“See you in second innings”: Dream11 signs off from Real Money Gaming
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.
ADVERTISEMENT
Fantasy sports platform Dream11 has shut down all paid contests following the passing of the Promotion and Regulation of Online Gaming Bill, 2025, by the parliament which bans money-based online games in India. The Dream11 app now hosts free to play games but now offers iPhones for users. The strategy is to keep users intact with the fantasy sports platform.
In a statement on Friday evening by Dream11, the company stated, " This morning, we stopped all paid contests on Dream11 and pivoted entirely to a free-to-play online social game.
"When we started this journey 18 years ago as a Sports Tech company, we were not even 1% of the size of the USA Fantasy Sports industry. Dream11’s Fantasy Sports product was our way to “Make Sports Better” for all of India. With this passion, belief, and the spirit of Made in India, for India, by Indians, we became the largest fantasy sports platform in the world. "
"We have always been and will always be a law abiding company, and have conducted our business in compliance with the laws. While we believe that progressive regulations would have been the right way forward, we will respect the law and will fully comply with “The Promotion & Regulation of Online Gaming Law, 2025”.
"We are fortunate to have a portfolio of amazing Sports Tech businesses including FanCode, DreamSetGo and Dream Game Studios, along with our Dream Sports Foundation. These will continue to power our vision to “Make Sports Better” and support our Hon’ble Prime Minister’s ambition of making India a global sporting superpower. See you in our second innings."
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.
