Dream11 became one of India’s best-known fantasy sports platforms by allowing users to create virtual teams of real players. The performance of those teams depended on how the selected players performed in actual cricket, football, basketball, kabaddi and other sporting events.
For several years, Dream11’s main income came from paid fantasy contests. Users paid entry fees, competed against one another and won prizes according to their rankings. Dream11 retained a platform fee from the total amount collected.
That business model changed in August 2025 after India enacted a national law prohibiting online money games. Dream11 stopped offering paid contests and shifted to a free-to-play sports entertainment model.
The present platform combines free fantasy sports with creator-led match watch-alongs, fan conversations, short sports content, advertising and brand-sponsored rewards. Therefore, an article about Dream11’s business model must distinguish between how it earned money before August 2025 and how it is attempting to earn money today.
Dream11 Company Quick Overview
| Particular | Details |
| Brand name | Dream11 |
| Legal operator | Sporta Technologies Private Limited |
| Parent group | Dream Sports |
| Founded | 2008 |
| Founders | Harsh Jain and Bhavit Sheth |
| Headquarters | Mumbai, Maharashtra |
| Industry | Sports entertainment and fantasy sports |
| Original business model | Paid fantasy contests and platform fees |
| Current business model | Free-to-play sports entertainment supported by advertising |
| Main current offerings | Free fantasy contests, watch-alongs, fan interactions and sports content |
| Registered users | More than 250 million |
| Current availability | India and selected global markets |
| FY2025 Dream Sports operating revenue | Approximately ₹6,759 crore |
| FY2025 Dream Sports net result | Loss of approximately ₹479 crore |
Dream11 is the flagship brand of Dream Sports and is operated by Sporta Technologies Private Limited. The company was founded in Mumbai by Harsh Jain and Bhavit Sheth. Dream Sports says Dream11 currently serves more than 250 million sports fans.
What Is the Dream11 Business Model?
Dream11 originally followed a freemium fantasy sports model. Users could create virtual teams and enter free or paid contests based on real sporting events.
The free contests helped people understand the platform and attracted new users. Paid contests produced revenue because Dream11 retained a platform fee before distributing the remaining contest amount as prizes.
The present model is different. Paid fantasy contests are no longer available in India. Dream11 now operates mainly as a free sports entertainment platform where users can create teams, join free leagues, interact with creators and follow matches through a second-screen experience.
Its new commercial model depends primarily on attracting a large sports audience and selling advertising, sponsorships and branded engagement opportunities to companies.
How Did Dream11 Previously Make Money?
1. Platform Fees from Paid Contests
Paid fantasy contests were historically Dream11’s largest revenue source.
Users paid an entry amount to participate in a contest. The money collected from all participants formed the contest pool. Dream11 deducted a platform fee, while the remaining amount was distributed among winners according to the rankings and prize structure announced before the contest.
For example, suppose 10,000 users paid ₹100 each. The total entry amount would be ₹10 lakh. Dream11 would retain its applicable platform fee and use the balance to fund the contest prizes.
The complete entry amount was therefore not Dream11’s revenue. Only the platform fee and other eligible charges contributed to its operating income.
2. Different Contest Formats
Dream11 offered several types of contests, including large public competitions, smaller leagues and head-to-head contests.
Different contest structures helped the company serve both casual players and highly active fantasy sports users. Larger contests attracted participants through substantial prize pools, while smaller contests gave users a greater chance of achieving a winning rank.
Dream11 earned a platform fee whenever users entered an eligible paid contest, regardless of which participant eventually won.
3. Advertising and Sponsorships
Even before abandoning paid games, Dream11 earned or created commercial value through advertising and sports sponsorships.
The company worked with sporting organisations, leagues, teams and celebrity ambassadors to increase brand awareness. Its large user base also created opportunities for companies to promote products through campaigns, contest partnerships and in-app placements.
However, advertising was historically smaller than the income generated through paid fantasy contest fees.
Why Did Dream11 Stop Paid Contests?
The Promotion and Regulation of Online Gaming Act, 2025 prohibits the offering, operation, facilitation and advertising of online money games across India. The law applies even when a game involves skill if users pay money or stake something of value expecting monetary winnings.
Dream11 discontinued paid fantasy contests on August 22, 2025, and moved entirely to free participation. The central government subsequently brought the regulatory framework into force and notified the Online Gaming Authority of India and the related rules in April 2026.
This change removed Dream11’s established platform-fee model. Dream Sports said the prohibition affected approximately 95% of the group’s previous revenue, demonstrating how dependent the business had been on paid gaming.
How Does Dream11 Make Money Now?
1. Advertising Inside the Platform
Advertising is now the clearest source of Dream11’s revenue.
Companies can pay to promote their products to Dream11’s large audience of sports followers. Advertisements may appear through banners, videos, sponsored content, match-related campaigns and other branded placements.
Dream11 reported that its free-to-play platform had approximately 10 million daily active users shortly after the transition. This provides advertisers with access to a large audience during high-interest sporting events.
Advertising can be particularly valuable during cricket tournaments because users return frequently to create teams, follow scores and participate in sports-related conversations.
2. Sponsored Free-to-Play Contests
Brands can sponsor fantasy contests that are free for users to enter.
The sponsoring company may pay Dream11 to associate its name with the competition, display promotional messages or provide prizes. Dream11 earns through the sponsorship agreement rather than by charging users an entry fee.
These contests allow companies to become part of the user’s activity instead of showing only a passive advertisement. Brand-backed prizes may include cash rewards, products, vouchers or other promotional benefits, subject to the contest rules.
Dream11 has identified companies such as Swiggy, Astrotalk and Tata Neu among the brands that participated in campaigns following its free-to-play transition.
3. Creator-Led Watch-Alongs
Dream11 has repositioned itself as a second-screen sports platform. Sports creators can host live match watch-alongs where fans follow the action, react and participate in conversations.
The main match may be broadcast through an authorised sports broadcaster, while Dream11 provides additional commentary, discussion and community interaction.
Creator-led content can generate revenue through brand sponsorships, promoted segments and advertising shown around the live experience. A company may pay to sponsor a watch-along, creator series or match-day discussion.
This model places Dream11 closer to a sports-focused social and content platform than its previous identity as only a fantasy gaming app.
4. Sponsored Sports Content
Dream11 offers short sports moments, fan reactions, discussions and other content designed to keep users active before, during and after matches.
Brands may pay to sponsor content series, prediction segments, fan polls or match-related features. Dream11 can also use its knowledge of user interests to display campaigns relevant to particular sports, tournaments or audiences.
The company must follow applicable advertising and data-protection rules when providing these services.
5. Partnerships with Dream Sports Businesses
Dream11 operates within the wider Dream Sports group, which owns businesses such as FanCode, DreamSetGo and Dream Cricket.
FanCode provides sports streaming, statistics and merchandise-related services. DreamSetGo sells premium sports travel experiences, while Dream Cricket is a mobile cricket game.
Dream11 can introduce its users to these related platforms through integrations and cross-promotion. However, money earned by FanCode or DreamSetGo should not automatically be counted as direct Dream11 revenue. Each company or product has its own commercial activities.
Major Costs in the Dream11 Business Model
Advertising and marketing have historically been among Dream Sports’ largest expenses. The group spent approximately ₹3,913 crore on advertising and promotions in FY2025.
Other major costs include:
- Employee salaries and benefits
- Technology and cloud infrastructure
- Sports data and scoring systems
- Creator and content-production expenses
- Brand-funded contest operations
- Cybersecurity and fraud prevention
- Customer support and regulatory compliance
Dream Sports’ employee expenses increased to approximately ₹1,673 crore in FY2025. The group’s overall expenses reached around ₹7,123 crore during the year.
The free-to-play model may reduce costs related to payment processing and cash-contest management, but Dream11 must still spend heavily to retain users and build an advertising-supported business.
Latest Financial Performance
Dream Sports reported FY2024–25 operating revenue of approximately ₹6,759 crore, compared with ₹7,934 crore in the previous year.
The group recorded a net loss of approximately ₹479 crore after reporting a profit of ₹1,295 crore in FY2024. The FY2025 loss included a one-time expense of around ₹575 crore connected with moving the company’s corporate domicile from the United States to India.
These financial results cover the wider Dream Sports group and relate to a period before Dream11 discontinued paid contests. They do not show the full financial effect of the present free-to-play model.
Detailed audited FY2025–26 results reflecting the new advertising-led business were not publicly available as of August 1, 2026.
Why the New Business Model Can Work
Dream11 retains an enormous base of sports fans even though it can no longer charge entry fees for fantasy contests.
Advertisers value platforms that attract users during live sporting events. Dream11 knows which matches, teams and players interest its users, allowing it to create targeted sports campaigns.
Watch-alongs and fan conversations may also increase the time users spend on the platform. Greater engagement can make Dream11’s advertising inventory more valuable.
However, replacing paid-contest revenue entirely through advertisements will be difficult. The company must prove that brands are willing to spend enough to support its technology, content and operating expenses.
Challenges Facing Dream11
The largest challenge is rebuilding revenue after losing its paid-contest business.
Dream11 also competes with sports broadcasters, social-media platforms, YouTube creators, sports news apps and free fantasy platforms for user attention and advertising budgets.
The company must ensure that its contests do not become prohibited online money games. It also needs rights and permissions when using match footage, live streams, logos and other protected sports content.
Maintaining user interest may be another difficulty. Some users joined Dream11 mainly for monetary contests and may not remain equally active when participation is completely free.
Conclusion
Dream11 historically made most of its money by retaining platform fees from paid fantasy sports contests. That model ended in India after the enactment of the Promotion and Regulation of Online Gaming Act, 2025.
Dream11 now operates as a free-to-play sports entertainment platform. Its current revenue opportunities include advertising, sponsored contests, brand-backed rewards, creator-led watch-alongs and sponsored sports content.
Its large user base remains a valuable asset, but the company must demonstrate that advertising and sports entertainment can replace the substantial income previously generated through paid fantasy contests.
FAQs
Q: Can users currently enter paid Dream11 contests in India?
A: No. Dream11 discontinued paid fantasy contests in India in August 2025. Its current contests are free to enter.
Q: Can users still win prizes on Dream11?
A: Yes, selected free contests may provide prizes or brand-backed rewards. Users should read the conditions of each contest because prizes and eligibility can differ.
Q: Does Dream11 keep part of the prize money now?
A: The old paid-contest model involved Dream11 retaining a platform fee from entry amounts. Under the current model, users do not pay contest entry fees, so revenue mainly comes from advertisers and sponsors rather than deductions from user-funded prize pools.
Q: Does Dream11 earn money from FanCode subscriptions?
A: FanCode is another Dream Sports business. Its subscriptions and streaming revenue belong to FanCode or the wider group and should not automatically be treated as direct Dream11 revenue.
Q: Are Dream11’s FY2025 financial figures based on its current model?
A: No. FY2025 ended before paid contests were discontinued. The figures mainly reflect the former real-money fantasy sports model and the wider Dream Sports group.
