Dream11, the leading fantasy sports platform in India, has revealed its strategy to enter 11 new international markets with its free-to-play fantasy sports games. This significant move follows India’s comprehensive ban on real-money gaming, including fantasy sports, which forced Dream11 to abandon its core paid contest model and seek growth opportunities overseas. The new markets include the UK, US, Australia, New Zealand, Canada, Malaysia, Nepal, Bangladesh, the UAE, South Africa, and Sri Lanka.
In August 2025, the Indian government enacted the Promotion and Regulation of Online Gaming Act, effectively banning cash prize games like fantasy sports, rummy, and poker, although esports were notably excluded to encourage grassroots gaming development. This legislation decimated approximately 95% of Dream11’s revenue, necessitating a swift business pivot. Harsh Jain, Dream11’s co-founder and chief executive, noted that the company transitioned to a free-to-play model where users compete for non-monetary rewards. To sustain competitiveness under the new regulations, Dream11 diversified its revenue streams to focus on advertising, sponsorships, and brand partnerships.
Dream11’s international expansion is not merely a replication of its existing model. Instead, it accommodates local sports preferences and cultures. For instance, in Australia, the platform will offer fantasy competitions featuring rugby league and the Australian Football League, aligning with local sports enthusiasm. Meanwhile, in the US and UK, fantasy contests will mimic popular local tournaments with prizes backed by brand sponsorships rather than cash rewards.
This approach reflects Dream11’s intent to deeply engage fans in various regions through relevant competitions while adhering to distinct regulatory frameworks. The company’s innovative features include a “Flex” option where users can create custom fantasy leagues, choosing their format, scoring system, and rules. This development aims to foster user interaction among those interested in social and skill-based gaming over cash incentives.
The shift to a free-to-play structure has opened up new avenues for advertising and brand collaborations. Vikrant Mudaliar, Dream11’s Chief Marketing Officer, highlighted that brands such as Swiggy, Astrotalk, and Tata Neu have joined as sponsors for leagues and advertising campaigns. This model allows for greater collaboration flexibility, enhancing Dream11’s appeal in the global advertising market.
Dream11’s expansion coincides with a restrictive regulatory climate for online real-money games in India, prompting it to establish a foothold in less regulated environments like the UK, US, and Australia. For instance, Australia views fantasy sports as sports wagering rather than casino gaming, which allows operators like Dream11 to function with corporate bookmaker licenses while maintaining free-to-play contests. Such regulatory clarity and market maturity offer stability and growth prospects for the company’s redefined business model.
Once India’s first fantasy sports unicorn, Dream11 boasted a valuation of $8 billion in 2021, supported by over 250 million registered users and 10 million daily active participants. The 2025 ban halted all paid contests, ending Dream11’s sponsorship of India’s national cricket team. Yet, this international expansion underscores Dream11’s adaptability and resilience. The platform’s ambition is evident as it combines technology and sports passion to engage a global audience in skill-based contests devoid of real-money prizes. The Flex feature, an innovation anticipated to transform fan interactions and competitions, underlines its broader ambitions to redefine the fantasy sports experience.
Dream11’s transformation from a dominant local operator to a global player in the fantasy sports arena is underway. With its identity and business model evolving in a more interconnected sports and gaming world, Dream11 is poised to become a global leader in the industry.
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