Dream11 Explained

Dream11
Type:Private
Location City:Mumbai, Maharashtra, India
Area Served:India
Industry:Fantasy sports[1]
Revenue: (FY23)
Net Income: (FY23)[2]
Parent:Dream Sports[3] [4]
Owners:Sporta Technologies Pvt Ltd[5]
Num Employees:800+ (September 2022)

Dream11 is an Indian fantasy sports platform[6] that allows users to play fantasy cricket, hockey, football, kabaddi, handball, basketball, volleyball, rugby, futsal, American football and baseball.[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 reached a milestone of 200 million users.[13]

History

Dream11 was co-founded by Harsh Jain (son of Indian businessman Anand Jain) and Bhavit Sheth in 2008.[14] [15] [16] 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. 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

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2022, Dream11 resumed operations in the state after the Karnataka High Court reversed the ban on online gambling and repealed a complaint lodged against the company.[29]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

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). 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, 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

YearRevenue (In crores)Profits/Loss (In crores)Source
FY 2018224.6[46]
FY 2019775.4
FY 20202,120[47]
FY 20212,706
FY 20223,480.75[48]
FY 20236,384[49]

Brand ambassadors

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

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]

Notes and References

  1. News: Dream11 turned fantasy (gaming) into reality. Now it's eyeing a diversified sports tech future . 11 June 2022 . 11 June 2022 . https://web.archive.org/web/20220611065148/https://www.forbesindia.com/article/sports-tech-special/dream11-turned-fantasy-(gaming)-into-reality-now-its-eyeing-a-diversified-sports-tech-future/77065/1 . live .
  2. News: Dream11 posts Rs 6,384 Cr revenue and Rs 188 Cr PAT in FY23. 26 January 2024 . EnTrackr.
  3. Web site: Dream Sports’ FanCode launches fan merchandise store. Gaurav. Laghate. The Economic Times. 1 September 2020. 12 December 2020. https://web.archive.org/web/20201212073839/https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/dream-sports-fancode-launches-fan-merchandise-store/articleshow/77792422.cms. live.
  4. Web site: Dream11 is a proud homegrown brand, says Harsh Jain. Nandana. James. @businessline. 1 September 2020. 22 August 2020. https://web.archive.org/web/20200822002542/https://www.thehindubusinessline.com/news/sports/dream11-is-a-proud-homegrown-brand-says-harish-jain/article32396741.ece. live.
  5. Web site: www.thecompanycheck.com. SPORTA TECHNOLOGIES PRIVATE LIMITED - Company Details. 2022-03-24. The Company Check. 18 August 2022. https://web.archive.org/web/20220818222113/https://www.thecompanycheck.com/company/dream11-fantasy-private-limited/U72900MH2007PTC171875. live.
  6. News: Internet giant Tencent in advanced talks to invest $100 million in Dream11. Gooptu. Biswarup. 2018-04-19. The Economic Times. 2018-04-24. 24 April 2018. https://web.archive.org/web/20180424145739/https://economictimes.indiatimes.com/tech/internet/internet-giant-tencent-in-advanced-talks-to-invest-100-million-in-dream11/articleshow/63823880.cms. live.
  7. News: How to setup your Dream11 app and earn money during this IPL 2018. 2018-04-13. The Indian Express. 2018-04-24. en-US. 24 April 2018. https://web.archive.org/web/20180424135737/http://indianexpress.com/article/technology/techook/how-to-setup-your-dream11-app-and-earn-money-during-this-ipl-2018/. live.
  8. Web site: FoxyMoron bags the digital mandate For Dream11 - ET BrandEquity. ETBrandEquity.com. en. 2018-04-24. 24 April 2018. https://web.archive.org/web/20180424135723/https://brandequity.economictimes.indiatimes.com/news/digital/foxymoron-bags-the-digital-mandate-for-dream11/63757108. live.
  9. Web site: Release . ANI Press . 2022-05-31 . Dream11 partners with Sportskeeda to launch new 'Dream Big' stories . 2022-08-10 . www.business-standard.com . 10 August 2022 . https://web.archive.org/web/20220810130145/https://www.business-standard.com/content/press-releases-ani/dream11-partners-with-sportskeeda-to-launch-new-dream-big-stories-122053101223_1.html . live .
  10. Web site: Steadview investment catapults Dream11 into Unicorn league. ETtech.com. en. 2019-04-10. 10 April 2019. https://web.archive.org/web/20190410073310/https://tech.economictimes.indiatimes.com/news/startups/steadview-investment-catapults-dream11-into-unicorn-league/68783917. live.
  11. Web site: Choudhury . Neha Alawadhi & Deepsekhar . 2021-11-24 . Dream 11 parent Dream Sports raises $840 mn at valuation of $8 bn . 2022-12-15 . www.business-standard.com . en . 15 December 2022 . https://web.archive.org/web/20221215061328/https://www.business-standard.com/article/companies/dream-11-parent-dream-sports-raises-840-mn-at-valuation-of-8-bn-121112401102_1.html . live .
  12. News: Dream Sports bags $840 million at $8 billion valuation . The Economic Times . 2022-12-15 . 15 December 2022 . https://web.archive.org/web/20221215061328/https://economictimes.indiatimes.com/tech/startups/dream-sports-bags-840-million-in-new-funding-at-8-billion-valuation/articleshow/87892001.cms . live .
  13. Web site: 200 MILLION users on @Dream11! . 2023-10-19 . X (formerly Twitter) . en.
  14. Web site: www.tofler.in. Dream11 Gaming Zone Llp - Check Registration & Partner Details Online. 2021-01-29. Tofler. 2 February 2021. https://web.archive.org/web/20210202090537/https://www.tofler.in/dream11-gaming-zone-llp/company/AAC-7997. live.
  15. Web site: Fantasy sports unicorn Dream11 raises $225 million: Details here. live. https://web.archive.org/web/20210203192046/https://in.finance.yahoo.com/news/fantasy-sports-unicorn-dream11-raises-141641708.html . 2021-02-03 . 2021-01-29. Yahoo. en.
  16. Web site: 28 January 2010. Create a dream team. 2021-01-29. Bangalore Mirror. en. 3 February 2021. https://web.archive.org/web/20210203125727/https://bangaloremirror.indiatimes.com/bangalore/others/create-a-dream-team/articleshow/21937734.cms. live.
  17. Web site: Game of skill in a regulatory grey area: How Dream 11 and premium fantasy sport is booming in India. Vaidya. Jaideep. Scroll.in. en-US. 2019-02-07. 9 February 2019. https://web.archive.org/web/20190209123859/https://scroll.in/field/907041/game-of-skill-in-a-regulatory-grey-area-how-dream-11-and-premium-fantasy-sport-is-booming-in-india. live.
  18. News: Outlook India. 2018-04-24. en-US. 4 February 2019. https://web.archive.org/web/20190204174610/https://www.outlookindia.com/newsscroll/fih-announces-partnership-with-dream11/1430388. live.
  19. News: How fantasy sports is becoming a multi-billion dollar business globally. Laghate. Gaurav. 2018-03-23. The Economic Times. 2018-04-24. 24 April 2018. https://web.archive.org/web/20180424141317/https://economictimes.indiatimes.com/news/sports/how-fantasy-sports-is-becoming-a-multi-billion-dollar-business-globally/articleshow/63436060.cms. live.
  20. Web site: Dream11 valuation to double to $2.5bn after $225M round. indiatimes.com. en-GB. 2020-09-15. 15 January 2022. https://web.archive.org/web/20220115000203/https://timesofindia.indiatimes.com/business/india-business/dream11-valuation-to-double-to-2-5bn-after-225m-round/articleshow/78114118.cms. live.
  21. Web site: Dream11 launches multi-sports aggregator platform FanCode - The Economic Times . 2022-06-15 . The Economic Times.
  22. Web site: Dream11 parent Dream Sports bags $840 million funding at $8 billion valuation . 2022-09-21 . Moneycontrol . en . 21 September 2022 . https://web.archive.org/web/20220921114555/https://www.moneycontrol.com/news/business/dream11-parent-bags-840-million-funding-at-8-billion-valuation-7757971.html . live .
  23. Web site: Telangana’s Gaming act forbids fantasy cricket game Dream11. 21 June 2017. 4 December 2018. 5 December 2018. https://web.archive.org/web/20181205063444/https://www.telugu360.com/telanganas-gaming-act-forbids-fantasy-cricket-game-dream11/. live.
  24. News: Banned Announcement. Dream 11. 29 September 2020. 1 October 2020. https://web.archive.org/web/20201001221446/https://get.dream11.help/hc/en-us/articles/360021580291-Can-residents-of-Assam-Odisha-Telangana-Nagaland-and-Sikkim-participate-in-paid-contests-of-Dream11-. live.
  25. News: Fantasy sports see an uptick with paid users, legal clarity during IPL - Times of India. The Times of India. 2018-04-24. 12 June 2018. https://web.archive.org/web/20180612023526/https://timesofindia.indiatimes.com/business/india-business/fantasy-sports-see-an-uptick-with-paid-users-legal-clarity-during-ipl/articleshow/63734164.cms. live.
  26. Web site: Chengappa . C. C. . 2021-10-13 . Which states have banned Dream11 in India? . 2022-06-11 . thebridge.in . en . 4 December 2022 . https://web.archive.org/web/20221204013446/https://thebridge.in/esports/dream-eleven-states-banned-india-fantasy-sport-25922 . live .
  27. Web site: SC rejects appeal to initiate criminal action against Dream11, does this end the debate on fantasy sports legality? - Gambling Laws. glaws.in. en-GB. 2018-04-24. 24 April 2018. https://web.archive.org/web/20180424135521/https://glaws.in/2018/03/12/sc-rejects-appeal-initiate-criminal-action-dream11-end-debate-fantasy-sports-legality/. live.
  28. News: Dream11 suspends Karnataka operations days after ban on online gambling in state . 26 April 2023 . The Indian Express . 10 October 2021 . en . 26 April 2023 . https://web.archive.org/web/20230426184147/https://indianexpress.com/article/cities/bangalore/dream11-suspends-karnataka-operations-days-after-ban-on-online-gambling-in-state-7563843/ . live .
  29. News: Karnataka HC quashes FIR filed last year against Dream11 co-founders . 26 April 2023 . Business Standard . 4 March 2022 . 26 April 2023 . https://web.archive.org/web/20230426184132/https://www.business-standard.com/article/companies/karnataka-hc-quashes-fir-filed-last-year-against-dream11-co-founders-122030401223_1.html . live .
  30. Web site: Game of skill in a regulatory grey area: How Dream 11 and premium fantasy sport is booming in India. Jaideep. Vaidya. Scroll.in. 7 February 2019. 9 February 2019. https://web.archive.org/web/20190209123859/https://scroll.in/field/907041/game-of-skill-in-a-regulatory-grey-area-how-dream-11-and-premium-fantasy-sport-is-booming-in-india. live.
  31. Web site: A fantasy sports startup has entered the unicorn club thanks to India’s IPL fever. Kuwar. Singh. Quartz India. 23 April 2019. 23 April 2019. https://web.archive.org/web/20190423164718/https://qz.com/india/1590949/ipl-betting-startup-dream11-cricket-crazy-indias-latest-unicorn/. live.
  32. Web site: 2022-06-11 . IPL media rights tender live: Dream11 Fancode follows Amazon, pulls out of bidding race . 2022-06-11 . en-US . 11 June 2022 . https://web.archive.org/web/20220611025603/https://www.insidesport.in/ipl-media-rights-tender-live-big-setback-for-bcci-after-amazon-dream11-also-pulls-out-of-bidding-war-check-out/ . live .
  33. News: Dream11 ropes in Happy mcgarrybowen for rebranding. The Drum. 2018-04-24. en. 24 April 2018. https://web.archive.org/web/20180424135838/http://www.thedrum.com/news/2018/03/16/dream11-ropes-happy-mcgarrybowen-rebranding-0. live.
  34. News: Tencent eyes $100 Mn investment in Fantasy sports platform Dream11. 2018-04-19. Entrackr. 2018-04-24. en-US. 24 April 2018. https://web.archive.org/web/20180424202329/https://entrackr.com/2018/04/tencent-invest-100-mn-dream11/. live.
  35. Web site: Dream11 selects FoxyMoron to strengthen digital presence. www.televisionpost.com. en-US. 2018-04-24. 24 April 2018. https://web.archive.org/web/20180424135912/http://www.televisionpost.com/dream11-selects-foxymoron-to-strengthen-digital-presence/. live.
  36. News: NBA and Dream11 to bring fantasy basketball to India. 2017-11-02. Indian Television Dot Com. 2018-04-24. en. 24 April 2018. https://web.archive.org/web/20180424141424/http://www.indiantelevision.com/television/tv-channels/sports/nba-and-dream11-to-bring-fantasy-basketball-to-india-171102. live.
  37. News: Dream11 becomes ICC’s fantasy game partner. Laghate. Gaurav. 2018-11-14. The Economic Times. 2018-11-22. 22 November 2018. https://web.archive.org/web/20181122132138/https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/dream11-becomes-iccs-fantasy-game-partner/articleshow/66616376.cms. live.
  38. News: Startup Street: How Dream11 Is Cashing In On India’s Growing Love For Fantasy Sports. BloombergQuint. 2018-11-22. 22 November 2018. https://web.archive.org/web/20181122132055/https://www.bloombergquint.com/technology/startup-street-how-dream11-is-cashing-in-on-indias-growing-love-for-fantasy-sports. live.
  39. Web site: FIH announces a first-of-its-kind partnership with India’s biggest sports game Dream11 FIH. www.fih.ch. 2018-12-19. 20 December 2018. https://web.archive.org/web/20181220010850/http://www.fih.ch/news/fih-announces-a-first-of-its-kind-partnership-with-india-s-biggest-sports-game-dream11/. live.
  40. News: Dream11 announces partnership Australia's BBL. 2018-12-14. Business Standard India. 2018-12-19. 20 December 2018. https://web.archive.org/web/20181220035401/https://www.business-standard.com/article/news-ians/dream11-announces-partnership-australia-s-bbl-118121400673_1.html. live.
  41. Web site: Welcome to the Dream11 Super Smash . NZC . 2 October 2019 . 2 October 2019 . https://web.archive.org/web/20191002063820/https://www.supersmash.co.nz/news-videos/welcome-to-the-dream11-super-smash . dead .
  42. Web site: DREAM11 signs up with New Zealand Cricket for another six years . NZC . 31 January 2021 . 2 February 2021 . https://web.archive.org/web/20210202151922/https://www.nzc.nz/news-items/dream11-signs-up-with-new-zealand-cricket-for-another-six-years . dead .
  43. Web site: IPL title rights: Dream11 make three-year winning bid of approx Rs 230 crore per year. The Times Of India. 18 August 2020. 18 August 2020. 18 August 2020. https://web.archive.org/web/20200818234557/https://timesofindia.indiatimes.com/sports/cricket/ipl/top-stories/ipl-title-rights-dream-11-make-winning-bid-of-rs-230-crore/articleshow/77609893.cms. live.
  44. News: Farooqui . Javed . 2023-07-01 . Dream11 bags team India jersey sponsor rights at base price of Rs 358 crore . The Economic Times . 2023-07-01 . 0013-0389.
  45. News: 2023-07-01 . Dream11 to be Team India’s jersey sponsor; new deal likely to be `350cr for 4 yrs . The Times of India . 2023-07-01 . 0971-8257.
  46. Web site: Tyagi . Gaurav . 2019-11-21 . Dream11 revenue records 3.5X jump in FY19, spent Rs 785 Cr on Ad & promotion . 2022-06-27 . Entrackr . en-US . 27 June 2022 . https://web.archive.org/web/20220627150609/https://entrackr.com/2019/11/dream11-revenue-records-3-5x-jump-in-fy19-spent-rs-785-cr-on-ad-promotion/ . live .
  47. Web site: Dream11 Turned Fantasy (gaming) Into Reality. Now It's Eyeing A Diversified Sports Tech Future . 2023-01-05 . Forbes India . en . 11 June 2022 . https://web.archive.org/web/20220611065148/https://www.forbesindia.com/article/sports-tech-special/dream11-turned-fantasy-(gaming)-into-reality-now-its-eyeing-a-diversified-sports-tech-future/77065/1 . live .
  48. News: 2023-01-18 . Dream11’s FY22 revenue grows 50%, but profit more than halves on higher costs . 2024-02-07 . The Economic Times . 0013-0389.
  49. News: 2024-01-19 . Dream11 posts higher profit, revenue; auditor flags risk from GST demand . 2024-02-07 . The Economic Times . 0013-0389.
  50. Web site: Dream11 releases new TVC #KheloDimaagSe with brand ambassador MS Dhoni. en. 4 February 2019. 9 November 2020. https://web.archive.org/web/20201109034522/https://www.insidesport.co/dream11-releases-new-tvc-khelodimaagse-with-brand-ambassador-ms-dhoni/. live.
  51. Web site: 6 March 2018 . Dhoni becomes brand ambassador of gaming platform . The Times Of India . 24 April 2018 . 19 April 2018 . https://web.archive.org/web/20180419053147/https://timesofindia.indiatimes.com/sports/off-the-field/dhoni-becomes-brand-ambassador-of-gaming-platform/articleshow/63182788.cms . live .
  52. Web site: Dream11 signs up with 7 IPL teams and 7 cricketers for marketing campaigns - Exchange4media. Indian Advertising Media & Marketing News – exchange4media. en. 2019-04-10. 31 March 2019. https://web.archive.org/web/20190331202959/https://www.exchange4media.com/digital-news/dream11-signs-up-with-7-ipl-teams-and-7-cricketers-for-marketing-campaigns-95716.html. live.
  53. Web site: Online . BrandWagon . Dream11 brings Kartik Aaryan and Samantha Prabhu as brand endorsers . Financialexpress . 2022-03-24 . 2022-07-29 . 29 July 2022 . https://web.archive.org/web/20220729135658/https://www.financialexpress.com/brandwagon/dream11-brings-kartik-aaryan-and-samantha-prabhu-as-brand-endorsers/2470958/ . live .
  54. Web site: www.ETBrandEquity.com . Dream11 urges cricket fans to dream big in new campaign - ET BrandEquity . 2022-08-09 . ETBrandEquity.com . en . 9 August 2022 . https://web.archive.org/web/20220809102541/https://brandequity.economictimes.indiatimes.com/news/advertising/dream11-urges-cricket-fans-to-dream-big-in-new-campaign/87184877 . live .
  55. Web site: Dream11's latest campaign features Rohit Sharma, Rishabh Pant, Hardik Pandya, Jasprit Bumrah, and Shikhar Dhawan . 2022-08-09 . Business Insider . 9 August 2022 . https://web.archive.org/web/20220809102219/https://www.businessinsider.in/advertising/brands/news/dream11s-latest-campaign-features-rohit-sharma-rishabh-pant-hardik-pandya-jasprit-bumrah-and-shikhar-dhawan/articleshow/87251358.cms . live .
  56. News: Play game on Dream11 app and earn money. Rajasthan Patrika. 2018-04-24. 25 April 2018. https://web.archive.org/web/20180425031812/https://www.patrika.com/mobile-apps-news/play-game-on-dream11-app-and-earn-money-2641097/. live.
  57. Web site: Leo Burnett Orchard wins the creative duties of Dream11. www.bestmediaifo.com. 2018-04-24. 24 April 2018. https://web.archive.org/web/20180424135742/http://bestmediainfo.com/2018/04/leo-burnett-orchard-wins-the-creative-duties-of-dream11/. live.
  58. Web site: Dream11 Turned Fantasy (gaming) Into Reality. Now It's Eyeing A Diversified Sports Tech Future . 2022-06-11 . Forbes India . en . 11 June 2022 . https://web.archive.org/web/20220611065148/https://www.forbesindia.com/article/sports-tech-special/dream11-turned-fantasy-(gaming)-into-reality-now-its-eyeing-a-diversified-sports-tech-future/77065/1 . live .