Tiger Global Management-backed Dream11 has successfully completed its strategic pivot from fantasy sports to a global sports engagement platform, marking a full year since the government's real-money gaming ban. According to the company's latest statement, Dream11 has ended all prize-based offerings and is now focused on sports content, live streaming, scores, stats, commentary, community, experiences and social contests. CEO Vaibhav Kokal stated that with 300 million users, the company is building an AI-first sports engagement platform, made in India, for the World. The transformation was triggered by the Promotion and Regulation of Online Gaming Act, 2025, enacted in August 2025, which imposed a nationwide ban on online money games effective 1 October 2025. As per the company's announcement, Dream11 is now moving away from pure-play fantasy sports to become an AI-first global sports engagement platform.
The transformation was triggered by the Promotion and Regulation of Online Gaming Act, 2025, enacted in August 2025, which imposed a nationwide ban on online money games effective 1 October 2025. According to PTI, Parliament passed the bill in August 2025, with the Lok Sabha clearing it first and the Rajya Sabha approving it a day later without debate, after rejecting opposition amendments. The law prohibits online games involving monetary stakes or deposits, regardless of whether they are based on skill, chance or a combination of both. Under the Act, the government provided for a complete ban on offering, operating or facilitating online money games, with penalties of up to three years' imprisonment and a fine of up to ₹1 crore, or both, for violations. The stated objective was to curb addiction, financial distress and the social and psychological harms linked to real-money gaming platforms, with a particular focus on protecting youth.
Following the law's passage, Dream11 shut down its real-money contests and subsequently informed the BCCI that it would not be able to continue as lead sponsor of the Indian cricket team, as its revenue was expected to be severely hit by the ban. Dream11 held a sponsorship deal with the BCCI worth close to $44 million, running from 2023 to 2026, and together with rival fantasy platform My11Circle contributed roughly ₹1,000 crore to the BCCI through team and IPL sponsorships. In its own statement at the time, Dream11 said it had always operated as a law-abiding company and would fully comply with the new legislation, even as it maintained that a more progressive law would have been preferable. The ban affected an industry backed by venture capital investors, with gaming experts flagging concerns about users shifting to unregulated or offshore platforms after the shutdown of licensed real-money apps.
The regulatory change significantly impacted Dream11's financial performance, with revenue declining to ₹7,374.4 crore in FY25 from ₹8,345.9 crore a year ago. According to Mint reports, the company swung to a loss of ₹478.9 crore compared with a profit of ₹1,295.3 crore a year ago. The financial deterioration reflects the immediate impact of losing its core revenue stream from real-money gaming operations. The ban affected an industry backed by venture capital investors, with gaming experts flagging concerns about users shifting to unregulated or offshore platforms after the shutdown of licensed real-money apps.
Since the ban, Dream Sports, the parent company of Dream11, has been steadily expanding into new businesses and building an AI-first sports engagement platform. As reported by Mint, in May, the company entered the stockbroking business with the launch of DreamStreet, aimed at simplifying investing for users and increasing demat account penetration in India. The company also split its operations into eight independently led startups, including FanCode for sports content and streaming, DreamSetGo for sports experiences, Dream Cricket for cricket gaming, and Dream Sports AI for artificial intelligence initiatives. The platform will now serve as a multi-sport destination for fans worldwide, offering live matches, race recaps, stats, interactive experiences, and social contests. According to CEO Vaibhav Kokal, the company is building an AI-first platform that will provide highly personalized experiences based on users' favourite sports, leagues, teams and players, positioning itself as a single destination for sports fans globally. Following the pivot, Dream11 will now operate on an ad-supported basis, with the platform powered by other Dream Sports units including FanCode and DreamSetGo.
