Harsh Jain, co-founder of Dream Sports, has made a big statement about Dream 11. He has said that the Dream Sports will not challenge the constitutional validity of the government’s real-time online gaming law. Jain said this in a conversation with Moneycontrol. Dream Sports is the parent company of Dream 11. He said that the government has made it clear that it does not want it (online gaming) at the moment.
95 percent of the group’s revenue used to come from cash-based contests
Jain said in an interview to Moneycontrol, “I do not want to live in the time that has passed. We want to focus on the future completely. We do not want to fight with the government on anything that the government does not want.” Dream Sports This is a big decision of. The importance of this decision of Jain is also very high because 95 percent of the group’s revenue and 100 percent profit comes from cash-based contests. The operation revenue of Dream Sports in Financial Year 2022-23 was Rs 6,384.49 crore. A year earlier it was Rs 3,841 crore.
Online gaming bill has become law after the President’s approval
The government has banned online money gaming by enacting a new law. In such games, users had to deposit money directly or indirectly. The government believes that online money gaming damages the interests of common people. On August 22, after passing the online money gaming bill from Parliament, Dream 11 stopped all types of paid contests on its fantasy sports platform. The bill has received the approval of President Draupadi Murmu. This has made this law.
Government will help people who lost jobs with new law
This clarification of Jain has come when it is believed that many real gaming (RMG) companies are considering challenging the constitutional validity of the new gaming law in the court. On the other hand, IT Minister Ashwini Vaishnav recently said in an interview to Moneycontrol that he feels that the validity of the new law of the government could be challenged. However, he also said that the government will help those who will lose their jobs due to the ban on real time gaming. According to an estimate, the ban on RMG may have to lose employment directly or indirectly.
Dream Sports started in the year 2008
The Federation, representing online gaming, also believes that this decision of the government will have a widespread impact. The Federation of Indian Fantasy Sports (FIFs) along with the second gaming federation said in March this year that they would take steps to ensure users’ safety standards. Dream Sports was started in 2008 by Jain and Bhavit Sheth. This company had raised a lot of funds from many big investors. Its valuation was imposed $ 8 billion when it raised a fund of $ 84 million.