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India’s largest fantasy sports platform, Dream11, has officially discontinued all cash-based games and contests following the passage of the Promotion and Regulation of Online Gaming Bill, 2025. The move marks a seismic shift in the country’s real-money gaming landscape, as the new legislation enforces a blanket ban on online games involving monetary stakes. Dream11’s decision, announced internally and reflected across its app interface, signals the end of an era for paid fantasy sports in India and sets the stage for a broader industry transformation.
Discontinuation Of Real-Money Games
- Dream11 has halted all pay-to-play contests, including fantasy cricket, football, and kabaddi formats that previously allowed users to enter prize pools by paying entry fees
- The shutdown includes Dream Picks and Dream Play, two newer apps launched by Dream Sports to expand its casual and fantasy gaming footprint
- Users have been assured that their account balances remain safe and can be withdrawn seamlessly from the platform
Legal Trigger And Regulatory Compliance
- The Online Gaming Bill, passed by both houses of Parliament in August 2025, prohibits games where users deposit money with the expectation of winning monetary rewards
- The bill also bans advertising, promotion, and financial facilitation of real-money games, with penalties including fines up to one crore rupees and imprisonment up to three years
- Dream11’s management confirmed that the company will comply fully with the new law and has begun transitioning its business model accordingly
Impact On Dream Sports And Revenue Model
- Dream11 contributed over 90 percent of Dream Sports’ revenue, which crossed 9,600 crore rupees in FY24, driven by high engagement during marquee cricket events
- With cash contests now discontinued, Dream Sports will pivot toward its other verticals including FanCode (sports media), DreamSetGo (sports travel), and Dream Game Studios (game development)
- The company is also exploring ad-supported formats and international markets where real-money gaming remains legal
User Engagement And Platform Transition
- Dream11’s app now features only free-to-play contests, with limited match options and no monetary rewards
- Engagement levels have dropped sharply, with only one active fantasy match visible on August 22, compared to dozens during peak seasons
- The company is expected to introduce new gamified formats and loyalty-based engagement tools to retain its user base
Industry-Wide Fallout And Strategic Shifts
- Other major platforms including MPL, Zupee, My11Circle, and RummyCulture have also suspended real-money operations in response to the bill
- Companies are now testing free-to-play models, ad monetization, and global expansion strategies to offset revenue losses
- Industry leaders are reportedly considering legal challenges to the bill, citing lack of consultation and the skill-based nature of games like fantasy sports and poker
Investor Sentiment And Valuation Impact
- Dream Sports, last valued at 8 billion dollars, may face downward pressure on its valuation due to the loss of its core revenue stream
- Investors including Tiger Global, TCV, and ChrysCapital are expected to reassess their exposure and future funding plans
- Analysts warn that the profitability of ad-based models may not match the scale of real-money gaming, leading to cost rationalization and possible layoffs
Conclusion
Dream11’s decision to discontinue cash contests marks a defining moment in India’s digital gaming history. As the Online Gaming Bill reshapes the regulatory landscape, companies must adapt swiftly to new formats, markets, and monetization models. For Dream Sports, the challenge lies in reinventing its engagement strategy while preserving its brand equity. The road ahead will test the resilience and creativity of India’s gaming giants as they navigate a post-RMG era.
Sources: CNBC-TV18, MyKhel, MSN India, NewsBytes, Medianama.
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