Dream11 has stopped all paid contests and pivoted entirely to a free-to-play model in the aftermath of India’s newly minted online gaming law.
“We have always been and always will be a law-abiding company, and have conducted our business in compliance with the laws,” Dream11 said in a post on X, formerly Twitter. “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’.”
On Friday, President Draupadi Murmu gave her assent to the Promotion and Regulation of Online Gaming Bill, 2025, to make it a law. The Lok Sabha and Rajya Sabha passed the legislation on Wednesday and Thursday respectively.
India’s online gaming law prohibits promotion and operation of gaming apps that require users to pay money to win cash. While such action attracts penalty as well imprisonment, there’s no punishment for those playing online money games. The move threatens India’s $3.8 billion gaming industry that has drawn global investors and fostered fantasy sports apps like Dream11, Games24X7 and Mobile Premier League, among others.
“The government believes that the harms of addiction, financial loss and even extreme consequences such as suicides associated with online money gaming can be prevented by prevention of such activities,” according to a media statement released on Wednesday.
{{/usCountry}}“The government believes that the harms of addiction, financial loss and even extreme consequences such as suicides associated with online money gaming can be prevented by prevention of such activities,” according to a media statement released on Wednesday.
{{/usCountry}}“Additionally, online money gaming platforms are often misused for financial fraud, money laundering, terror financing and messaging activity that compromise national security.”
To be sure, Dream11’s other properties—FanCode, DreamSetGo, and Dream Game Studios—continue to remain operational, as does Dream Sports Foundation.
Founded by Harsh Jain and Bhavit Sheth in 2008, Dream11 introduced fantasy sports to India at a time when the industry was “not even 1% of the US’s fantasy sports industry”. In 2012, the company introduced freemium fantasy sports in India for cricket fans.
Their growth, since then, has been exponential to stay the least.
The company turned unicorn—a startup with a billion-dollar valuation—in 2019 after funding from the likes of Kalaari Capital and Tencent. At its peak the company was valued at $8 billion. Such was the success that Dream11 became the official sponsor of the Indian Cricket Team.
The going is likely to get tougher hereon.
“We are fortunate to have a portfolio of amazing sportstech businesses… These will continue to power our vision to ‘Make Sports Better’ and support our honourable prime minister’s ambition of making India a global sporting superpower,” Dream11 said in the statement. “Thank you for all your love and trust. See you in our second innings.”