Dream11 clocks 200 million registered users, amid new GST regime
This comes at a time when the entire online gaming ecosystem is looking to get a grasp on the new GST regime, which imposes a 28% tax on player holdings on gaming platforms.
Fantasy gaming firmhas hit the 200-million registered users mark, amid the new GST regime that the entire gaming ecosystem has been grappling with.
"We've hit another massive milestone! Dream11 now proudly has 200 MILLION registered users," Dream Sports said in a post on X.
This development comes at a time when the company's NFT bet Rario has failed to find success, despite the ongoing cricket World Cup, leaving many of its traders stuck on the platform, unable to sell their assets.
Meanwhile, real money gaming firms are still looking to get a grasp on the new GST (goods and services tax) regime, which imposes a 28% tax on player holdings on online gaming platforms.
Last month, the Directorate General of GST Intelligence (DGGI) had sent pre-show cause notices to a number of gaming firms over GST dues of about Rs 55,000 crore. This included a notice of about Rs 25,000 crore to Dream 11, The Economic Times had reported.
Earlier, many gaming firms had come out strongly against the GST move, with some terming it a "body blow" to the industry. Many firms had also predicted layoffs and movement of activity to offshore entities.
However, a recent study by the E-Gaming Federation in collaboration with the Indian Statistical Institute (ISI) found that players were optimistic about the industry despite the high tax rate.
The study—advised by two professors from ISI, Diganta Mukherjee and Subhamoy Maitra—explored the perceptions, aspirations, and preferences of 4,644 engineering students and professionals, from the five states of Andhra Pradesh, Telangana, Kerala, Karnataka, and Tamil Nadu, with respect to the online skill gaming sector.
"Projections indicate a staggering growth trajectory, with India's gaming market expected to soar from $2.8 billion in 2022 to $5 billion by 2025, growing at a compounded annual growth rate of 28-30%," said the study, reported by PTI.
Edited by Swetha Kannan