IPL Value Drops 5-Year Low to $9.6 Bn in 2025 amid Real Money Gaming Ban

The overall market value of the Indian Premier League (IPL) has declined by 20% year-on-year (YoY) from $12 billion in 2024 to $9.6 billion in 2025, according to a Brand Finance report. The decline has been attributed to the impact of the geopolitical tensions of this years tournament and teams reshuffle in the IPL ecosystem.

In May, the Board of Control of Cricket in India (BCCI) had suspended several IPL matches, including the playoffs due to the India-Pakistan conflict after the Pahalgam terror attack.

Additionally, since the government banned real money gaming (RMG), it has removed IPL's "most aggressive sponsor category" triggering an annual loss of around ₹20,000 crore.

This 20% decline brings IPL’s 2025 valuation to a five-year low, matching the drop seen in 2020 during the COVID-19 pandemic, and marks the first time since 2023 that its brand value has fallen below $10 billion.

IPL has faced two consecutive years of ecosystem valuation decline from ₹92,500 crore ($11.2 billion) in 2023 to ₹82,700 crore ($9.9 billion), in 2024, and further down to ₹76,100 crore ($8.8 billion) in 2025, an earlier report by D&P Advisory stated. "The twin shocks collapse of rivalry in media rights and the exit of the IPL's most aggressive sponsor category of RMG mark a reset for the leagues business model," it further said.

RMG ban has not just affected IPL but the whole cricket industry. It has depressed the cricket media-rights valuations. This directly impacts International Cricket Council's (ICC) ability to get its target of $2.4 billion in media rights between 2026 and 2029, Economic Times reported on December 8.

The report claimed that JioStar, which is the major bidder for cricket media rights, has notified ICC that it won't be able to service the remaining two years of its four-year $3-billion India-media-rights deal due to deep financial losses.

The ban on real-money gaming may have reduced revenue expectations for companies that previously relied heavily on fantasy gaming advertising or sponsorship during cricket events.

Earlier reports suggested that ICC has approached Sony Pictures Networks India, Netflix and Amazon Prime Video to take over the rights.

Team Reshuffle Creates Volatility

The uncertainty linked to the team reshuffle has reflected in the brand values of IPL's top four franchises, Mumbai Indians (MI), Royal Challengers Bengaluru (RCB), Chennai Super Kings (CSK), and Kolkata Knight Riders (KKR). In 2024, the brand value of these teams had crossed the $100-million mark, growing between 36% and 70%.

During this season, MI retained their position as the most valuable franchise at $108 million, but the brand value dropped 9%, while RCB ranked second at $105 million, with a 10% decline in value although they won this season's title. CSK's brand value saw a significant decline of 24% to $93 million, while KKR recorded a 33% decline to $73 million.

Meanwhile, the Women's Premier League (WPL) is garnering significant attention in its third season with 103 million TV viewers in just 15 games, thanks to robust internet engagement. Additionally, the 2025 season was supported by over 70 brands in the beauty, leisure, and financial services sectors, which increased franchise-level sponsorship revenue by 10% to 20% and central deals by about 10% a year.