How Dream11’s Revenue Vanished Overnight After RMG Ban

Dream11, India’s fantasy sports giant, has seen 95 percent of its revenue vanish after the government passed the Online Gaming Bill, 2025. CEO Harsh Jain described the move as a “knockout blow,” marking one of the deepest disruptions in the company’s history. As the platform recalibrates, questions mount about its next steps—and what this means for digital business across India.

Immediate Fallout: From Boom to Breakdown

Dream11’s reliance on real-money gaming (RMG) was clear: paid contests made up almost all of its revenue and profits. With the RMG model now banned nationwide, the company has lost nearly all its income overnight—not just a setback, but a full business redefinition.

Despite the devastating financial impact, Jain insists the company won’t fight the law in court. Instead, Dream11 opted for rapid compliance, shutting down cash games even before the bill was officially enacted.

Dream11 3.0: Reinventing the Playbook

Rather than slow down, Dream11 is pivoting toward its “3.0 model.” Building on legacy strengths, it plans to focus on newer verticals—FanCode for streaming, DreamSetGo for sports travel, DreamMoney for financial literacy, and DreamCricket for fan engagement.

Jain emphasizes that rebuilding starts with people—not payouts. The company has ruled out layoffs, aiming to divert its 800-strong team toward AI-driven innovation and free-to-play models, inspired by global trends like the English Premier League’s fantasy platform.

Sponsorships and Ecosystem Shockwaves

The fallout didn’t stop at revenue. Dream11’s partnership with BCCI, including its ₹358-crore jersey sponsorship, has ended prematurely. The board is already exploring replacements ahead of upcoming tournaments.

This disruption is rippling into local economies too. Smaller towns, where digital marketing jobs and brand visibility through sports are key, could feel the loss of engagement and opportunity. The decision spotlights how a change in law can reshape entire ecosystems.

What This Means for India’s Digital Futures

Dream11’s shake-up isn’t just about one company—it’s about how digital businesses adapt in a changing regulatory landscape. In Tier 2 cities, where fantasy gaming had become a cultural touchpoint, the ban forces creators, advertisers, and local influencers to reimagine their future.

Yet, Jain’s response shows resilience. By leaning into new formats and global markets, Dream11 aims to demonstrate that Indian startups can survive setbacks and rebuild stronger.

In conclusion, Dream11’s pivot is more than crisis management—it’s a shift toward sustainable, diversified growth. For millions of users and many startups watching closely, the lesson is clear: adaptability is now the name of the game.