Since the new gaming bill has been passed by the Rajya Sabha, the Indian sports industry has faced some important and critical questions. Just like many other related companies, Dream11, one of the leading fantasy gaming apps in India, has been affected by the new gaming bill. While Dream11 has already shut down real-money gaming (RMG) operations in India, it is active in the free-to-play platform and is trying to make a comeback. 

Dream11: Cricket is forever

On Friday (September 5), Dream11 came up with two social media posts, where the company encouraged cricket fans to join the free-to-play platform and win contests with cash prizes. Interestingly, the T20 Asia Cup 2025 is set to begin next week, where India and seven other teams will participate.

 

 

 

 

 

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Dream11 had huge impact

Due to "The Promotion and Regulation of Online Gaming Bill, 2025" bill recently passed in the Lok Sabha and Rajya Sabha, and also got the Presidential assent, the real money games in India have been banned. It prohibits advertising of such games, while banks and intermediaries now can't process the payments, and the offences are now cognisable and non-bailable. The Indian government has introduced the bill to ban fantasy sports and online games, which allowed depositing real money to participate, as many people risked many money in these games and many lost those.

Dream11 is the most popular in the Indian sports industry, as it has had a heavy impact on the Indian sports industry in recent years. Apart from being the title sponsor of the Indian national cricket team, Dream11 also had significant impacts in the Caribbean Premier League (CPL), Big Bash League (BBL) in Australia, Super Smash in New Zealand, International Cricket Council (ICC), Indian Super League (ISL), Pro Kabaddi League (PKL), International Hockey Federation (FIH), Basketball collaboration with NBA in India, etc. 

The exit of Dream 11 from Team India's title sponsorship created a space for other companies to apply for the space. But, as per the latest reports, not every company is allowed to apply for the spot. Which types of companies does the Board of Control for Cricket in India (BCCI) want to avoid? 

BCCI on Tuesday officially invited bids for the Indian cricket team's title sponsorship rights. Choosing the right company for the sponsorship rights can take some time, as the board and the applicant party both will have to maintain some legal procedures. Dream11's exit from the position happened a few days ahead of the Asia Cup 2025. BCCI have to take the crucial decision quickly before the beginning of the tournament, where they will try to defend their title. 

"The bidder, including any of its group companies, (i) should not be engaged in online money gaming, betting, or gambling services or similar services in India or anywhere in the world; (ii) should not provide any online money gaming, betting, or gambling services or similar services to any person in India; and (iii) should not have any investment or ownership interest in any person engaged in betting or gambling services in India," BCCI said in a press release.

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"To clarify, a bidder, including any of its group companies, engaged in any activities/business that is prohibited under the Promotion and Regulation of Online Gaming Act, 2025, is not permitted to submit a bid." 

Which companies can BCCI avoid?

According to reports, tobacco, alcohol, and entities likely to offend public morals—including, but not limited to, pornography, betting or gambling services, cryptocurrency, online money gaming, or any such activities—will not be entertained by the board. 

Along with Dream11, the Board of Control for Cricket in India (BCCI) is set to take major decisions about My11Circle, another fantasy sports giant like Dream11. Because of the recently approved 'Promotion and Regulation of Online Gaming Bill 2025,' BCCI has to take multiple blows regarding multiple sponsorship terms with fantasy sports brands.

As per previous media reports, cricket's revenue stream could be badly hit by the new bill, as Dream 11 and My11Circle jointly contribute about Rs 1000 crore to BCCI through title sponsorship of the Indian cricket team and the Indian Premier League.

Now, in the latest media report, it is stated that the BCCI's 125 cr deal with IPL's associate sponsor My11Circle is set to be scrapped. Though there is no official confirmation from the board yet, as the bill already is in effect, BCCI has to take a call on that. According to the government bill, "no person shall offer any aid, abet, induce, indulge, or engage in offering online money gaming services, nor shall they be involved in any advertisement that directly or indirectly promotes any person to play any online money game." A

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Rs. 125cr per year deal!

Cricbuzz report read, "My11 Circle is an associate sponsor of the IPL, contributing Rs 125 crore a year to the BCCI." It is further claimed in the report that the board and the company had signed a 5-year deal, under which the IPL had three more years left in the contract. So, BCCI will have to make a decision soon. 

"In terms of overall advertising spending, these gaming companies contribute around 7-8 percent of the market. Nearly 80 percent of that will vanish, since real money gaming accounts for 75-80 percent of the overall gaming market. So that is one big impact," Karan Taurani, the executive vice-president of Elara Capital, said. 

Since Dream11 informed their decision to back out from the Indian cricket jersey sponsorship ahead of the Asia Cup 2025, a few companies have shown their interest in joining hands with the Board of Control for Cricket in India. Due to the promotion and regulation of the Online Gaming Bill 2025, passed by the parliament, they have backed out.

The decision has put the Indian cricket board in a crisis position of looking for a new sponsor ahead of the event, which is scheduled to begin on September 09 in the United Arab Emirates (UAE). The NDTV reports have claimed that two companies are interested in becoming India’s title sponsor for the competition.

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“Toyota Motor Corporation and a Fintech start-up have all shown interest till now. However, the official tendering process has not started yet.” The report addressed the Suryakumar Yadav-led side, who are also scheduled to face Pakistan despite the terror attack a few months ago in the Asia Cup event.

Toyota expected to become India’s next sponsor during Asia Cup 2025

Dream11 has a 2023-26 contract of USD 44 million, which is around INR 358 crore, for being the title sponsor of the Indian cricket team. The Official IPL partner, My11Circle, committed INR 625 crore in February 2024 for a deal that is valid till 2028.

“If it’s not permissible, we’ll not do anything. The BCCI will follow every policy of the country that is framed by the central government. (Representatives of) Dream11 visited the BCCI office and informed CEO Hemang Amin that they won’t be able to continue. As a result, they won’t be the team’s sponsors for the Asia Cup. The BCCI will float a new tender soon.” The report quoted as saying by the officials.

Dream11 is among India’s largest firms. In FY23, the parent company, Dream Sports, got nearly INR 2964 crore for the promotions and advertisements, which was a 37% increase from the previous year. The newly passed law is anticipated to disrupt the advertising market, as the fantasy market has spent over INR 5000 crore on this department.

Fantasy sports company Dream11 recently shut down its real-money games after the central government passed the Online Gaming Bill 2025 in both houses of the parliament. They have now initiated discussions with the Board of Control for Cricket in India (BCCI) that it won’t be able to continue as the lead sponsor of the Blue Brigade ahead of the upcoming Asia Cup 2025, which is going to begin on September 09. 

Dream11 has a deal of INR 358 with the BCCI from 2023-26. Between them, Dream11 and My11Circle contribute nearly INR 1000 crore to the BCCI through the sponsorship of the Indian teams and the Indian Premier League (IPL). The BCCI secretary, Devajit Saikia, has given an update on that.

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“Looking at the current situation and keeping in mind that the bill has become an act, it would be really difficult for BCCI to continue with Dream11. So, the association with Dream11 is over, and BCCI will look for the future course of action (new sponsor).” Saikia expressed during a recent interaction.

Devajit Saikia provides update on new sponsorship ahead of Asia Cup 2025

The Dream11 firm isn’t going to face any penalty as the ongoing contract has a clause that protects the sponsor if the business faces a ban from the government. They don’t have to make any further payments to the BCCI for the remainder of the contract.

“We have always been a law-abiding company and have always conducted our business in compliance with the law. While we believe that progressive law would have been the way forward, we will respect the law and fully comply with the 'Promotion and Regulation of Online Gaming Bill 2025.” The former title sponsor of the Indian side stated, as quoted by Sports Tak.

“The writing was always on the cards once the real money gaming was banned in the bill. That itself accounts for at least 90% of the revenue of all major players in the fantasy market.” The fantasy gaming industry shed light, as reported by the PTI. “The next interesting phase will be what My11Circle, which pays Rs 125 crore annually to BCCI for being the official fantasy partner of IPL, does?”

The tremors of the Promotion and Regulation of Online Gaming Bill (2025) are being felt by fantasy sports apps and their stakeholders. In an effort to curb gambling and to shield India's thriving youth from its negative impact, the Indian government passed the new gambling bill. This new bill forbids anyone from playing RMG (real money gambling games) such as Poker, Rummi, Teenpatti, and fantasy app games like Dream11 & My11Circle. Moreover, endorsing such brands via any form of advertisement can also attract harsh fines and arduous labour behind bars. 

The introduction of this new bill has taken Dream11, India's official title sponsor, by storm. Not only does it have to sever ties with the BCCI, but it also has to cope with an additional blow on the international stage. It is believed that Dream11 is in talks to end sponsorship with European Cricket (ECN) due to the new law, which bans online money gaming. Although the introduction of the new bill may not have a direct impact on ECN, the withdrawal of their key sponsor, Dream11, will plunge the league into an unprecedented state of financial uncertainty. 

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💔 pic.twitter.com/rllPK7f5Fk

— European Cricket (@EuropeanCricket) August 24, 2025

Examining the Bill's Impact: Unpacking the Consequences for ECN

As briefly explained above, the ECN has not been directly impacted by this latest legislation from the Indian government, but its stakeholders have. Their most crucial stakeholder, Dream11, has come under heavy scrutiny under this new gambling bill, which outlaws all forms of gambling/betting. As a result, Dream11, whose main USP primarily revolves around gambling, has to shut down or change its mode of business overnight to stay competitive in the market. 

This development will have a direct consequence on ECN as it will no longer be entitled to receive a galloping chunk of funds, which it happily used to receive from Dream11. This can, in turn, affect the quality of the game in Europe, a place where the game is trying to attain a solid foothold. Moreover, the Associate cricketing nations from Europe also relied on funding from Dream11 for their daily survival. But in present times, their privilege has been snatched and the ECN was left with no option but to pause their coverage until further notice. 

Needless to say, this shocking development has left many cricket lovers worried, including ECN's founder, Daniel Weston, who alleged that European Cricket will get dragged 20 years back in time if a new sponsor fails to step in a timely manner to fill the void. Following the exit of Dream11, the ECN is working around the clock to find an able sponsor to continue its operations, but faces the reality of drastic scaling back without immediate financial support.

The promotion and the regulation of the Online Gaming Bill 2025 have been passed in the Rajya Sabha on August 21, 2025, which has cleared the Union Cabinet and both Houses of Parliament within the next three days. The government aims to move quickly to ban the real money games (RMGs).

The law will now head toward President Droupadi Murmu’s desk for her signature, which will lead it to an Act. The move could render many fantasy leagues like Dream11, MPL, and PokerBaazi’s main revenue activities of pay-to-play-based gaming platforms, which are now expected to be crushed overnight.

“It is the responsibility of the government and Parliament to take strict action against malpractices in society, like chit funds. Problems (due to online money games) have led to several families being destroyed.” Union Minister for Electronic and Information Technology, Ashwini Vaishnaw, expressed at the Upper House of Parliament that MPs across party lines would support the law.

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The Bill has been passed to the Upper House Clause-by-clause, amidst all the loud cheers and allegations of ‘vote theft’ from the opposition parties, two MPs, CPI’s John Brittas, and V. Sivadasan, as it moved the proposals purportedly to amend the Bill on certain clauses. However, they took the floor to repeat the allegations, as the deputy chairman, Harivansh, addressed that these remarks wouldn’t be taken on record.

Rapid process of Online Gaming Bill 2025

Vaishnaw observed that the law won’t be subject to the prolonged timelines of the other key laws, which have been worked on by the IT Ministry, named the Digital Personal Data Protection Act, 2023. The regulations were worked out after months of consultations with the industry and the other stakeholders.

“With a prohibition, you can’t do consultations. With a prohibition, you can’t do consultations.” Vaishnaw expressed that the bill includes a prohibition.

The Bill is being referred to as the online money games in the text, with the industry yet to comment on it, but reportedly has appealed in a letter to the Home Minister, Amit Shah, to reprieve the ban. Probo, which is an opinion trading firm for permitting wagers on the outcomes of various events, has called the passed Bill really unfortunate and declared that it would suspend the real money gaming product.

After a short notification after the Bill’s enactment, as highlighted by Mr. Vaishnaw, it would bring a change immediately. The Ministers of Youth Affairs, the Sports, and the Ministry of Information and Broadcasting would take various steps to promote e-sports, as the government pointed out in the statement.

Nazara Technologies invested nearly US$122 million in PokerBaazi and saw a dip of 2% on August 21. It has fallen about 15% since the Bill was spoken about in the Lok Sabha.

“Nazara has no direct exposure to real money gaming (RMG) businesses. The Company’s only indirect exposure to RMG is through its 46.07% stake in Moonshine Technologies Private Limited (PokerBaazi). As Nazara does not hold a majority stake or exercise control, Moonshine’s revenue is not consolidated in the Company’s financial statements and has no impact on the Company’s reported Revenue or EBITDA.” The firm expressed in a filing with the bourses.

Delta Corp. Ltd., a casino and gaming firm, owns the poker platform Adda52, which has seen a record dip of 3.14%.

Government issues media statement on Online Gaming Bills 2025

The government released a media statement on the Online Gaming bill development, where they claimed that the platforms are often used for financial fraud, money laundering, and messaging activity that threatens national security.

“The government believes that the harms of addiction, financial loss, and even extreme consequences such as suicides associated with online money gaming can be prevented by preventing such activities.” The media statement released by the government, as claimed by CricTracker, addressed

“Additionally, online money gaming platforms are often misused for financial fraud, money laundering, terror financing, and messaging activity that compromises national security.” It added.

BCCI secretary clarifies stance on Online Gaming Bill 2025

The secretary of the Board of Control for Cricket in India (BCCI), Devajit Saikia, clarifies the stance of the board, stating that the cricketing body will follow all the rules and regulations and will not do anything that is not permitted.

“The act has just been discussed in the Lok Sabha today and the Rajya Sabha yesterday. It would then take a final shape, go through Presidential assent, and then there will be a 'date of appointment.' We will then read it, and then only we will take a call on whatever is there.” The BCCI secretary was quoted as saying by TOI.  

“The BCCI will not do anything which is not permitted by the government or by any law of the country. The BCCI will not violate any of the laws enforced in the country. That's very clear.” Saikia expressed.

The veteran also highlighted that they won’t do anything that is not under permission. Saikia also questioned if the BCCI has any companies or sponsorship in the cigarettes and liquor companies.

“Once the act comes into force, we will look into it, examine it, and if it's permissible, then we will take sponsorship (from online betting and gaming companies), if it's not permissible, we'll not do anything. Take the example of cigarettes and liquor. Has the BCCI taken any sponsorship from the cigarettes and liquor companies, since taking sponsorship from these kinds of companies was banned?” Devajit Saikia said in the same interaction.

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“So, whatever is permissible in the laws in force in our country, we will do that only. The BCCI will follow every policy of the country that is framed by the central government.” The BCCI secretary revealed.

Effect of Online Gaming Bill 2025 on cricket revenue

The Online Gaming Bill 2025 can put the multi-billion-dollar fantasy gaming industry at risk. It aims to put an end to the vast diversity of the online gaming fraternity, including eSports, social, and casual gaming, real money gaming, and educational gaming. There are restrictions to the online money game, as recent reports have claimed.

“No person shall offer, aid, abet, induce, or otherwise facilitate any transaction or authorization of funds towards payment for any online money gaming service.” The Prohibition Act explains. As per the offences and the penalties, real money gaming is a crime and could lead to jail, and the service provider could also get fined a handsome amount.

The Economic Times reports reveal that the Indian cricket team’s title rights bag a whopping sum of INR 358 crore from the Dream11 partnership, while, on the flip side, the My11Circle pays a fee of INR 625 crore to buy the IPL fantasy gaming rights for a slot of five years. In the Indian Sports community, the fantasy sports companies pay a huge amount.

From Dream11 to My11Circle, it’s a given-take act. The My11Circle is even the official sports partner of the Indian Premier League (IPL), something which Dream11 was part of in the past. That gives birth to trust among the users.

The clauses of the bill state that real money gaming is putting a lot of pressure on social problems and will need regulations. The first and second rules of the ninth clause mention the implications of the real money gaming services or advertisements.

The first, the punishment shall be imprisonment for a huge term up to three years or a fine up to rupees one crore, or both. For the second, it comes down to an imprisonment of two years or a fine of rupees fifty lakhs or both.

“Cricket is huge in India, and there won’t be any dearth of sponsors for Indian cricket and its properties. However, the personal sponsorship market can shrink because of this bill.” The renowned sports lawyer, Vidushpat Singhania, spoke on the matter as per the PTI.

Apart from the sponsorship or the right deals, the individual sports stars also get endorsements from these companies, which can be valued at crores. That will be another issue.

As per the bill, the paying and earning money on the real money gaming platforms will be stopped. However, the catch is that they can turn to a subscription-based model to test the analytical skills of the users, but the usual money will be stopped.

“Any person who offers online money gaming service in contravention of section 5 shall be punished with imprisonment for a term which may extend to three years or with a fine which may extend to one crore rupees or with both.” Clause 9 (1) reads.

“Any person who makes or causes to make an advertisement in any media, in contravention of section 6, shall be punished with imprisonment for a term which may extend to two years or with a fine which may extend to fifty lakh rupees or with both.” Clause 9 (2) reads.

There is no doubt that the multi-billion dollar industry is facing a huge setback, which could be highlighted in the sponsorship deals along with the clubs and franchises of the game, more so of Indian cricket.

It has made a new issue, which finds the Indian team in danger of losing their jersey sponsor for the upcoming Asia Cup 2025, which is set to begin in the second week of September. The BCCI has already announced the 15-member squad for the tournament, to which there have been multiple reports on the decision of omitting their middle-order batter, Shreyas Iyer, from the squad.

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Due to this new development, BCCI will now need to look for new sponsorship options. The faces of several past and present cricketers, Virat Kohli and MS Dhoni included, promoted the fantasy leagues during the series of the national side and even during the Indian Premier League (IPL).

But now that the bill is getting passed, it will be up to the BCCI to take new decisions and paths regarding the matter.  

Expected changes to the gaming industry

With the end of the Online Gaming Bill, it’s expected to change the sports industry. Esports will now get recognized as a legitimate sport, with the sports ministry tasked to frame guidelines. It will support the training academies, technology platforms, and other schemes. This move is also anticipated to unlock the investment, talent pipelines, and broadcast rights to bring the games closer to the mainstream economy.

The national online gaming authority will also be established in categories and register their games. It needs to be determined if it gets qualified as a money game. The body will still need to issue various rules and regulations, and orders to ensure the regulation of the sector.

The bill, which offers a complete ban on offering, operating, or facilitating online money games, can’t be advertised or promoted on any media platform, while the banks and the financial firms are stopped from processing the related transactions.

“No bank, financial institution, or any other person facilitating financial transactions or authorization of funds shall engage in, permit, aid, abet, induce, or otherwise facilitate any transaction or authorization of funds towards payment for any online money gaming service.” The clause was added.

India’s online gaming sector is a whopping USD 3.7 billion in 2025, as per the WinZo-IEIC report, and has been disrupted even since the bill was tabled in the parliament. Nearly 86% of the sector’s revenue originates from the transaction and real-money-based games.

The proposal will affect platforms like Dream11, My11Circle, PokerBaazi, Winzo, Gamescraft, 99Games, and many. But these are the games that have taken the lion’s share of the revenue for these platforms that generated the real money gaming platforms.  

Fantasy sports, over the years, has made a special place among the crazy lovers of the game. The young generation doesn’t only enjoy being a simple spectator of the game, but also wants to create their team by putting themselves into the shoes of the leader and earn rewards based on the performances of the players.

At the start, many fantasy gaming industries started to put their feet in India. Later, with a motivated sector, Dream11 was founded back in 2008 by two young and superb co-founders, Harsh Jain and Bhavit Sheth. They were the first Indian gaming company to enter the club and have now become one of the top 10 innovative companies in India.

Company highlights of Dream 11 

Tracking Dream 11 and its parent company 

Dream11 is an application that allows its users to create various teams where they can earn cash based on the actual match performance of the players they have selected on their teams. Each good move of the player, including a catch, a wicket, a four, or a six, provided extra points, as the leader of the side gets 2x and the vice-captain gets 1.5x points.

Dream11 has allowed its users to play the game in various categories like Cricket, football, Kabaddi, and the NBA (National Basketball Association).

It’s a sports technology whose portfolio is associated with brands like Dream11, Fancase, DreamSetGo, DreamPay, and others. Dream Sports is a channel of the game that looks to add various fans to connect deeply with the games for their love and affection with events, experiences, and commerce.

When Jain and Bhavit founded the company 17 years ago, they hardly predicted earning the 10th rank among India’s Great Mid-size workplaces in 2019. They also got investors, including Kaaari Capital, Think Investments, Multiple Equity, Tencent, and Steadview Capital.

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Signing up for Dream11

The sign-up in the application is a very easy process where an individual will just have to go through the registration process through a few steps.

• Download the Dream11 app on your mobile device
• Register on the app with your mobile number and get the OTP.
• Put some cash into your wallet and select the match to start playing.

Dream11- Industry and its startup story

The Indian gaming industry is expected to generate USD$10060 million in revenue by 2025, with a projected CAGR of 10.08% expected for the next five years from 2025, reaching the amount of US$14770 million by 2029.

The trend is not surprising. It highlights the growth and importance of the gaming business in India, which is driven by several factors, including the population's interest in the gaming industry, which expands through smartphone penetration and increased internet accessibility.

Harsh Jain, the first co-founder of Dream11, is the CEO of the company, while Bhavith Sheth is the COO of it. As per reports, they currently have nearly 800 employees in the company.

The startup story is interesting. Both realized quite early that for the growth of the application, they would have to crack the Indian Premier League (IPL), which was the catalyst for the new fantasy sports industry to emerge. Harsh and Bhavit founded the company with the aim of making it a profitable and service-oriented opportunity.

Four years after it was founded, the company launched its first freemium service by asking for investors and inviting them to join its venture.

“While starting a company, it is important to define its culture and then align everyone to that culture. Systems and processes may have to be reinvented, but the culture will always be the same.” The reports of India Today claimed.

Dream11 Business and Revenue Model

The company operates a freemium model, which provides users with both free and premium services where they can decide to enter the free fantasy sports league and win smaller rewards, while they can also pay to enter contests with bigger payouts. It increases its user engagement and improves the monetization chances within the fantasy sports platform by a combination of free and premium offerings.

In the revenue mode, they have different sources, out of which some of the prominent ones are-

• Dream11 makes money by keeping 15% of the entry fees that they get from the contests held on the platform, as the platform charges.
• The monetary value also comes from the sale of goods through its income and propels the financial expansion of the organization.

Dream11 challenges and its growth

Any successful company faces challenges. It’s the normalcy, and that’s what happened with the company. Getting through the legal obstacles, locating the market, and then marketing the company was always an issue. On the flip side of the coin, they also had to fix the office location by planning and implementing the best technologies.

Some of the key growth areas of the Dream11 company are given below-

• It has 15.01 million concurrent users, as per the latest reports.
• It also had 220 million+ users as per the same report.
• According to March 2024, the number of registered users in Dream11 is 25000000+
• The total streamlined hours of the live content of Dream11 is 40000+ hours.
• It also has 29 sports brands as partners till March last year.

A brief look at the financial difference of Dream11 from FY21 to FY23

A quick summary of Dream11 

The company has achieved a strong increase in revenue from FY22 to FY23, which demonstrates the market expansion. The company saw a rise in profits despite the increased expenses. Its expenses also saw a significant increase in FY23 compared to FY22, due to the operational spending and rising depreciation expenses.

Dream11 Partnerships-

The company made various partnerships. The Antigua and Barbuda Cricket Association is a part of it in the T20 league, where the franchise earned the India-based fantasy sports platform in January 2023. They also partnered with the Legends League Cricket and reached many cricket lovers.

In the Women’s Premier League, the Mumbai Indians (MI) also closed a deal with the company in March 2023. The chief marketing officer of the sports, Vikrant Mudaliar, said, “Marquee women-centric leagues like WPL will accelerate the growth of women's cricket.”

Slowly, they also grabbed Aamir Khan, R Madhavan, and other Bollywood superstars for the new campaign of ‘sab khelenge’ during April 2023.

Dream11 Awards

The first prestigious award for the company was the Red Herring Global 100 Award, which was conducted by Red Herring in January 2013. Later, they were also named among the 10 biggest and most popular trends of 2018 in India by a report by Google.

In 2019, BCCU signed Dream11 as the official fantasy partner of the Indian Premier League and continued the partnership for the next three years. This was not only a validation of the league but also the whole fantasy gaming sector of the country.

In 2018, it was ranked at the ninth position among India’s Great Mid-size workplaces. It was one of the 42 innovative startups of the country.

Plans of Dream11

Jain stated that the company had no plans to expand the global stage during the Startup Maha Kumbh event in New Delhi. He also explained that in India, due to the large scale of the population, it has a unique platform, which could prove to be unnecessary at the global stage. Dream11 is one of the three gaming unicorns of the country, with a value of over $1 billion.

“We are the country with the largest young population. We have tailwinds of a government that is pushing technology forward more than ever before. We must take advantage of this amazing opportunity.” Jain said during the event.

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During an interview on Mint in August last year, Jain highlighted the business model of Dream11.

“The business was a complete failure. Wrong product, wrong business model, too much front-loading of capital to try to grow too fast without getting product-market fit. We made every mistake you can think of. If you have a list of things that entrepreneurs should avoid, we pretty much checked off all of them.” He addressed.

“When I had gone to fundraise and talked to VCs (venture capitalists), they said TAM (total addressable market) and all, I couldn’t understand anything. An MBA helped me a lot in understanding how to build a business out of a dream.” Jain added.

Effect of the passed Online Gaming Bill on Dream11

The company has pulled the plug on the real-money gaming business, as the reports have revealed, as they look to wipe out the legal basis of the paid fantasy sports. The Centre’s Promotion and Regulation of Online Bill has been passed by the Rajya Sabha, which has put a ban on the games, including fantasy sports, poker, and rummy.

During an internal note, Jain told his employees that there is no legal path to paid contests of the company once the law is enacted. The ban has sent shockwaves through the gaming industry as the companies brace for more financial losses with the threat of large-scale job cuts and deep concerns.

See you in our second innings. pic.twitter.com/oEfBNiC4dd

— Dream11 (@Dream11) August 22, 2025

The bill has proposed that any person offering an online money gaming service in violation of the stipulated provisions will face imprisonment of three years or a fine that could be extended to INR 1 crore or both. It has also led to imprisonment of up to two years and a fine of nearly INR 50 lakh or both, for those parties that indulge in the advertisements.

Dream11, which has moved its back to the India at the start of the year, has been among the hardest hit with over 90% of the Dream Sports’ revenue comes from the real-money contest as in FY24, they got a revenue of nearly INR 9600 crore according to the reports, which was driven mostly due to the home ODI World Cup 2023, where India did well, having gone through an unbeaten campaign before facing their maiden defeat in the final against Australia.

Dream Sports is now shifting its focus to smaller verticals. With the RMG business being phased out, they are expected to redirect the focus on the non-RMG ventures, which include strengthening the platforms such as Fancode and Sportz Drip, along with the other investments in Cricbuzz and Willow TV.

“I am writing this with a heavy heart. Declaring a platform illegal after years of validation, taxation, and judicial recognition isn’t just wrong—it is deeply unethical.” Smrita Singh Chandra, the former vice-president of Policy Communications of Dream11, shed light during a LinkedIn post.

It has also been indicated by the reports that the company may look to explore international opportunities of developing new formats for the foreign markets, as they have recently been adopted by competitors like the Mobile Premier League (MPL).

“There is addiction. The family's savings are lost. It is estimated that 45 crore people have fallen victim to it. More than ₹20,000 crore of our middle-class families' hard-earned money has been destroyed.” The Union Minister of Electronics and IT, Ashwini Vaishnaw, reckoned. He felt that it would ban the online games, which could prove to be a ‘big problem for society, especially the middle-class youth.’

The bill has proposed that any person offering an online money gaming service in violation of the stipulated provisions will face imprisonment of three years or a fine that could be extended to INR 1 crore or both. It has also led to imprisonment of up to two years and a fine of nearly INR 50 lakh or both, for those parties that indulge in the advertisements.