Fantasy sports platform Dream11 posted a profit of ₹188 crore for FY23 as compared to ₹142 crore in FY22, according to the filings sourced from Tofler. The company reported revenue of ₹6,384 crore for the year ended March 31, 2023, as against ₹3,840 crore in the year-ago period.
The platform fees received from the users for participating in the contest, also known as Gross Gaming Revenue (GGR), was the sole source of revenue for the fantasy gaming platform in FY23.
The company’s auditor, SR Batliboi & Co, noted in Dream11’s financial statements that the demand over past dues ‘may cast significant doubt on (the) group’s ability to continue as a going concern’. A ‘going concern’ is an entity which has sufficient resources available to continue making money and avoid the risk of bankruptcy for the foreseeable future.
Income up
The gaming unicorn’s total income saw a rise, reaching ₹6,580.84 crore in FY23, as compared to ₹4,065.03 Cr in the previous fiscal year. Dream 11’s total expenses increased to ₹5,838.73 crore in FY23 from ₹3,762.4 crore in the previous financial year.
The gaming company’s expenditure towards employee benefit expenses surged to ₹1,154.1 crore in FY23 from ₹496.5 crore in the previous fiscal year. The start-up spent ₹452.1 crore for salaries and wages, whereas its other employee-related expenses stood at ₹629.18 crore in FY23.
Dream11 is the highest revenue-generating fantasy sports company in India followed by Gameskraft, Games24x7, A23, MPL, Zupee, and Gameberry.