A year since the government banned online real-money gaming, Tiger Global Management-backed Dream11 has completed its shift from fantasy sports to a global sports engagement platform, the company said in a statement on Thursday.
It has ended all prize-based offerings and is now focused on sports content, live streaming, scores, stats, commentary, community, experiences and social contests.
“With 300 million users, Dream11 understands what a true sports fan really wants—not just the sport, but the community. Backed by the best tech talent in the country, we are now building an AI-first sports engagement platform, made in India, for the World,” said chief executive Vaibhav Kokal in the statement.
The company is now building an AI-first, personalized, multi-sport platform tailored to users’ favourite sports, leagues, teams and players, with ambitions to serve fans globally.
The government ban
In August 2025, the Indian government enacted the Promotion and Regulation of Online Gaming Act, 2025, imposing a nationwide ban on online money games, effective 1 October 2025. The law prohibits online games involving monetary stakes or deposits, regardless of whether they are based on skill, chance or a combination of both.
The law effectively brought paid fantasy sports and other real-money gaming offerings to an end, prompting companies such as Dream11 to pivot towards free-to-play sports engagement and other businesses.
The impact of the ban was reflected in Dream11’s financial performance. Its revenue declined to ₹7,374.4 crore in FY25, from ₹8,345.9 crore a year ago. It also swung to a loss of ₹478.9 crore, compared with a profit of ₹1,295.3 crore a year ago.
Since the ban, Dream11 has been steadily expanding into new businesses and areas beyond fantasy sports. In May, Dream Sports, the parent company of Dream11, entered the stockbroking business with the launch of DreamStreet. The company said the new platform was aimed at simplifying investing for users and helping increase demat account penetration in India.
on 7 December that Dream Sports was also recasting itself as a broader sports entertainment platform, betting on the country’s growing “watch-party” culture, where fans watch matches, interact and socialize online.
In the months following the real-money gaming ban, Dream Sports also split its operations into eight independently led “startups”. These include FanCode, a sports content and streaming platform; DreamSetGo, a sports-experiences platform; Dream Cricket, its cricket-gaming business; and Dream Sports AI, its artificial-intelligence-focused initiative.
Dream11, which was previously synonymous with fantasy sports, has also had a significant presence in Indian cricket. In July 2023, the company signed a three-year, ₹358-crore sponsorship agreement with the Board of Control for Cricket in India (BCCI), becoming the lead sponsor of the Indian men’s and women’s cricket teams. Following the passage of the online gaming law in August 2025, Dream11 exited the agreement, prompting the BCCI to look for a new lead sponsor.
The company is backed by prominent global investors, including TPG, Alpha Wave Global, DST Global, RedBird Capital Partners and Tiger Global Management. Dream11 last raised $840 million in September 2021, at a post-money valuation of $8 billion.