Lawmakers in India passed legislation last week that will ban most forms of online gambling. One of the hardest-hit verticals is daily fantasy sports platforms, which are highly popular in the country. Dream11 is one of the biggest companies in this space, with more than 220 million users in the country. It has been the chief sponsor of the Indian cricket team since July 2023.
While Dream11 had a three-year deal in place worth a reported $43.6m, the company’s executives have informed the Board of Control for Cricket in India (BCCI) that it will have to pull out of the agreement due to the incoming ban.
BCCI will be launching a new tender process soon to find a replacement
As the Dream11 logo appears on the front of the shirts, the BCCI will be launching a new tender process soon to find a replacement. With the T20 Asia Cup starting on September 9, the board is looking at options in this short timeframe.
Dream11 also has sponsorship deals with numerous franchises in the Indian Premier League.
The incoming online gambling ban criminalizes the offering of daily fantasy sports, poker, and other card games. Up to five years prison time is the punishment for culprits. Lawmakers were concerned about the popularity of gambling sites that led to addiction, financial issues, fraud, and suicide.
