"The company which made betting legal."
Betting (Satta), on sports, was a regulated speculative activity. It is the activity of predicting sports results and placing a wager on the outcome.
India has a love affair with cricket that is unrivalled by any other country. Wagering on the Indian Premier League dominates all different bettings on major sportsbooks serving India. After cricket, football is the second most mainstream sport with a huge load of activity on worldwide games, including the English Premier League.
Other well-known games to wager on in India, incorporates badminton, tennis, ball, and worldwide game associations, for example, Aussie Rules football, the NBA, NFL, and the sky's the limit from there.
Bettors can put down wagers on anything from individual games and competitions to individual bets, for example, bets can be put on the number of goals the Indian national team will score during the 2023 AFC Asian Cup.
Sports betting in India is essentially unlawful aside from wagering on horse races. India's Supreme Court has governed horse racing, a game of expertise, and thus is lawful. Nonetheless, all different game wagering depends on the laws of the individual states or the overall laws of India.
A large portion of India is dependent upon the Public Gambling Act of 1867 and the Technology Act of 2000. Under those laws, sports wagering isn't allowed. Notwithstanding, individual states reserve the privilege to make their own gambling laws.
It is broadly realized that India's administration isn't effectively hoping to arrange internet betting locales or any residents who decide to play on the destinations.
If people want to place a bet, there are various apps and websites that allow you to do the same. One of those platforms is Dream11.
Dream 11 has made betting on sports legal in the international market. People might think betting is illegal, and this company is doing it online, its brand ambassador is M.S. Dhoni, there is funding, betting on IPL, etc. Maybe this is all a fraud, and maybe it is a fraud company, which is involved in illegal betting.
However, in reality, Dream 11 is not a fraud company. Rather, they have a simple and legal business model.
Dream11 is a fantasy sports platform. It was founded in 2008 by Harsh Jain, who did engineering from the University of Pennsylvania, and Bhavit Sheth, who was a graduate from Mumbai's DJ Sanghvi. They were both around 22. Jain was working as a marketing manager at an infrastructure and real estate firm, Jai Corp, promoted by his father, Anand Jain.
Dream11 started as a personal project, as both Jain and Sheth, were huge fans of English football fantasy leagues. They wanted to do something similar for Indian Premier League (IPL), which had just started. At the same time, the duo dabbled in other ventures, including a digital and social media agency called Red Digital in 2010 which they sold to Gozoop for about Rs 7 crore in 2013. They both also pursued MBA from the U.S.
Initially, Dream11 ran as an ad-based model with a season-long format, which didn't find many takers. In 2012, the company decided to stop this model and instead, focused on daily matches and allowed users to put money on the teams.
In 2012, it launched a freemium Fantasy Cricket. Things started to take off in 2014 when it reached 1 lakh users, and the company raised its first round of funding from Kalaari Capital. Jain was introduced to the V.C. firm by Snapdeal co-founder Kunal Bahl, who was his batchmate at UPenn.
Dream11 has a very basic business model. It allows you to choose a team based on your preference before the match starts. Based on their performance during the actual match, you accumulate points and get a rank at the end of the game.
If you participate in a game with money, it goes to a common pool, and you get winnings based on the ranks after a service fee is charged.
Journey of Dream11
Dream11 has a venture capital investment. In 2015, it raised a series of funding. In 2016, its users hiked to 13 lakh. In 2017, they had series C funding, and Harsha Bhogle was hired as a brand ambassador.
It reached 1.7 crore users in 2018 and entered a partnership with ICC, PKL, FIH, and BBL. Also, M.S. Dhoni was hired as the new brand ambassador. In the same year, the first-ever fantasy Hockey was launched.
In 2019, Dream11 reached 7 crores+ users, and the first-ever fantasy volleyball was also launched. Currently, in 2020, it has crossed 9 crores + users and is the title sponsor of the Indian Premier League 2020.
Dream Sports, the parent organization of India's driving on the web fantasy sports organization Dream11, has ensured its crisp financing of $225 million from Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital, and Footpath Ventures.
The secondary Investment valued Dream11 at $2.5 billion, while the primary cash infusion is at a valuation of $2.2 billion.
The funding, which is to a great extent secondary in nature, with a more moderate primary part, is additionally expected to bring about an additional decrease of Chinese gaming and social media giant Tencent Holdings' stake in the organization to a singular digit. Tencent had driven the Dream11's Series D financing round with $100 million in September 2018, alongside different investors including Kalaari Capital and private value firm Multiples Alternate Asset Management.
As of late, Dream11 has won the title sponsorship rights for the 2020 edition of the Indian Premier League (IPL) for Rs 222 crore and has additionally been marked as a co-presenting sponsor for the league on Star Sports with an expected outgo of Rs 100 crore.
Only 15% of the players on Dream11 have till now paid for a game, while the remaining participants play for free. Just a few years ago, the number of users used to be 5%, but referrals and M.S. Dhoni built the needed credibility.
The company has had its share of legal issues. In 2017, one of its users took Dream11 to Punjab and Haryana court after losing wrangles, but courts ruled in favour of Dream11, stating it is not gambling, but a simple game of skill as users build a team based on current form and past performance of athletes.
This ruling does not make gaming legal in India. Every state has its own rule. Jain set up an industry body called the Indian Federation of Sports Gaming (IFSG) in 2017 to establish self-regulation standards for the industry.
Figure 1 Owler.com
The top 4 competitors of Dream11 Fantasy Private Limited are Galactus Funware Technology Private Limited, My11Circle, HalaPlay, and FanFight. Together, they have raised over 148.9M between their estimated 263 employees.
Dream11 Fantasy Private Limited's revenue is ranked 1st among its top 10 competitors. The top 10 competitors average 65.5M. Dream11 Fantasy Private Limited has 362 employees and is ranked 1st among its top 10 competitors. The top 10 competitors average of 125.
Galactus Funware Technology Private Limited is one of Dream11 Fantasy Private Limited's top adversaries. Involved in the gaming business, Galactus Funware Technology Private Limited was established in Bengaluru, Karnataka in 2018. Contrasted with Dream11 Fantasy Private Limited, Galactus Funware Technology Private Limited produces $318.6M less income.
My11 Circle is Dream11 Fantasy Private Limited's #2 rival. My11Circle was established in 2019 and is settled in Mumbai, Maharashtra. My11Circle contends in the Application Software industry and creates $317.8M less income as compared to Dream11 Fantasy Private Limited.
HalaPlay is another top rival of Dream11 Fantasy Private Limited. HalaPlay's central command is in Bangalore, Maharashtra, and was established in 2017. It works in the Application Software industry and produces 0.13% of Dream11 Fantasy Private Limited's income.
The company is a for-profit organization and is India's biggest sports and gaming platform with 30 million+ clients playing Fantasy Cricket, Football, Kabaddi, and NBA.
A game of skill, Dream11 offers Indian sports supporters a stage to grandstand their games information. Fans can make their group of genuine players from up and coming matches, score points dependent on their on-field execution and compete with different fans.
This online platform helps enthusiastic supporters increase their involvement and connect further deeply with the game they love by being a team owner, and not simply a speculator.
Dream11 is likewise the official partner of the top games associations on the planet, for example, the Hero CPL, Hero ISL, and NBA.
Dream11 can be used through the web/versatile website or the Android and iOS applications.