Game Changer

In its second innings, Dreamı is betting on watch-party culture, with community, creators and polls to replace cash contests

- SAMAR SRIVASTAVA

FOR MORE THAN A DECADE, Dream11 defined how India gamified sport. What began in 2008 as a niche fantasy cricket platform grew into a consumer internet giant, riding the country's sporting obsession and smartphone boom. By 2024, Dream11 had crossed 250 million registered users, commanded an estimated 70 percent share of India’s fantasy sports market, and reached a valuation of about $8 billion, backed by investors, including Tiger Global, DST Global and TPG. Then came 2025.

India’s new online gaming regulations—which effectively banned real-money gaming formats, including paid fantasy sports—struck at the heart of Dream11’s business. Entry fees and cash prizes, which accounted for an estimated 90 to 95 percent of revenues, were no longer permissible. For a company that generated ₹6,384 crore (FY23) revenue at its peak, the impact was swift and existential.

Importantly, Dream11 was no longer just a single-product company. Under its parent, Dream Sports, the group had been building a broader sports ecosystem. Its portfolio includes FanCode, the digital sports streaming platform with rights to hundreds of leagues; DreamSetGo, a premium sports experiences business offering access to global sporting events; and Dream Capital, an early-stage investment arm backing sports, fitness and gaming startups. Collectively, these businesses signalled Dream Sports' ambition to be a full-stack sports company—not merely a fantasy gaming operator.

Instead of retreating, Dream11 chose to reinvent.