How Dream 11 became so prominent in India?
Among young sports fans today, fantasy sport is on everyone’s lips. A fantasy sport allows sports fans to not only watch the game on TV but to also create a fictional team (of real players) and earn rewards from the performance of their imaginary team. Mobile and internet technology have contributed to a booming fantasy gaming industry in India as well. Dream11 was founded back in 2008 by Harsh Jain and Bhavit Sheth, two young and talented co-founders who were motivated to explore this sector.
How did It start?
Dream11 was founded in 2008, around the time both Jain and Bhavit were 22 years old, by Jain, who studied engineering at the University of Pennsylvania, and Bhavit Sheth, who graduated from DJ Sanghvi, a Mumbai school.
Sheth and Jain had long been fans of English fantasy football leagues, making Dream11 a personal project. It was their desire to do something similar for the IPL, which had just begun, with the thought that others might do the same. It is the first Indian gaming brand to enter the unicorn club. Dream11 is a pioneer in the fantasy gaming segment.
Initial plans for Dream11 were an ad-based model with a season-long format, which was not well received in the marketplace. As of 2012, the company began focusing on daily matches and allowing users to wager on those matches.
You can choose the best players before a match starts in Dream11, and then gauge their performance. Points are accumulated and a rank is given depending on how well they perform during the actual match. You can win money by taking part in a game with money, which goes into a common pot. A service fee is charged, and rewards are based on the rankings. In the end, the best team for dream11 today’s match is picked and the winner is awarded a mouth-watering winning fee on the elite fantasy gaming app.
Betting Vs Dream11
In betting, the stakes are placed, and the rewards are given based purely on if an event occurs or does not occur, which hardly requires any skill. While Dream11 (which is a fantasy game) involves the selection of distinct players at the participants’ discretion, it is also a game of skill. And the best Dream11 Prediction gets cash prize in Lakhs and Crores.
Depending on past performance, pitch conditions, weather conditions, and ability to perform against competing teams, a player’s selection into the team will require analysis and judgment. Players in a team will be the same amount as they are in a real-life sports league. In contrast with gambling, in cricket, there is a limit as to the number of players a team can have, and one wicketkeeper is required for each team (for example, during a cricket contest one can have no fewer than 7 players from one team).
Kheltalk, a content platform that analysts use to analyse the expected results of upcoming matches, is undergoing rebranding and scaling up right now. The platform may open to subscriptions soon.
Players are attracted to Dream11’s success. In India, Prateek Anand, co-founder of Halaplay, said that fantasy sports gaming could reach $5 billion within the next two years. Founded in 2017, Halaplay has gained support from industry leaders such as Nazara, which makes Chhota Bheem and Delta Corp, which operates casinos in Goa and Sikkim where legal gambling is permitted.
According to an investor briefing on Dream11, the company expects about $650 million in total transactions on its platform for the year ending March, with a net income of $100 million, based on its service fees of approximately 15%.
Not only have Dream11 customers shown interest, but also investors of all types are taking a keen interest. Fundraising is not a popular topic at the company. To date, no information has been announced about its funding rounds, which include when it raised $100 million from Chinese internet giant Tencent last year at a valuation of about $700 million, which any other internet company would have boasted about. Numbers speak louder than words.