu as their brand ambassadors. This was the first time that the company roped in celebrities outside of sports as their ambassadors.[53] Dream11 also has Rohit Sharma, Rishabh Pant, Shikhar Dhawan, Hardik Pandya, Shreyas Iyer and Jasprit Bumrah as their cricket ambassadors.[54][55]

Format

[edit]

Dream11 provides a fantasy gaming platform for multiple sports such as fantasy cricket, football, basketball, kabaddi, hockey, volleyball, handball and baseball. It is an online game where users create a virtual team of real-life players and earn points based on the performances of these players in real matches.[56] A user who scores the maximum points in their joined contests attains the first rank on the leader-board. Dream11 offers free and paid contests. A user has to pay a certain fee to join a contest and can win real cash.[57] To participate in a Dream11 game, a user must be at least 18 years old and needs to get their profile verified using their PAN.[58]

References

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  1. ^ "Dream11 turned fantasy (gaming) into reality. Now it's eyeing a diversified sports tech future". Archived from the original on 11 June 2022. Retrieved 11 June 2022.
  2. ^ "Dream11 posts Rs 6,384 Cr revenue and Rs 188 Cr PAT in FY23". EnTrackr. Retrieved 26 January 2024.
  3. ^ www.thecompanycheck.com. "SPORTA TECHNOLOGIES PRIVATE LIMITED - Company Details". The Company Check. Archived from the original on 18 August 2022. Retrieved 24 March 2022.
  4. ^ Laghate, Gaurav (28 August 2020). "Dream Sports' FanCode launches fan merchandise store". The Economic Times. Archived from the original on 12 December 2020. Retrieved 1 September 2020.
  5. ^ James, Nandana (19 August 2020). "Dream11 is a proud homegrown brand, says Harsh Jain". @businessline. Archived from the original on 22 August 2020. Retrieved 1 September 2020.
  6. ^ a b Gooptu, Biswarup (19 April 2018). "Internet giant Tencent in advanced talks to invest $100 million in Dream11". The Economic Times. Archived from the original on 24 April 2018. Retrieved 24 April 2018.
  7. ^ "How to setup your Dream11 app and earn money during this IPL 2018". The Indian Express. 13 April 2018. Archived from the original on 24 April 2018. Retrieved 24 April 2018.
  8. ^ "FoxyMoron bags the digital mandate For Dream11 - ET BrandEquity". ETBrandEquity.com. Archived from the original on 24 April 2018. Retrieved 24 April 2018.
  9. ^ Release, ANI Press (31 May 2022). "Dream11 partners with Sportskeeda to launch new 'Dream Big' stories". www.business-standard.com. Archived from the original on 10 August 2022. Retrieved 10 August 2022.
  10. ^ a b "Steadview investment catapults Dream11 into Unicorn league". ETtech.com. Archived from the original on 10 April 2019. Retrieved 10 April 2019.
  11. ^ Choudhury, Neha Alawadhi & Deepsekhar (24 November 2021). "Dream 11 parent Dream Sports raises $840 mn at valuation of $8 bn". www.business-standard.com. Archived from the original on 15 December 2022. Retrieved 15 December 2022.
  12. ^ "Dream Sports bags $840 million at $8 billion valuation". The Economic Times. Archived from the original on 15 December 2022. Retrieved 15 December 2022.
  13. ^ "200 MILLION users on @Dream11!". X (formerly Twitter). Retrieved 19 October 2023.
  14. ^ www.tofler.in. "Dream11 Gaming Zone Llp - Check Registration & Partner Details Online". Tofler. Archived from the original on 2 February 2021. Retrieved 29 January 2021.
  15. ^ "Fantasy sports unicorn Dream11 raises $225 million: Details here". Yahoo. Archived from the original on 3 February 2021. Retrieved 29 January 2021.
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  23. ^ "Telangana's Gaming act forbids fantasy cricket game Dream11". 21 June 2017. Archived from the original on 5 December 2018. Retrieved 4 December 2018.
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  31. ^ Singh, Kuwar (10 April 2019). "A fantasy sports startup has entered the unicorn club thanks to India's IPL fever". Quartz India. Archived from the original on 23 April 2019. Retrieved 23 April 2019.
  32. ^ "IPL media rights tender live: Dream11 Fancode follows Amazon, pulls out of bidding race". 11 June 2022. Archived from the original on 11 June 2022. Retrieved 11 June 2022.
  33. ^ "Dream11 ropes in Happy mcgarrybowen for rebranding". The Drum. Archived from the original on 24 April 2018. Retrieved 24 April 2018.
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  35. ^ "Dream11 selects FoxyMoron to strengthen digital presence". www.televisionpost.com. Archived from the original on 24 April 2018. Retrieved 24 April 2018.
  36. ^ "NBA and Dream11 to bring fantasy basketball to India". Indian Television Dot Com. 2 November 2017. Archived from the original on 24 April 2018. Retrieved 24 April 2018.
  37. ^ Laghate, Gaurav (14 November 2018). "Dream11 becomes ICC's fantasy game partner". The Economic Times. Archived from the original on 22 November 2018. Retrieved 22 November 2018.
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  39. ^ "FIH announces a first-of-its-kind partnership with India's biggest sports game Dream11 | FIH". www.fih.ch. Archived from the original on 20 December 2018. Retrieved 19 December 2018.
  40. ^ "Dream11 announces partnership Australia's BBL". Business Standard India. 14 December 2018. Archived from the original on 20 December 2018. Retrieved 19 December 2018.
  41. ^ "Welcome to the Dream11 Super Smash". NZC. Archived from the original on 2 October 2019. Retrieved 2 October 2019.
  42. ^ "DREAM11 signs up with New Zealand Cricket for another six years". NZC. Archived from the original on 2 February 2021. Retrieved 31 January 2021.
  43. ^ "IPL title rights: Dream11 make three-year winning bid of approx Rs 230 crore per year". The Times Of India. 18 August 2020. Archived from the original on 18 August 2020. Retrieved 18 August 2020.
  44. ^ Farooqui, Javed (1 July 2023). "Dream11 bags team India jersey sponsor rights at base price of Rs 358 crore". The Economic Times. ISSN 0013-0389. Retrieved 1 July 2023.
  45. ^ "Dream11 to be Team India's jersey sponsor; new deal likely to be '350cr for 4 yrs". The Times of India. 1 July 2023. ISSN 0971-8257. Retrieved 1 July 2023.
  46. ^ Tyagi, Gaurav (21 November 2019). "Dream11 revenue records 3.5X jump in FY19, spent Rs 785 Cr on Ad & promotion". Entrackr. Archived from the original on 27 June 2022. Retrieved 27 June 2022.
  47. ^ "Dream11 Turned Fantasy (gaming) Into Reality. Now It's Eyeing A Diversified Sports Tech Future". Forbes India. Archived from the original on 11 June 2022. Retrieved 5 January 2023.
  48. ^ "Dream11's FY22 revenue grows 50%, but profit more than halves on higher costs". The Economic Times. 18 January 2023. ISSN 0013-0389. Retrieved 7 February 2024.
  49. ^ "Dream11 posts higher profit, revenue; auditor flags risk from GST demand". The Economic Times. 19 January 2024. ISSN 0013-0389. Retrieved 7 February 2024.
  50. ^ "Dream11 releases new TVC #KheloDimaagSe with brand ambassador MS Dhoni". Archived from the original on 9 November 2020. Retrieved 4 February 2019.
  51. ^ "Dhoni becomes brand ambassador of gaming platform". The Times Of India. 6 March 2018. Archived from the original on 19 April 2018. Retrieved 24 April 2018.
  52. ^ "Dream11 signs up with 7 IPL teams and 7 cricketers for marketing campaigns - Exchange4media". Indian Advertising Media & Marketing News – exchange4media. Archived from the original on 31 March 2019. Retrieved 10 April 2019.
  53. ^ Online, BrandWagon (24 March 2022). "Dream11 brings Kartik Aaryan and Samantha Prabhu as brand endorsers". Financialexpress. Archived from the original on 29 July 2022. Retrieved 29 July 2022.
  54. ^ www.ETBrandEquity.com. "Dream11 urges cricket fans to dream big in new campaign - ET BrandEquity". ETBrandEquity.com. Archived from the original on 9 August 2022. Retrieved 9 August 2022.
  55. ^ "Dream11's latest campaign features Rohit Sharma, Rishabh Pant, Hardik Pandya, Jasprit Bumrah, and Shikhar Dhawan". Business Insider. Archived from the original on 9 August 2022. Retrieved 9 August 2022.
  56. ^ "Play game on Dream11 app and earn money". Rajasthan Patrika. Archived from the original on 25 April 2018. Retrieved 24 April 2018.
  57. ^ "Leo Burnett Orchard wins the creative duties of Dream11". www.bestmediaifo.com. Archived from the original on 24 April 2018. Retrieved 24 April 2018.
  58. ^ "Dream11 Turned Fantasy (gaming) Into Reality. Now It's Eyeing A Diversified Sports Tech Future". Forbes India. Archived from the original on 11 June 2022. Retrieved 11 June 2022.
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