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Dream Sports CEO Harsh Jain said regulation would have been a better way to handle the concerns around real-money gaming apps.
He warned that banning them could actually push more people toward the black market. (Photo Credit: X)
Fantasy sports platform Dream11 has often been at the centre of debates about the risks of real-money gaming in India. While critics argue that such platforms can cause financial distress, the company’s co-founder, Harsh Jain, believes the data tells a different story.
Speaking to Moneycontrol recently, Jain said that almost all users on Dream11 have never lost or won more than Rs 10,000 in their lifetime. “Our ticket sizes were always very small. They were on average about Rs 51 or Rs 52,” he explained.
Jain also stressed that fantasy sports, unlike other forms of gaming, cannot be played repeatedly at any time since contests are tied to real-life matches. “It very much was the popcorn to your movie. It was a sports fan engagement tool,” he added.
Fantasy sports helped boost interest in new games and tournaments
Jain highlighted that fantasy sports had played a key role in expanding the sports culture in India. According to him, the rise of such platforms encouraged more Indians to watch and participate in tier two and tier three cricket tournaments, as well as sports outside cricket like kabaddi, football, hockey, volleyball, basketball, and handball.
Dream11, launched in 2008, has since become one of the country’s largest fantasy sports platforms, with a user base of over 260 million. Its parent company, Dream Sports, was last reportedly valued at $8 billion in 2021 after securing major funding from investors such as Falcon Edge, Tiger Global, TPG, and others.
Along with Dream11, the group also runs brands like FanCode, DreamSetGo, Dream Game Studios, Dream Money, and the philanthropic Dream Sports Foundation.
Dream11 halted paid contests after the new law came into effect
On August 22, this year, Dream11 suspended all paid contests and shifted entirely to free-to-play social games. This move followed the introduction of a new central law that banned online money games, which are defined as games where users deposit money with the expectation of winning returns.
The government defended its decision strongly. Union IT Minister Ashwini Vaishnaw described such games as a “social menace” that had already harmed many families. “We have seen so many cases where entire families were affected, where students even resorted to crime because of debts accumulated on these platforms. If we hadn’t acted now, it would have become unmanageable,” he recently said in another interview with Moneycontrol.
Jain argues that regulation would have been better than prohibition
Responding to these concerns, Jain said that prohibition may not solve the problem and could instead push users toward unregulated black markets. “I am sure the government is going to come down heavily on them as well,” he added. He also admitted that the fantasy sports industry itself could have acted earlier to strengthen self-regulation.
In March, the Federation of Indian Fantasy Sports (FIFS), which includes Dream11 as a founding member, teamed up with other industry bodies like the All India Gaming Federation (AIGF) and the E-Gaming Federation (EGF) to announce a joint Code of Ethics. The framework was designed to promote user safety and responsible gaming, borrowing from global best practices.
Industry efforts came too late, says Jain
The Code of Ethics included rules such as age verification, strict KYC checks, spending limits set by users themselves, and options for self-exclusion. It also mandated third-party audits and reporting requirements to improve transparency.
But Jain admitted these measures may have been introduced too late. “We were all waiting for a regulator to come. But maybe we should have been harder on ourselves to regulate this as an industry and not just wait for the government to appoint a regulator,” he said.
Dream11 will not challenge the government’s new rules
Unlike some other gaming companies, Dream11 does not plan to challenge the constitutional validity of the new law.
Jain made it clear that the company intends to comply and focus on new opportunities instead of fighting the government’s decision. “I think the government has made it clear that they don’t want this right now. I don’t want to live in the past. We want to focus entirely on the future and not fight with the government on something that they don’t want,” he also said.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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