In the wake of the government’s blanket ban on real-money gaming, Dream Sports cofounder and CEO Harsh Jain acknowledged that staff will be affected, but emphasised the company's commitment to retaining talent for as long as possible.
"We have 800 employees, a 260-million user base, a brand people love, and 500 engineers. We can redeploy this talent toward sports AI, fan engagement, and the creator economy. Every part of our team — tech, design, ops, HR, legal — remains relevant," he told ET in an interview.
"We may need some cuts, but talent will be the last thing to go," Jain said, adding that any future plans for the company will start with the right talent, and not marketing.
Dream Sports’ valuation will be hit from the current $8 billion, but the company called on its investors, who include Tiger Global, Alpha Wave Global, DST Global, and TPG, to be resilient.
In a wide-ranging interview after the government's stringent gaming legislation, Jain said Dream Sports will not be challenging the ban legally, even though it takes away 95% of the company's revenue and 100% of its profits in one fell swoop.
"The government has made it clear they don’t want this. We won’t waste energy fighting…we’d rather build for the future than litigate the past,” he said.
Jain said no consultation was held with the industry before the Bill was passed and such a ban would only fuel the black market. ET reported on Tuesday that offshore betting websites are rushing in to fill the gap left by Indian companies discontinuing their real money gaming operations. Platforms, such as Parimatch, 1XBet, RajaBets, 4RABet and Odds92, are busy pulling in the punters, boasting deposit bonuses ranging from 200% to 700% on amounts between Rs 30,000 and Rs 1 lakh, and then some.
"We have 800 employees, a 260-million user base, a brand people love, and 500 engineers. We can redeploy this talent toward sports AI, fan engagement, and the creator economy. Every part of our team — tech, design, ops, HR, legal — remains relevant," he told ET in an interview.
"We may need some cuts, but talent will be the last thing to go," Jain said, adding that any future plans for the company will start with the right talent, and not marketing.
Dream Sports’ valuation will be hit from the current $8 billion, but the company called on its investors, who include Tiger Global, Alpha Wave Global, DST Global, and TPG, to be resilient.
In a wide-ranging interview after the government's stringent gaming legislation, Jain said Dream Sports will not be challenging the ban legally, even though it takes away 95% of the company's revenue and 100% of its profits in one fell swoop.
"The government has made it clear they don’t want this. We won’t waste energy fighting…we’d rather build for the future than litigate the past,” he said.
Jain said no consultation was held with the industry before the Bill was passed and such a ban would only fuel the black market. ET reported on Tuesday that offshore betting websites are rushing in to fill the gap left by Indian companies discontinuing their real money gaming operations. Platforms, such as Parimatch, 1XBet, RajaBets, 4RABet and Odds92, are busy pulling in the punters, boasting deposit bonuses ranging from 200% to 700% on amounts between Rs 30,000 and Rs 1 lakh, and then some.
