Dream11, a major fantasy sports platform in India, said it lost about 95% of its revenue after the government imposed a ban on real-money gaming through the Promotion and Regulation of Online Gaming Act 2025.

The law has hit India’s US$2.5 billion real-money gaming industry, forcing several companies to halt operations.

Dream11’s parent, Dream Sports, is now focusing on other ventures, including sports streaming platform FanCode, sports travel service DreamSetGo, and Dream Game Studios, which develops original games.

It is also reportedly planning to launch a personal finance app called Dream Money.

Other firms such as Paytm First Games, Gameskraft, Zupee, MPL, and Junglee Games have also suspended real-money gaming services.

Meanwhile, leading developers and publishers, including Nazara Technologies and nCore Games, have formed a new association to promote original, non-cash-based Indian games.

🔗 Source: YourStory

🧠 Food for thought

1️⃣ Regulatory shifts can eliminate entire business models overnight

Dream11’s experience demonstrates how quickly regulatory changes can devastate established industries, with the company losing 95% of its revenue immediately after India’s real-money gaming ban took effect 1.

This isn’t just about one company. The entire sector, employing over 200,000 people and valued at $23 billion, faced similar overnight shutdowns 2.

The speed of impact contrasts sharply with typical business disruptions that unfold over months or years, leaving companies little time for gradual adjustment.

The ban carries severe penalties, including fines up to ₹1 crore and potential imprisonment, making compliance non-negotiable for companies like Dream11 that previously derived over 90% of their revenue from paid fantasy contests 34.

2️⃣ Platform diversification becomes survival strategy during regulatory crackdowns

Dream11’s response shows how companies with large user bases can pivot by leveraging existing infrastructure for entirely different services.

The company is launching Dream Money, a wealth management app targeting gold investments and expense tracking for its 300 million existing users 5.