Dream Sports, the parent company of Dream11, released its financial performance in the last fiscal year as its revenue grew 66.21 percent and neared the Rs 6,400 crore threshold in FY23. At the same time, the firm’s profit grew 32.4 percent during the same period.
Dream11 has been sponsoring the Indian Premier League for the past three editions. It has onboarded a host of star cricketers as brand ambassadors. As a result, its advertisement and promotional expenses accounted for 51 percent of its total burn. This expenditure increased 37.3 percent to Rs 2,964 crore in FY23 from Rs 2,158 crore in FY22.
Its employee benefit cost saw a 2.3X jump to Rs 1,154 crore in FY23. Information technology, content, processing, and other overheads pushed the firm’s overall expenditure up by 55.21% to Rs 5,839 crore in FY23 from Rs 3,762 crore in FY22, as per reports.
Dream11’s revenue from operations surged to Rs 6,384 crore in FY23 from Rs 3,841 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies (RoC) show.
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 also earned Rs 197 crore from the gain on sale of current investments, tallying the total revenue to Rs 6,581 crore in FY23.