Dream11 vows no layoffs after real-money gaming ban wipes 95% revenue

Harsh Jain, co-founder and CEO of Dream Sports (the parent of fantasy-gaming leader Dream11), has said that following India’s ban on real-money gaming, 95 % of the company’s revenue disappeared overnight, and profits vanished entirely, yet the firm has no plans to downsize its workforce.

In an interview with Moneycontrol on 25 August, Jain disclosed: “95 per cent of the group’s revenues and 100 per cent of its profits [have vanished]” — referring specifically to its cash-based contests, the core of Dream Sports’ business model up to FY23. 

Despite this severe financial blow, he reiterated: “We are not interested in doing any layoffs. All the talent here is safe.”

The dramatic downturn stems from Parliament's swift passage of the Promotion and Regulation of Online Gaming Bill 2025, now law, which bans real-money online games, including fantasy sports with cash entry and winnings. 

The regulatory change has forced Dream11 to cease all paid contests. According to Livemint, the platform halted paid contests on 22 August and pivoted entirely to free-to-play social games, with operations shifting focus toward its other verticals—FanCode, DreamSetGo, Dream Game Studios, and more. 

Jain described the next phase as “Dream11 3.0”, marking a strategic transformation. As reported by LiveMint, this model aims to build a sustainable, free-to-play fantasy ecosystem reliant on advertising, sponsorship, global expansion and AI innovations. 

He also confirmed to Moneycontrol that Dream Sports reported operational revenue of ₹6,384.49 crore in FY23, up from ₹3,841 crore in FY22, highlighting strong prior performance and resilience. 

To pivot swiftly, Dream Sports plans to redeploy around 500 engineers across its other businesses, including FanCode, DreamSetGo, Dream Game Studios and a finance-focused venture—Dream Money. The initiative reflects an aggressive internal reshuffle rather than staff cuts. 

On financial strength, The Economic Times notes that Dream Sports has a cash runway lasting several years, enabling it to sustain operations without layoffs despite the revenue shock. 

Jain also informed the BCCI that Dream11 could no longer continue as Team India’s title sponsor, given that sponsorship of banned real-money gaming platforms is outlawed—forcing Dream11 to prepare for exit from its lucrative cricket sponsorship deal.