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Dream11 Enters WinZO & MPL’s Turf With Foray Into Casual Real Money Gaming
- Dream11 has entered the casual real money gaming space by launching a new app named 'Dream Play' where users can play carrom matches and win cash prizes.
- The app has already garnered over a lakh downloads on Google Play Store despite minimal promotion.
- Dream Play is available in a Lite version on the Play Store, requiring users to create or login with their 'Dream Sports' wallet to download and play.
- Dream11 has also launched another real money fantasy app called 'Dream Picks' and a real-time prediction app named 'CRIQ' recently.
- In this move, Dream11 will now compete with established players like Mobile Premier League and WinZO, which have millions of users and significant revenues.
- The real money gaming industry in India is facing GST challenges, leading to a projected degrowth of about 10% in FY25 according to a report by Deloitte India.
- Due to the new GST laws, the industry is expected to post a reduced CAGR of 7% for FY24 to FY29, significantly lower than the earlier forecasted CAGR.
- Under the new GST regime, online gaming platforms face a 28% tax on the total value of bets, impacting companies' margins and leading to notices for alleged evasion.
- Dream11, along with other gaming companies, is grappling with GST issues, with Dream11 reportedly receiving a notice of INR 28,000 Cr.
- Dream11 is yet to disclose its financial numbers for FY24 and FY25, while the GST troubles persist in the real money gaming sector.
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