Dream11, Zupee, MPL, and others shut down real-money gaming operations

New Delhi: Major platforms including Dream11, Zupee, Mobile Premier League (MPL), Games24x7’s My11Circle, Gameskraft’s RummyCulture, and Probo have announced the suspension or complete shutdown of their real-money gaming (RMG) operations. 

Dream11, Gameskraft, and Games24x7 alone accounted for $1.36 billion of this, with Dream11’s parent company, Dream Sports, reporting Rs 9,600 crore in revenue in FY24, driven largely by paid fantasy contests during events like the men’s cricket World Cup.

Dream11’s real-money gaming operations, which contribute over 90% of its revenue, are being wound down following an internal town hall on August 20, where CEO Harsh Jain informed employees of the decision. 

Dream Sports has already paused “Pay to Play” contests on its recently launched Dream Picks app and suspended its casual RMG app, Dream Play. Paid contests on the flagship Dream11 app are expected to cease once the bill receives Presidential assent.

Dream Sports is now pivoting to non-real-money ventures such as FanCode (a sports media platform), DreamSetGo (an experiential travel venture), and Dream Game Studios. The company is also exploring new game formats for international markets, similar to strategies adopted by MPL. 

However, the shutdown of RMG operations is expected to trigger severe cost-cutting measures, including mass layoffs, as the majority of Dream11’s workforce was tied to its core business.

Zupee, a Gurugram-based platform known for online Ludo and other board games, announced on August 21 that it is discontinuing all paid games but will remain operational with free-to-play titles like Ludo Supreme, Ludo Turbo, Snakes & Ladders, and Trump Card Mania. Zupee has paused deposits but assured users that withdrawals will continue seamlessly.

Mobile Premier League (MPL), another gaming unicorn, has suspended all money-based games in India, stating, “While new deposits will no longer be accepted, customers will be able to withdraw their balances seamlessly.” 

MPL will focus on free-to-play, non-money-based gaming experiences in India while continuing operations in overseas markets, which account for nearly 50% of its revenue. 

Games24x7’s fantasy platform My11Circle and Gameskraft’s RummyCulture have also shut down their RMG operations, with internal announcements confirming the closures. 

Probo, an opinion trading platform backed by Elevation and Peak XV, discontinued its RMG operations immediately, stating, “We respect the government’s decision and remain steadfast in our vision to innovate and build information markets from India, for the world.” 

Nazara Technologies, which holds a 46.07% stake in Moonshine Technologies (operator of PokerBaazi), clarified that it has no direct involvement in RMG but will be impacted through its investment.

The ban has far-reaching implications for an industry that generated $2.4 billion of the $3.8 billion online gaming market revenue in FY24, according to gaming investment firm Lumikai. 

The move follows the Indian Parliament’s passage of the Promotion and Regulation of Online Gaming Bill, 2025, which bans all forms of online games involving monetary stakes, including fantasy sports, poker, rummy, and other cash-based games. 

The bill, passed by the Lok Sabha on August 20 and the Rajya Sabha on August 21, awaits Presidential assent to become law.

The Online Gaming Bill, 2025 prohibits platforms from offering games where users pay entry fees or wager money with the expectation of winnings. It also bans payments, advertising, and celebrity endorsements for such services, with violations carrying penalties of up to three years in prison and fines of up to Rs 1 crore. 

The legislation aims to curb what the government describes as a “public health risk” linked to gaming addiction, financial losses, and, in extreme cases, suicides among India’s youth. 

Union Minister Ashwini Vaishnaw likened the impact of real-money gaming to a societal “menace” akin to drugs, while Prime Minister Narendra Modi hailed the bill as a step to promote e-sports and protect middle-class families from financial harm.

The real-money gaming sector employs over 200,000 people and contributes Rs 20,000 crore annually in direct and indirect taxes, with investments worth Rs 25,000 crore, according to industry estimates. 

The ban threatens significant job losses, pay cuts, and a potential overhaul of operations for companies that have raised $3 billion in foreign direct investment. Experts warn that the prohibition could push legitimate operators underground, increase reliance on unregulated offshore platforms, and lead to GST losses exceeding $4 billion annually.

Gaming federations, including the All India Gaming Federation (AIGF), have criticised the lack of industry consultation before the bill’s introduction. They argue that distinguishing between games of skill and chance could have preserved the sector while addressing social concerns. “The ban could be the death knell for the gaming industry,” said a gaming executive, highlighting the sector’s role in funding domestic sports, particularly cricket, through sponsorships like Dream11’s partnership with the Indian cricket team and IPL.

While companies like Zupee and MPL are transitioning to free-to-play models, the pivot is challenging for platforms like Dream11, where alternative verticals like FanCode and DreamSetGo are significantly smaller contributors to revenue. 

The ban also impacts the advertising ecosystem, as RMG operators like Dream11, My11Circle, and Zupee have been major advertisers, spending heavily on television, digital platforms, and sports sponsorships, particularly during IPL seasons.