Reality Check: Dream11 exits unicorn club after 6 years and 5 months

Fantasy sports giant Dream11 has reportedly lost its unicorn status following the central government’s crackdown on real money gaming (RMG) platforms. The development comes after the passage of the Promotion & Regulation of Online Gaming Bill 2025, which bans all forms of online money games across India.

According to 'ASK Private Wealth Hurun India Unicornz and Future Unicorn Report 2025' report, released on Thursday, four major RMG startups including Dream11, Gameskraft, Mobile Premier League (MPL), and Games24x7 are no longer part of the unicorn club.

As per a foreign media report, Dream11, last reported to be valued at Rs 8 billion, boasted 260 million users before the ban came into force.

Also Read: 'See You in Second Innings': Dream11 switches from pay-to-play to free-to-play, no more paid contests on platform

From Unicorn to Exit: The big shake-up

The law not only prohibits money-based contests but also bars advertisements and financial institutions from facilitating related transactions. This has hit companies like Dream11 hard, forcing them to pivot from their pay-to-play model to a free-to-play format.

Last month, Dream11 announced that platform has discontinued all paid contests and shifted to a free-to-play social gaming model. “This morning, we stopped all paid contests on Dream11 and pivoted entirely to a free-to-play online social game,” the company had announced in August, soon after the bill received President Droupadi Murmu’s assent.

The law bans money-based online gaming and prescribes penalties of up to three years’ imprisonment and fines of up to Rs 1 crore, while formally recognising e-sports and online social games.

Dream11, founded 18 years ago, said it has always complied with the law. “While we believe that progressive regulations would have been the right way forward, we will respect the law and will fully comply with ‘The Promotion & Regulation of Online Gaming Law, 2025’,” the company added.

Also Read: Dream11 exits as Team India sponsor, BCCI opens bidding for new title partner — Here’s who can apply

BCCI ends association

The BCCI has already moved on, issuing a fresh Invitation for Expression of Interest (IEOI) to acquire new title sponsorship rights for Team India after parting ways with Dream11 earlier this month.

End of pay-to-play era

Dream11 became India’s first gaming startup to enter the unicorn club in April 2019 after a funding round led by Steadview Capital valued the company at over $1 billion. Founded in 2012 by Harsh Jain and Bhavit Sheth, the platform quickly grew popular by letting users play fantasy games across cricket, football, kabaddi, and even the NBA.

But the story has taken a sharp turn. With a new law dismantling the pay-to-play model that fuelled most of its revenues, Dream11’s meteoric rise has hit a dead end. For a company that once inked a three-year sponsorship deal with the BCCI to appear on Team India’s jerseys, the regulatory shake-up signals a steep and sudden fall.