Co-Founders: Harsh Jain & Bhavit Sheth in 2008
Industry: Online Fantasy Sports
Type of Business: B2C (Business to Customer)
Parent Company: Dream Sports
Description:
Dream11 is an Indian fantasy sports platform that allows users to play multiple fantasy sports like cricket, hockey, football, kabaddi, basketball, baseball, etc., It is an online game where users create a virtual (imaginary) team of real-life players, from both the teams, of a particular match and accumulate points based on the performances of these players in those real matches.
Let's say, for a cricket match, out of the 22 players available from both the teams, a team of 11 players is to be selected with atleast 4 players from each team and some other restrictions on the number of Wicket-keepers, Batsmen, etc., So there is multiple combinations of players can be selected in the team.
A user who scores the maximum points in their joined contests attains the first rank on the leaderboard. Dream11 offers free and paid contests. A user has to pay a certain fee to join a contest before the start of the match by creating his team and can win real cash based on the "real matches" if the user is in the top 50% on the leaderboard by the end of the match. The user accumulates points through his team based on different parameters like player's runs, wickets taken, catches, fours and sixes hit, etc., There will be multiple contests with different entry prices. The user should be more than 18 years old to be eligible and his profile should be verified by a PAN card.
Revenue Streams:
1. Entry-level fees from the participants to participate in the paid contests.
2. When the users earn on their real-time performance of the players, Dream 11 takes its cut, which accounts for about 15-25% of the total pool.
Target:
The target audience for the brand lies between the age of 20 to 35 years, who are capable of making their decisions.
Back Story:
The early days were full of ups and downs. They faced a lot of struggles and were rejected by more than 150 investors. They faced a legal issue where their business model was considered illegal and petitions were filed in courts.
The story behind naming it "Dream11": Both cricket and football are really popular across the globe and all of them have 11 players mandated for any live game. Now, as the company's main idea is to let the users create their dream team, they are basically trying to create their Dream 11 squad of players.
Competitors: My11 Circle, MyTeam11, MPL, Fantasy Akhada, Balle Baazi, Halaplay
Achievements:
Dream11 is the first Indian gaming company to enter the unicorn (the companies that reach the $1 billion valuation mark) club. It became the Official Fantasy Partner for Caribbean Premier League, Indian Super League and US professional basketball league National Basketball Association (NBA).
Dream11 was the title sponsor for IPL 2020 edition.
Legality:
Apart from betting on horse races, sports betting is considered illegal in India. This is in accordance with the Public Gambling Act of 1867. It states that any form of gambling is to be considered illegal in India. There is neither any explicit prohibition of online gambling's legality nor its acceptance in the Technology Act 2000.
The court gave judgment in their favour and stated that the fantasy games is not determined merely by chance or accident like gambling but to be a "game of skill", experts believe that the company operates in the country's regulatory "grey area". Dream11 is not available on the Google Play store as it violates their stringent policies of not allowing apps that run cash contests. Dream11 is still banned in the states of Assam, Odisha, Andhra Pradesh and Telangana as they don’t allow sports fantasy leagues.
Dream11 played a smart trick by featuring the brand ambassador MS Dhoni, which helped the brand to earn trust and credibility. It has also appointed multiple Indian cricket players like Rohit Sharma, Hardik Pandya, and Rishab Pant,.. as the brand ambassadors
Difference between Betting and Dream11:
Betting involves putting huge money and getting rewarded purely based on the happening or non-happening of an event which hardly requires any 'skill'. On the contrary, Dream11 is a game of skill which involves the selection of a distinct imaginary team of players from both the real teams at the choice of the participant. This requires a lot of knowledge, analysis or judgement. Also, there are certain restrictions the participant should adhere to. Unlike betting, where it can be done for a ball or player or match, Dream11 allows all the contests on a complete match. Betting/bets can be placed even in between the match, but Dream11 allows entry into the contests only before the start of the match.
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