Harsh Jain, CEO & Co-Founder of Dream Sports and Dream11, recently discussed the importance of government regulations in the fantasy gaming industry during his address at the Oxford India Forum. Unlike many industries that resist regulations, Jain believes that they are crucial for the growth and responsible engagement within fantasy gaming, shifting focus from high-risk gambling to promoting sports engagement.
According to Jain, government intervention is essential to steer the industry towards fostering skill-based games rather than games of chance. He emphasized that Dream11, as a leading platform with extensive scale, supports regulations that distinguish between skill-based and chance-based gaming activities.
Jain highlighted that the allure of fantasy gaming lies not in high stakes but in the thrill of participating with small monetary investments. Despite having a user base of 250 million, only about 20% engage with real money, with an average transaction size as low as Rs 63. This design, Jain explained, fosters engagement without promoting excessive gambling behaviors.
He also noted that a significant portion of Dream11's user base hails from tier 3 cities, underscoring the platform's deep penetration into diverse segments of the Indian population.
Proudly Indian, Dream11 focuses exclusively on the domestic market, a strategy Jain believes positions them uniquely as the world's largest player in the fantasy sports sector by solving India-specific challenges.
Discussing entrepreneurship in India, Jain emphasized agility and understanding local hurdles as critical advantages. He encouraged aspiring entrepreneurs to view India's vast population not as a drawback but as a strength, offering immense opportunities for innovation and growth.
In closing, Jain advised young entrepreneurs to tackle significant problems with their ventures, likening their solutions to essential "painkillers" rather than optional "vitamins." He urged dedication and persistence, suggesting that transformative ideas require commitment over several years to achieve substantial impact and success.
