Dream11 to shut real money gaming arm after House nod to Online Gaming Bill

Dream11 is pulling the plug on its real-money gaming business, sources told BT, as India’s new gaming bill wipes out the legal basis for paid fantasy sports.

The Centre’s Promotion and Regulation of Online Gaming Bill 2025, passed by the Rajya Sabha, enforces a total ban on money-based online games, including fantasy sports, poker, and rummy. Only eSports and social gaming are permitted. Violations may attract up to three years in prison or fines of ₹1 crore.

In an internal note, Dream Sports CEO Harsh Jain told employees there is “no legal pathway” to continue Dream11’s paid contests once the law is enacted. The company has briefed both full-time and contractual staff on a transition plan, sources confirmed to BT.

The ban has sent shockwaves through the gaming industry. While companies brace for major financial losses, the looming threat of large-scale job cuts is raising deeper concerns.

Dream11—which moved its base back to India earlier this year—would be among the hardest hit. Over 90% of Dream Sports’ revenue comes from Dream11’s real-money contests. In FY24 alone, it reported ₹9,600 crore in revenue, largely driven by World Cup cricket engagement.

Founded in 2008 by Harsh Jain and Bhavit Sheth, Dream11 has over 280 million users and is backed by Tiger Global, ChrysCapital, Multiples, and TCV. The firm was last valued at $8 billion in 2021 and built deep ties with Indian cricket through IPL and Team India sponsorships.

With its core operation now outlawed, Dream Sports is shifting focus to smaller verticals—FanCode, DreamSetGo, and Dream Game Studios.

When approached by BT, the company declined to comment. It noted, however, that the app remains functional.