Dream11 pauses paid contests, Dream Sports shifts focus to FanCode, DreamSetGo

Both full-time and contractual staff have been briefed on a transition plan, with the company now steering toward its other verticals — FanCode, DreamSetGo, and Dream Game Studios.

By Storyboard18| Aug 21, 2025 11:11 PM

Dream Sports, last valued at $8 billion in 2021 and backed by marquee investors including ChrysCapital, Multiples, TCV, and Tiger Global, has long enjoyed deep ties with Indian cricket

Dream Sports, the parent company of fantasy gaming giant Dream11, is preparing to pivot its business after the government’s newly passed Promotion and Regulation of Online Gaming Bill, 2025 effectively outlawed paid fantasy sports contests.

According to CNBC, CEO Harsh Jain told employees in an internal communication that “there is no legal pathway to continue operations once the law takes effect.” Both full-time and contractual staff have been briefed on a transition plan, with the company now steering toward its other verticals — FanCode, DreamSetGo, and Dream Game Studios.

The move comes as an existential crisis for the Mumbai-headquartered unicorn. More than 90% of Dream Sports’ revenues have historically come from Dream11’s paid contests, which amassed over 280 million registered users since its founding in 2008. In FY24 alone, Dream11 posted revenues of over ₹9,600 crore, boosted by record engagement during the men’s cricket World Cup.

By contrast, the company’s alternative businesses remain relatively small. FanCode, its sports media platform; DreamSetGo, an experiential travel venture; and Dream Game Studios, a gaming development arm, are now expected to anchor Dream Sports’ future growth.

Dream Sports, last valued at $8 billion in 2021 and backed by marquee investors including ChrysCapital, Multiples, TCV, and Tiger Global, has long enjoyed deep ties with Indian cricket — from IPL title sponsorships to partnerships with Team India. But with the ban now cutting into its core fantasy sports operations, the group is shifting strategy.

On the Dream11 app, users were notified: “In view of the recent development pertaining to ‘The Promotion and Regulation of Online Gaming Bill, 2025,’ we are pausing all ‘Pay to Play’ Fantasy Sports contests on our platform. Your account balance is safe and available for you to withdraw.”

Dream Sports posted a net profit of ₹188 crore on operating revenue of ₹6,384 crore in FY23. However, the company’s pivot signals that it will need to rebuild its growth narrative in a post-fantasy era.

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