Last week, Indian Parliament passed the Online Gaming Bill, prohibiting all forms of real-money gaming in India. The law has dealt a knockout blow to Dream Sports, the parent of Dream11, erasing 95 per cent of group revenues and all profits.

‘No job cuts, enough capital to rebuild’: Dream11 CEO Harsh Jain after 95% revenue hit from Online Gaming Bill

Dream11, India’s largest fantasy sports platform valued at $8 billion, is facing its biggest crisis yet after the government imposed a blanket ban on real-money gaming. Despite losing almost all its revenues overnight, the company’s co-founder and CEO Harsh Jain insists that jobs are safe and the company has sufficient reserves to weather the storm.

Last week, Parliament passed the Online Gaming Bill, prohibiting all forms of real-money gaming in India. The law has dealt a hard blow to Dream Sports, the parent of Dream11, erasing 95 per cent of group revenues and all profits. The Mumbai-based firm, which reported operating revenue of Rs 6,384 crore in FY23, has now shut down all paid contests on its fantasy sports platform.

Unlike several of its smaller peers, which face closure and mass retrenchments, Dream Sports is determined to hold on to its workforce. Jain stressed that the company’s survival depends on its ability to build new products with the talent already in place.

The ban has also ended Dream11’s high-profile partnership with the Board of Control for Cricket in India (BCCI). The company informed the board that it could not continue as Team India’s jersey sponsor under the new rules, effectively scrapping a Rs 358 crore deal just weeks before the Asia Cup.

“This was our most important partnership,” Jain acknowledged. “But our association with Indian cricket goes deeper than the front-of-jersey. We will continue to explore other ways to collaborate with the BCCI, whether through ticketing, experiences, or digital platforms.”