The government’s recent ban on real-money gaming has sent shockwaves across India’s digital and sports ecosystems. While card and chance-based games like Rummy, Poker, and Teen Patti may have been the primary targets, the collateral damage lies elsewhere –
fantasy sports. And in cutting this lifeline, the government may have inadvertently pulled the plug on the very financial backbone that kept Indian cricket, and much of the wider sports economy, humming.
For close to a decade, platforms like Dream11, MPL, and My11Circle weren’t just gaming apps. They were among the biggest sponsors, advertisers, and partners for cricket at every level. They stitched their names on to the front of jerseys, bought out stadium signage, and became the default category leaders across IPL, Asia Cup, and ICC events. Their sudden exit has left the industry staring at a deep void and the ripple effects are already cascading across the board.
The most immediate hit is on broadcasters and streaming platforms. Fantasy sports brands weren’t simply ad buyers; they were the single largest advertising category in Indian sport. They filled massive inventories, and more importantly, kept ad rates buoyant by competing aggressively for prime slots. Without them, demand has dropped, CPMs are falling, and the value of even premium sports properties is under threat.
As one senior broadcast professional observed: “This is a double whammy – revenues are sliding, and the market is suddenly dictating lower ad rates. It could take years to rebuild this demand.”
Industry insiders suggest IPL broadcast revenues could shrink by at least 20–25% next season. That’s just on advertising. Add to it the loss of team sponsorships, ground activations, and event tie-ups, and the real hit is far bigger. In some cases, fantasy gaming brands made up over a third of total sponsorship money in cricket. Replacing that kind of capital is no easy task, especially when traditional sectors like FMCG and auto are cautious with spends.
The IPL may dominate headlines, but the problem spreads across the cricketing calendar. Fantasy gaming brands were unique in one respect – they bought ad space across all matches, not just the marquee India fixtures. In the Asia Cup or World Cup, they ensured value for Sri Lanka vs Afghanistan, not just India vs Pakistan. Without them, “non-India” games are once again at risk of becoming low-value inventory.
For bilateral Tests, the Ashes, or smaller domestic leagues like the Syed Mushtaq Ali and Vijay Hazare Trophy, the pinch is sharper. These were already marginal properties commercially. The fantasy category gave them much-needed relevance. Now, their survival looks even more tenuous.
Nor is it just cricket. Kabaddi, football, kho kho, volleyball – emerging leagues that depended heavily on fantasy sponsorships are now staring at existential questions. As another broadcast professional noted: “Pulling fantasy gaming money out leaves a vacuum no single category can fill. And with FMCG and auto already cautious, cricket will have to ask itself – can it sustain this scale without them?”
Individual players will also feel the heat. Some of India’s biggest cricketers were directly endorsing fantasy gaming platforms. Those deals ran into millions. Their absence will force even established stars to recalibrate pricing and endorsements.
At the fan level, the challenge is more insidious. Fantasy platforms boasted over 250 million users, most playing for free, but a committed minority paying to participate. That monetised base will not simply disappear. Many will drift to offshore betting apps, illegal bookies, or even high-risk financial products mimicking the thrill of staking money. The government thus risks losing not only tax revenues – projected to cross ₹23,000 crore annually – but also control, as users shift to unregulated channels.
READ: Impact of RMG ban on platforms, athletes and franchises – A deep dive
There is, however, a silver lining. The tech and product talent built inside fantasy platforms is world-class. These are teams that created intuitive, engaging apps that could handle tens of millions of concurrent users at peak match hours. That expertise won’t vanish; if redirected, it could fuel India’s next wave of consumer-tech and fintech startups. But the timeline for that transition will be long, and it won’t solve the immediate crisis in sports financing.
The ban on real-money gaming is not just about shutting down apps. It’s about a domino effect across the entire Indian sports economy. From broadcasters and leagues to athletes and tax revenues, the scale of the losses is staggering. The unanswered question is simple yet stark: who steps into this vacuum? Unless a new sector or category emerges quickly to backfill the fantasy money, Indian cricket and, by extension, Indian sport will have to brace for leaner years ahead.
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