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M-League, India’s leading gaming conglomerate, has announced its financial results for FY24, reporting a 22% rise in total income to $130 million. The company has also achieved break-even with an Adjusted EBITDA of $0.2 million. This growth is despite M-League absorbing headwinds associated with higher GST rates in its India operations. M-League’s portfolio includes Mobile Premier League (MPL) and GameDuell, the fastest-growing card and board game studio in Europe. 

M-League’s FY24 Adjusted EBITDA of $0.2 million is a 100 percent improvement over FY23, which had a negative Adjusted EBITDA of $44.7 million. India revenues went up by more than 35% to US $88 million approx for FY 2023-24. Both Gross Gaming Revenues (GGR) and the number of cash-paying monthly active users for MPL have increased by nearly 60% during the same period.

M-League credited its success to cost-cutting initiatives and enhanced operational efficiency at MPL. “We focused on innovation, streamlined processes to reduce costs, and accelerated time to market for new games,” the company stated.

On GameDuell, the company said, “When M-League acquired GameDuell in 2022, it was primarily a web-based skill gaming company. Over the past two years, we have invested in transforming GameDuell into a cross-platform experience spanning web, and mobile, with a strong focus on Free-to-Play. GameDuell has seen a 50% revenue growth since its acquisition. Today, close to 70% of its revenue is generated from Free-to-Play games,” the company said.

Looking ahead, M-League plans to expand its product offerings. The company said, “Our success with GameDuell has strengthened our confidence in the Free-to-Play model. We believe that Free to Play (F2P) represents the next big opportunity. The F2P market in India is on the same level that skill gaming was in 2018 when MPL started”.

“In 2024-25, we will make significant strides in free-to-play gaming in India while reinforcing our leadership in skill gaming. We believe we’ve only begun to tap into M-League’s potential as a global gaming powerhouse. Our vision is to position M-League as the go-to platform for gaming worldwide, starting from India,” the company added.