Mobile Premier League to lay off 60% India staff after govt ban on paid games
Bengaluru: Mobile Premier League (MPL), one of India’s largest online gaming platforms, will lay off about 60% of its local workforce following the government’s decision to ban paid online games, a company source said.
According to a report published by The Hindu, the layoffs will affect around 300 of MPL’s 500 India employees across marketing, finance, operations, engineering and legal. The report says that this is the first major industry reaction to the new law by government, which banned online paid games this month, citing risk of financial losses and addiction among youth.
The move has shaken an industry that had been projected to grow to $3.6 billion by 2029 and has attracted investments from Tiger Global and Peak XV Partners. MPL and rival Dream11 gained popularity by offering fantasy cricket games with cash rewards.
In an internal email to staff on Sunday, MPL CEO Sai Srinivas said, “With a heavy heart we have decided that we will be downsizing our India team significantly.” While he did not mention the number of job cuts, he added that India contributed about 50% of MPL’s revenues, and that “this change would mean that we would no longer be making any revenue from India in the near future.”
MPL will now focus on free-to-play games in India while strengthening its presence in the U.S. market. The company was last valued at $2.3 billion in 2021, according to Pitchbook, and had an India revenue of around $100 million last year. It also operates free-to-play games in Europe and offers paid games in the U.S. and Brazil.
Meanwhile, rival Dream11, valued at $8 billion, has also shut down its fantasy cricket operations. Several other poker and rummy apps have suspended services. Last week, gaming firm A23 challenged the ban, though MPL and Dream11 have opted against legal action and MPL declined to comment on Reuters’ queries.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
KKR defeat LSG via Super Over
Lucknow (PTI): Kolkata Knight Riders edged Lucknow Super Giants via Super Overs in a battle between two bottom-placed teams in the IPL, here on Sunday.
Chasing a modest 156, LSG suffered a batting collapse and managed to tie the contest and take it to Super Over with No. 9 Mohammed Shami striking a last-ball six against a wayward Kartik Tyagi, who leaked 16 runs in the final over.
But Sunil Narine bowled a stunning Super Over conceding just one run and taking two wickets to give KKR an easy target.
Rinku Singh then finished the chase with a boundary off first ball from Prince Yadav.
Earlier the KKR were in deep trouble with 93/7 in 15 overs but Rinku smashed a sensational 83 not out from 51 balls including four sixes in a row in the final over to lift them to 155/7.
Cameron Green (34) was the only other batter to reach double-digit scores as KKR suffered a familiar batting meltdown with Mohsin taking his maiden fifer.
In reply, LSG continued their dismal show with the bat to succumb to their fifth loss in a row.
Brief Scores:
Kolkata Knight Riders 155/7; 20 overs (Rinku Singh 83 not out, Cameron Green 34; Mohsin Khan 5/23). Lucknow Super Giants 155/8; 20 overs (Rishabh Pant 42). KKR won via Super Over.
