This can KILL YOU | Earn Money Online | Business Case Study
V.H. Vineet, a 29 years old worker who used to work at Vikram Sarabhai Center. Comes back to his village after losing his job in Kerala due to COVID. But, after eight months, on the night of 31 December 2020, he went to Rubber farm near his home town and hanged himself. When police investigated, it was found that he had a debt of 20 lakh rupees. Because of no other option, he had to take this horrible step.
But, Do you know where this debt came from? Well, fantasy gaming. One such thing which is ruining our life on such a level, that you cannot even imagine. And interestingly, this thing is sold so smartly to you, that you feel there is nothing bad in it.
Fantasy games, skill based online games, exciting cash prize winning games, and what not. But in reality, it's all gambling. All this is gambling.
Such a process, in which you all are made to feel smart and safe. to make the money disappear from your pocket, which you had made with a lot of hard work. I know what you are thinking. That fantasy gaming is legal, isn't it? Online betting is legal in India. And we are told so many stories, where people have made huge money by playing these games.
Well, let me tell you. It's all a lie. The same companies has told you this lie, which are making you play this game. But why? If it is so then why doesn't our government do anything against it? Why is it so that once you start playing this game, and then you are not able to stop yourself from playing this game.
Come on, let me take you on such a journey, where you will know that truth of these companies, which noone knows. Many people have tried to bring it out from the truth, but, all these companies suppressed them. The truth which will open your eyes. Come on, let me take you to such a place, where you will be able to see the truth of all these companies with your own eyes! I'm not a gambler. I'm investor. I want all of you to learn investing.
It is just a scam. The fact that nobody can win. We only want losing customers. That's it. Let me do it, till then make you team on Dream11! Gambling addiction isn't a failure of will. It is a brain disorder, which is played upon by the gambling industry.
Prabhat Sharma, an engineering student of Gujarat, on 11 September 2022, he kills himself by hanging in his hostel. Before doing this, he wrote a note to his father. Do you know, what was written in it? That father, please forgive me.
Due to my mistakes, you have a lot of debts. When police investigates, it is revealed that, Prabhat was playing fantasy games for the last 1 year! And in greed of earning a lot of money, he started doing it by borrowing huge sums of money. And guess what, he lost all the money. Similar is the story of Mahesh, Venktesh and Bhawani. Apart from these four, there are many such people, whose stories ended my taking their lives.
According to a research, 95% of the people lose their money in fantasy games. Many of these people end up like Prabhat and Vineet. Famous fantasy gaming app Dream11, which controls 90% of fantasy sports market, had 100 million users in 2021, which grew to 140 million users in 2022. But how? Why are so many people getting involved in a thing that is ruining people's lives? Why are they putting their hard earned money? Well, it's complicated! This thing is intentionally designed that way, that if once you get stuck in this thing, then it is very difficult to get out. So to start with, How does these online betting companies traps you in these online betting trap? Well, now look at this very very carefully! Fantasy gaming app uses these three things.
No. 1 - The Hook. Have you thought that, Dream11, Mycircle11, Winzo, MPL, The Lion Book, after hearing the name of all these, online batting does not come in our mind. Ever thought, why? And this is where the association principle comes in.
Whether there are TV ads, posters or banners, or promotion done by influencers, words like 'betting' and 'luck' are never used. Instead they use words like 'game of skill'. 'Knowledge based online sport'. Community sport. Bream big etc.
So, see how this works. First of all, an ad message is created. And they make sure that in that message, 'betting' and 'luck' words are used nowhere. After which, this ad will be constantly shown to you. The more you counter this ad, the more, it will store in your subconscious mind and memory, that this thing is not a game of luck. This is a game of skill.
This is a community sport. This isn't wrong thing. After which, you encounter a real life. Maybe a friend come and tell you, or maybe you watch that TV ad again. After which you mind lives in a confusion state. That whether this thing is good or not? And this is what this company wants.
Because unless you are in a confusion state, till then by feeding information, these companies make you do, what they want! And this is what they do. When you are in a confusion state, you are shown more ads. The more you are told about it, but they never tell you that this is actually a game of luck.
After which, you take a decision. Why? You don't feel that this is online betting or gambling. 65% population of India is youth.
And this youth market is biggest market of fantasy gaming companies. But interestingly, if you look at the data very carefully, more then 77% people in India play Cricket on online gaming platforms. And this is where it starts to get dirty. In India, Cricket has most viewership. These gaming companies makes the most of it all. You see, the more a sport has viewership, the more, people will associate themselves with that game.
And that is the reason, maximum fantasy gaming platforms, use sports like Cricket, so that they make them addicted to online betting. Why is this, these online fantasy platforms don't have hockey, tennis, badminton, javelin throw. Rather, in turn they use games like football and cricket. One reason. Viewership.
Because people won't be able to relate more than the game which they do not watch much. Why would anyone invest their time and money in a game that people do not relate to? And that's the reason, those games used the most in these fantasy gaming platforms, which has the most following. Apps like Dream11 and Mycirlcle11 are completely based on cricket. Just to make you feel more connected towards the sport. But what if I play a little, what if I play a little and leave, I won't play much, will invest 50-100 rupees and play one or two games, that's all.
But you won't be able to do that. There are very high chances, once you started playing games on these applications, then there is no end. You'll be trapped. And you'll just keep playing. But how? How is it all done to you? What does these companies secretly do with you, which noone knows.
Data. You see what get measured is improved. And not just that, this one thing has transformed the betting industry completely. Data is everywhere used by every company.
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In 2020, the net profit of Dream11 was 104 crores. But in 2021, in rose 216% to 328 crores. But how? How these companies earn so much? And most importantly, if more than 95% people lose their money in these games, then why they keep playing repeatedly? Why can't they just quit? The marketing magic. This is a juicer.
In the very beginning of this invention, people used to sell it as juice making machine. So, people who wanted to make juices, they would buy it. But if you see today, companies sell the same juicer as weight loss or detox assistant. And guess what, people are even paying more than for this product. Product is not changed, only the marketing has changed.
And everything has changed just because of such a little change. It's not about what you sell, it's always about how you sell it. If you change the way you sell it, everything changes. That's what fantasy gaming company has done to you! Whether it's online or offline, it is still gambling. Because you are betting completely on luck.
This time the product had to be sell to a very big market, they just changed the way of marketing. But, how did they do this? Well, now look at this very very carefully! The most difficult part for these gaming companies, is onboarding. That means, to make you use the app. For which, they use famous cricketers, influencers, media ads, fake testimonials, and even a powerful ad message, that this is a game of skill, here you can change your life my making money, use such messages. Because, they just want to on-board you! Once you install this app, after that they take the access.
Access of your photos, videos, location, SMS, files. Can't believe? See this screenshot! Here it is mentioned, how does this application access your things? But why? Why is all this done? Well, to understand these four things. No. 1 - which income group you belong to?
No. 1 - when your salary comes? No. 3 - where do you live? Because where you live, the more it depends that how your lifestyle is. And how much you’re likely to invest your money? And last, your spending habits. If you have bad spending habits, then you're the best customer for them. By using all this data, your customer profile is created.
By using which, your consumer behaviour is closely studied. After which, these apps show personalized promotional ad. And you are more likely to play these games.
And, they keep you hooked. A digital marketer, who used to work in a gambling company, they tell that every click is scrutinized, in order to maximize profit, not to enhance user experience. I know what you're thinking! If these companies use our data like this, and are spoiling our lives, then why noone take actions against them? Well, in this case, you are at fault. Because you've given the permission to use your data in any way. Not believing? Have a look. These are the terms and conditions of Dream11.
They intentionally make their terms and conditions so lengthy, because they know the fact, hardly anyone will read such a long term and condition! People won't read and we will get access to their data, and that too with their consent. And this is how, by using your data legally, by making a personalized profile, through their ads, they target you in such a way that you are trapped. But wait a minute. You, me, all of us are extremely smart. Most of us don't get caught up in all these things! Then how these companies are doubling their profits? There is an amazing saying, 'The fortune lies in the bottom of the pyramid'. In very simple words, sell to the lower income groups in huge quantities.
The majority target audience of these companies, are not high income group people. But are middle and lower income group people. And this is just because of one reason, and that is consumer psychology. You see, all the people of high income group, they all know this very clearly. There is no easy way to make money. Getting rich is a process, not an event.
On the other hand, the people of lower and middle income class, they find a way to get rich quickly. They want to get rich quick. This is what these companies want.
The moment you think you want to get rich quick, you start to look for ways to make money super fast. And here, fantasy gaming companies come with an offer, to get rich my making money by playing games on their apps. But there is a catch. And that is 'Disposable Income'. In the economic space, the disposable income of people, they have less money to spend, then how be they able to do gambling? So, in that case, you lower the bar. The marketing trap of all these fantasy gaming platforms, use two powerful elements.
No. 1 - Trigger. Kuldeep Tomar, a resident of Bagpat, UP won 63 lakh rupees on MPL. Sanjay Kumar won a Pulsar bike by playing rummy on Paytm first games. Ranveer Singh, mega contest winner, won 1.05 crore rupees.
Sandeep Prajapati, won 1.4 crores. Get the app and win crores. All these are triggers. Things are put intentionally, such testimonials are put, so that you can believe, that I'm just a few games away, I'm also like them. If they can make crores, then why not me? No skillset is required, just have to play games.
And secondly, entry barrier. If you go and bet in Casinos, you'll need at-least 5k-6k rupees, to enter the place and start betting. But on these apps, you can start with just 50 rupees. So you see, from lower and middle income group to college student, everyone can afford 50 rupees. When you are shown the dream of winning crores by playing with ₹50, then how will anyone be able to refuse? Just think of it. But the thing is, when millions of people put 50-100 rupees, then the number becomes huge.
And this is what these companies want. The number of people who ever did offline betting together, today, 3 times more people are betting online daily! Have you ever thought, how did all this happen? Well, characteristics. Well, it's about gambling, there are two types of characteristics in this industry. No. 1 - Situational characteristics. All these things come under situational characteristics.
Colour music smell accessibility spending. Means, if you see old time, all these batting exercises used to happen at very expensive places! And not everyone was allowed. Used to have high security.
Used to have high ticket. You can't bet if you don't have much money! But, due to online, you can access all these methods from anywhere. Can start with 50 rupees, and there is no entry barrier.
Anyone can play. And most importantly, it is sold to you as social community. And than comes the second characteristics, and that is structural characteristics. Under which all these things come. Winning probability, frequency of bets, that how many times you can bet, loss chasing facilitation, that means how many times a gambler will have to play to recover his loss. In this, if you see all these things were uncontrollable in olden days.
Means, no one was was able to control it. Casinos can control only a few things. But here, there were limited things, and the potential to hook you was very low. But, everything has become data driven in new methods.
And through data and algorithms, everything can be controlled. Atleast, one can be influenced. Most importantly, everything has become online, and these platforms are running it, so everything is under their control. Moreover, because of online, everything has become data driven, there is one more thing which is done with you, which you'll never know, and that is 'Representativeness Heuristic'. So, you see how this works. Just imagine a situation where you're betting.
Situation is something like this. First situation is, here you have to place a bet, where RCB will defeat CSK. And second situation, CSK will beat RCB because their run rate is good.
But still, Virat will score more than 50 in this match. What do you think? On which event, people would want to bet? Well, let me tell you! Most people will bet on second situation. But why? You see, when we bet, we see the past incidents. By looking at that, we'll think, winning of Kohli's 50 is more than probability RCB's win. Because, it has happened many times. So, what we start doing is, wishful thinking.
We think that 'yes, this is going to happen'. Without even realizing, that the probability is almost same here. This is just one example, how these companies make you feel that, you are in control of the event. And here you are using your knowledge and skills. But, there is nothing like this.
In reality, the algorithm controls everything. It is programmed in such a way, maximum people play and lose, because loosing customers are their most profitable customers. But we all have a tendency, the tendency to avoid losses. The moment we feel that we are loosing a lot of money, we try to escape.
But in this case, it is very difficult to leave, no matter how many times you lose. But why? Well, because of the retention strategies. No. 1 - Behavioral control. So, to control your behaviour, all they need is some basic psychological principles, and a lot of data. The near miss effect. Such a psychological trick, in which you feel that you'll win.
You'll definitely win. You are super close to winning. But you loose. Basically to make you feel, that you're very close to winning, but missed a little.
So next time, prize will be yours. So, you play again. And again you loose your money! You see, unlike stock trading and opinion based trading, here algorithm of gaming companies controls most of the things. So, if they want, you'll win, if they want, you'll loose. And they never want you to win.
So, prizes bonus, lucky draw, spin wheel, community, game of skill, by using all these things, you are trapped inside these apps. I know what you are thinking. That, okay we agree. But what is the solution to this? What can we do? Listen to this very very carefully! It's not that no one makes money from these apps. People earn.
But only 1 or 2 out of 20k-50k earn. Application becomes compulsion to make those people win. Otherwise government will ban them in the name of betting. But the point over here is, you'll earn long term money by your regular work, which has a value in the market. You'll earn only from that. Maybe you earn money once in a while, but this will never make you a living.
Moreover, because these games are very addictive, so it's always better to stay away from them. Because you may win for one time, but next time, you may loose everything! Because the thing is, 50-100 rupees that you lose, probably you don't care about it, but the important time which you'll lose in playing these games, it'll never come back. So, yes! It's always better, to invest that time in learning something valuable, which will give you a long term return.
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And as a student of business, we should have knowledge about it. And not just that, as consumers also, what these companies do with you, you should have knowledge about it. Patanjali, such a company, which has reached everyone's house, but, do you know the truth of this company? What are those secrets of Patanjali, which noone knows. Well, if you'll see the right one video, you'll come to know.
2022-11-27 00:22
