Dream11 seeks to exit the ₹358-crore BCCI jersey sponsorship deal
Move follows the government’s ban on money-based online games
Industry fears a ₹5,000-crore ad market shake-up
Days after the government’s decision to put a ban on money-based online games, Dream11 started discussions with the Board of Control for Cricket in India (BCCI) to exit its 358-crore jersey sponsorship deal with the Indian cricket team, according to The Economic Times report. This comes a month before the Asia Cup.
“Dream11 has started conversations with the BCCI to withdraw from the sponsorship contract. These are watertight agreements and cannot be exited unilaterally. It will have to be a mutual decision since the law of the land doesn’t permit advertising of banned games,” the ET report said.
The online gaming major had signed a three-year agreement with the BCCI in 2023. However, the company now stated that it may not be feasible to continue with the sponsorship under the new law that prohibits the promotion, advertising, and sponsorship of real-money gaming platforms.
Dream11 ranks among India’s biggest ad spenders. Its parent firm, Dream Sports, allocated nearly ₹2,964 crore towards advertising and promotions in FY23, up 37% from the previous year.
However, the advertising landscape can now face major upheaval as the new law kicks in. Industry insiders believe that fantasy sports firms together pour more than ₹5,000 crore annually into marketing, the report added.
Dream11 Bets on Dream Money
The company has pivoted to the fintech sector. It has launched its personal money management platform Dream Money for early access. The app, now available on the Google Play Store, allows users to invest in gold, fixed deposits, and track their spending.
The move could help the Harsh Jain-led company diversify its business after it halted all paid contests on its flagship fantasy sports platform Dream11 on Friday.
Dream Money enables users to invest in digital gold through SIPs starting at just ₹10 daily or monthly, via a partnership with gold trading platform Augmont.
It also offers fixed deposits from ₹1,000 without requiring a bank account, through collaborations with small finance banks like Suryoday and Shivalik, NBFCs such as Shriram Finance, and fintech partner Upswing, allowing anytime withdrawals.
In addition, Dream Money has tied up with SEBI-registered AI advisor Sigfyn to give users a consolidated view of their finances by linking bank accounts and investments across mutual funds, stocks, and ETFs.
Dream Money enters a competitive space alongside apps such as Fi.Money, Jupiter, Moneyview, and Jar, which also offer gold SIPs and money management features.
