India’s cricket ecosystem, a multi-billion-dollar property, has long been fuelled by high-stakes partnerships with fantasy sports platforms. Brands like Dream11, My11Circle and MPL have become synonymous with the sport, driving fan engagement and pouring crores into sponsorships. However, the Promotion and Regulation of Online Gaming Bill 2025, soon to become law, is set to disrupt this landscape by banning real-money gaming (RMG) platforms. The legislation’s impact is already being felt, with fantasy sports companies pulling out of sponsorship deals, costing some of the Indian Premier League franchises and other sports teams in tens of crores.
The bill classifies online money games as akin to betting and gambling, citing risks like financial fraud, addiction and social harm. Fantasy sports, previously considered games of skill, are now caught in the trap of this broad definition, threatening their dominance in cricket and sporting sponsorships.
Fantasy platforms have been a financial lifeline for Indian cricket. Dream11, for example, holds the Indian national team’s title sponsorship for approximately Rs 358 crore and sponsors jerseys for five IPL franchises, including Kolkata Knight Riders and Lucknow Super Giants. My11Circle, meanwhile, secured IPL’s official fantasy partner status in a five-year deal worth Rs 625 crore (Rs 125 crore annually). Collectively, these brands contributed in thousands of crores to IPL 2025 sponsorships and advertisements, accounting for a major chunk of the league’s total ad spend.
The bill’s fallout is already evident. On Friday, Dream11 announced that it is halting all paid contests and shifting to a free-to-play model. “This morning, we stopped all paid contests on Dream11 and pivoted entirely to a free-to-play online social game,” the company stated on X. “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.” Dream11 also noted that its FanCode, DreamSetG, Dream Game Studios and Dream Sports Foundation businesses would now take centre stage.
The ban on RMG advertising across TV, digital, OTT and social media is expected to devastate fantasy platforms’ revenues. Many may pivot to subscription-based models without cash prizes, but these are unlikely to sustain their previous spending power. The BCCI, IPL franchises and player endorsements are bracing for a financial hit as their revenue pools contract.
The effects extend beyond cricket. Sports like kabaddi and football, which also benefited from fantasy platform sponsorships, face a shrinking market. As India grapples with balancing regulation and economic growth, the cricket industry must adapt to survive. The road ahead demands innovation to maintain its commercial dominance in a post-RMG world.
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