Your General Knowledge can Earn you Cash Prize from This Quiz App Starting a company from scratch is a challenge but for this entrepreneur the bigger hurdle is the Indian legal system
By Nidhi Singh •
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Several mobile apps are nowadays coming up with unique gaming programmes that offer rewards to players. The prizes ensure that more and more people download the app and show a certain level of commitment. It is a sort of a customer-engagement strategy.
Taking a cue from app developers abroad and cashing in on the idea, Arjun Rao, Managing Director, Isle of Fortune Pvt Ltd, created a quiz-based app that rewards knowledge by giving cash prize. It is gaining good traction in India, where there is hardly any app that gives cash prize for playing games.
The Singapore-based mobile game developing company was set up in 2017 and the same year the Isle of Fortune quiz app was created. Winners get a daily cash prize of $100.
A Game of Skill
"We have launched the app in 52 markets, including India, Malaysia, and Singapore," said Rao. Starting a company from a scratch is a challenge, but for Rao the bigger hurdle is the Indian legal system.
"We've been working on this start-up for the past eight-nine months. One of the biggest challenges in India is the legal system because we are the first non-gambling mobile app in the world to be giving winners prize money. So, it is very important for a player to understand that it is not a game of chance. This is a game of skill and only if you display that skill, you will win that money," stressed Arjun.
Another big problem is to gratify a winner as you aren't present in person to do that, he pointed out.
The company decided to pay cash rewards to people who apparently played without a doubt.
Play With Knowledge And Skill
The quiz is based only on general knowledge. "Everybody loves cash. We decided to focus on and highlight the cash aspect, which again created some legal issues in some parts of the world. I think it's a logical step that we pass on the message that knowledge and skill are the parameters for this quiz app," he said.
The start-up follows two revenue models — Advertising and Pay-n-Play. The $100 game comes with a free-to-play option. The Isle of Fortune hopes to get more users through this strategy. Additionally, there are various packages that require users to pay for a few games.
Pay And Play Feature Will Slowly Gain Acceptance
Rao stressed that the Indian gaming market is huge and with increasing mobile penetration, the number of smartphone users will only grow.
"Very soon India will become a large gaming market. Today, China is in number one position in terms of revenue generation and India will soon catch up. The pay and play feature doesn't seem to be an instant hit, but it slowly gain acceptance," added Rao.
He also stressed that India is a great starting point for his company to establish a base in terms of user acquisition.
"Our biggest advantage is that we are not offering a game that is purely entertainment-based. It involves knowledge. The biggest advantage is the cash award. There are apps that offer gifts but not cash," he added.
