Dream11

FATF invites Indian online gaming firms to discuss laundering risks

Companies invited for tomorrow's meet include Dream11, Baazi Games, Zupee, WinZO, and others

Dream11 CEO Harsh Jain buys Rs 138 crore flat in Mumbai's Malabar Hill

Lodha Malabar is an upcoming ultra-premium residential tower on Walkeshwar Road, South Mumbai.

TIGA Investments receives CCI's clearance to acquire stake in Dream11

The Competition Commission of India (CCI) has granted a nod to Singapore-based TIGA Investments' proposal to acquire a stake in Dream11's parent company Dream Sports Inc. The deal was cleared by CCI under the green channel route. The transaction pertains to the purchase by Tiga Acquisition Corp III (Tiga) of certain preferred stock of Dream Sports Inc (DSI), along with certain rights, from an existing shareholder of DSI, the regulator said in a notice on September 23. However, the fair trade regulator CCI did not reveal the name of the existing shareholder. The US-based Dream Sports conducts its operations through its subsidiary in India, Sporta Technologies Pvt Ltd. DSI, a sports tech company, owns a portfolio of leading brands like Dream11 and FanCode. Sporta is primarily involved in the provision of online gaming and allied digital engagement services in India. TIGA Investments (TIGA) focuses on making long-term investments in differentiated businesses with strong management .

How much tax do you have pay on earnings from online gaming, TV shows?

Participants of shows like KBC or players of Dream11 should note that their winnings are taxable

My11Circle outbids Dream11, becomes official fantasy sports partner of IPL

The five-year period will begin from the IPL 2024 season, starting in March 2022 with the opening match between Chennai Super Kings and Royal Challengers Bangalore

No global expansion plans, focus on India's growth: Dream11 CEO Harsh Jain

Dream11 is one of three gaming unicorns - companies valued at over $1 billion - in the country, aside from Games24x7 and Mobile Premier League (MPL)

Gaming unicorn Dream11 onboarded 55 million users in 2023 amid tax battle

The company now boasts a total user base of 21 crore gamers, after breaching the 20 crore threshold in October last year

SC seeks govt's response on pleas by online gaming cos challenging 28% GST

The bench, led by Chief Justice of India DY Chandrachud, issued notice in pleas by online gaming companies such as Head Digital Works, Games 24/7, and Dream 11 challenging the government's decision

MPL's revenue surges 63% to $104.6 mn in FY23; losses narrowed by over 70%

The gaming unicorn has derived 38% of this revenue from its operations in international markets up from 11 per cent in FY22

D-Mart's Damani tops list of '200 Self-Made Entrepreneurs Of Millennia'

Sachin Bansal and Binny Bansal of Flipkart, Deepinder Goyal of Zomato among others in the list

Pune cop wins Rs 1.5 crore in online gaming, but ends up getting suspended

Inquiries revealed that Jhende had played the online game without permission and had reportedly given media interviews wearing his police uniform

World Cup sponsors' app downloads surge; Disney+ Hotstar is at No 1

Disney-Hotstar is at No 1; downloads of others like Dream11, Lendingkart also shoot up

Gaming cos to collect 28% on full bet value, foreign firms to have GST no

From October 1, online gaming companies will charge 28 per cent GST on full value of bets, while offshore platforms too would be required to have GST registration to operate in India. The finance ministry late on Friday notified October 1 as the appointed date for the amended provisions in Central GST and Integrated GST laws to come into effect. E-gaming companies, however, flagged that since many states are yet to pass amendments in their respective State GST (SGST) laws, this notification by the union government in CGST and IGST laws will create confusion. According to the changes to the Central GST Act, online gaming, casinos and horse racing will henceforth be treated as "actionable claims" similar to lottery, betting and gambling and subject to 28 per cent Goods and Services Tax (GST) on full face value of bets. The amendments to Integrated GST (IGST) Act makes it mandatory for offshore online gaming platforms to take registration in India and pay 28 per cent tax in accordance

Dream11 moves Bombay High Court challenging GST show cause notices

Fantasy sports platform Dream11 has filed a petition in the Bombay High Court challenging the levy of 28 per cent GST retrospectively on bets placed on its platform. The petition filed on September 22 follows Show Cause Notices (SCN) slapped on the e-gaming platform by Goods and Services Tax (GST) authorities. As per the petition, the tax demand is to the tune of Rs 216.94 crore for 2017-18 and Rs 1,005.77 crore for 2018-19. Dream11 challenged the SCN, which seeks to recover the GST as they were based on the premise that the services provided by the company were those of gambling on which 28 per cent tax is leviable. "The impugned notices lack jurisdiction having been issued in teeth of the Apex Court judgments in the petitioner's own case, wherein, it has been held that Online Fantasy Sports Gaming provided by the petitioner are predominantly games of skill, not amounting to gambling/betting," the petition said. The e-gaming company said the impugned notices lack jurisdiction and

India demands $150 mn in taxes from Tiger Global-backed gaming firm Dream11

Dream11 has filed a lawsuit in the High Court in Mumbai challenging the notices, court papers showed. The case is likely to be heard in coming days

Amid deep financial crisis, Byju's and Shah Rukh Khan may part ways

In 2017, Byju's signed Shah Rukh Khan for an annual payment of around Rs 4 crore

Gaming platform Dream11 set to be Indian team's principal jersey sponsor

When people associated with Dream11 were contacted, they cited that certain protocols are in place before they can make a formal announcement of the deal

Harsh Jain, founder of start-up Dream11, elected IAMAI chairperson

Organisation representing technology companies also names new vice chairman and treasurer

Delhi HC rejects plea involving use of cricketers' images in gaming NFTs

The Delhi High Court in its order said that the plaintiffs cannot claim to have an exclusive right over the use of an NFT technology

Fantasy Sports revenue to rise 30-35% to Rs 2,900-3,100 cr this IPL season

Fantasy sports segment revenue is expected to grow in the range of 30-35 per cent to Rs 2,900-3,100 crore during the ongoing IPL 2023 cricket tournament season over the last year, market research firm Redseer Strategy Consultants said on Wednesday. The data estimates show 6.5-7 crore users are expected to transact on gaming platforms. Redseer Strategy Consultants, Partner, Ujjwal Chaudhry said there has been large awareness around fantasy sports platforms with higher marketing spend. "We are now seeing Bollywood stars in promotion. There is now better clarity around the regulatory framework, GST. Another positive push has been from Google where it has allowed some fantasy platforms on Playstore under its pilot programme. All of these are very positive developments for fantasy sports in India. With all this we expect 20-30 per cent growth in users transaction," he said. Google has allowed apps of select fantasy sports, mainly big players like Dream11, Games24X7's My11Circle, MPL Rum