Economies around the world have taken a huge hit, thanks to unprecedented lockdowns put in place due to the pandemic. In order to control the spread of the disease, workplaces were forced to shut down, confining people to their homes. As incomes have dropped considerably due to the shutting down of businesses, people are looking for newer avenues to make a quick buck.
Sporting events are making a comeback, and the upcoming IPL is being organized in the UAE. This provides an avenue for individuals to get some much-needed entertainment, as well as make some money by placing bets on IPL betting sites. Sites like Betway, Bet365, ComeOn, and Betwinner are some of the sites which allow betting on the outcome of IPL matches as well as other aspects of the matches.
Another way of earning money during matches, which is fast gaining popularity in India is fantasy cricket. Similar to daily fantasy sports played in the USA. While a relatively new concept in India, daily fantasy sports began to emerge in the USA around 2007.
While the legality of online fantasy gaming is a grey area in Indian law, there is no law that expressly declares such games as illegal. Hence, till such law is enacted, it enjoys a legal status. Moreover, since such fantasy leagues are viewed as a `game of skill´ rather than a `game of chance´, it is technically a different genre from betting and gambling.
Dream11 is one of the oldest fantasy cricket leagues in India, introducing cricket fans in India to fantasy sporting in 2012. And in a short span of 6 years, it had more than 50 million registered users by 2019.
What started as a personal project by two friends, Dream11 soon evolved into a full scale fantasy cricket platform with the increasing popularity of cricket leagues like the IPL.
Initially, the company ran on an ad-based model, with the results coming over entire seasons. This format however did not find many takers. The company was quick to innovate and started offering the option to select a team for daily matches, with the opportunity to put money on the teams.
Based on the performance of the selected players in the actual match, the users accumulate points which are converted into cash and can be withdrawn by paying a service fee.
By 2014, Dream11 had a substantial capital investment by major VC firms and by 2019, it joined an elite group of start-ups in the unicorn club, with a valuation of more than a billion dollars.
Signing up the captain of the Indian cricket team Mahendra Singh Dhoni as the brand ambassador for the company provided a tremendous boost for the company in terms of credibility as well as popularity.
While IPL games usually last for around 60 days, Dream11 has diversified into fantasy leagues for sports like kabaddi, football, hockey, and badminton, giving the sports fan to play with the league of their choice, any time of the year.
The ability to innovate and the first-mover advantage means Dream11 enjoys over 90 percent share in fantasy league sports in India.
It provides a platform for the sports enthusiasts to display their skill and knowledge about a particular sport, keeping them entertained, as well as giving an opportunity to make some quick buck in these times of economic hardships.