In a significant development for the Poker Sports League (PSL), the fifth season is all set to shift from an offshore casino setting to a land-based venue. This transition is accompanied by a substantial increase in the prize pool, which now stands at Rs 1.5 crore, and a strategic streaming partnership with Jio Cinema.
The move not only signifies a major shift in the league’s operations but also highlights the positive impact of the Ministry of Electronics and Information Technology’s (Meity) recent initiatives. These developments, supported by industry initiatives, have not only enhanced PSL’s legitimacy but also helped in attracting sponsors, partners, and airtime.
The league, which garnered close to 2 million viewers last season, is projected to reach approximately 7 million viewers this year. The partnership with JioCinema has played a pivotal role in amplifying the league’s reach and has piqued the interest of stakeholders, who are now eager to invest in the league. “The league has been running for four seasons, but it has only recently cracked the business model,” said Pranav Bagai, CEO, and founder of PSL.
Change of venue
In the past, PSL had struggled to monetise its events. The league was also hampered by a complex point system and lack of legitimacy. However, PSL has made a number of changes in recent months that have helped to improve its business model.
“One of the biggest changes is that PSL is now broadcasting its events from a banquet hall in a five-star hotel. This change gives PSL the legitimacy it needs to attract sponsors and investors. We have also simplified the point system. The new system is much easier to understand for viewers and players. This change has made PSL more accessible to a wider audience,” Bagai added.
As a result of these changes, PSL is on track to be profitable in its fifth season. It has found a way to monetise events more effectively, and the league will now be sharing 40 percent of its revenue with the teams.
“This has led to a significant reduction in the cost of operating a team. As a result, each team is now expected to be profitable in season 7, and they will be recovering at least 50 percent of their expenses in season 5 itself,” Bagai said.
The ownership of the PSL teams also looks interesting. PSL teams are not owned by any brands. Instead, they are owned by individuals who are passionate about poker. Some of the team owners include Vijay Madhuri, who is also the owner of the Hyderabad Football Club, and Mehul Shah, who is the former owner of Anchor Group and Switches Electricals.
As per a recent report by Custom Market Insight Market Research Team, the India online poker market is expected to record a CAGR of 16.9 percent from 2023 to 2030. In 2023, the market size is projected to reach a valuation of $115.1 billion. By 2030, the valuation is anticipated to reach $346 billion.
Growing awareness
A growing user base, technological advancements and regulatory frameworks are some of the primary reasons behind this growth. These factors and innovative marketing are giving the sector a much-needed boost in awareness.
PSL, for instance, is running a multi-fold marketing program to promote the IP.
“The program has been very successful so far, and we are seeing a significant increase in brand awareness and engagement. One of the key components of our marketing programme has been meme marketing. We have partnered with over 45 different meme pages to create and share memes about PSL. These memes have been very popular, and they have helped us to reach a large audience,” Bagai said.
Additionally, the league is also running an influencer marketing campaign. In addition, there are paid campaigns on social media to reach out to potential fans and increase brand awareness.The poker industry in India is undergoing a significant transformation, driven by evolving regulations and shifting dynamics. Thanks to the recent rules framed by the Ministry of Electronics and Information Technology (Meity), the industry is experiencing a boost in legitimacy and attracting a growing number of stakeholders.
The emergence of strategic partnerships, such as the one between the Poker Sports League (PSL) and Jio Cinema, highlights the industry’s potential for growth and expansion. As the market matures, industry leaders foresee a promising future for the league, where top OTT players may bid for valuable intellectual properties.