Dream Sports, the parent company of fantasy gaming giant Dream11, has officially announced a major strategic shift following the enactment of the Promotion and Regulation of Online Gaming Bill, 2025, which effectively bans paid fantasy sports contests in India.
In an internal communication, CEO Harsh Jain informed employees that “there is no legal pathway to continue operations once the law takes effect.” As a result, Dream11 will pause all ‘Pay to Play’ contests on its platform. Both full-time and contractual staff have been briefed on a transition plan, with Dream Sports now focusing its energy on alternate verticals – FanCode, DreamSetGo, and Dream Game Studios.
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.”
The decision marks a pivotal moment for the Mumbai-headquartered unicorn, last valued at $8 billion in 2021, and backed by marquee investors including ChrysCapital, Multiples, TCV, and Tiger Global. Over 90% of Dream Sports’ revenue has historically been driven by Dream11’s paid fantasy sports contests, which attracted more than 280 million registered users since its inception in 2008.
In FY24 alone, Dream11 recorded ₹9,600 crore in revenue, fuelled largely by the men’s cricket World Cup. In FY23, the company posted ₹6,384 crore in operating revenue with a net profit of ₹188 crore.
Now, Dream Sports will rely on its other business arms to lead future growth:
- FanCode – A sports media and streaming platform
- DreamSetGo – An experiential sports travel and hospitality venture
- Dream Game Studios – A gaming development unit building original IP
While these verticals currently contribute a smaller share of revenue, they are expected to anchor the company’s next chapter as it adapts to a post-fantasy sports era.
Dream Sports has long maintained close ties with Indian cricket, from IPL title sponsorships to associations with Team India. But the regulatory crackdown on money-based gaming has forced the company to fundamentally rethink its strategy and diversify beyond its flagship product.
