“We will not challenge the law in court”, Harsh Jain, Dream11 CEO on RMG ban

The Indian on-line actual cash gaming trade was jolted after the federal government imposed a blanket ban on real-money gaming (RMG) by passing the Promotion and Regulation of Online Money Gaming Bill, 2025, a transfer that worn out practically 95% of revenues for Dream11, the nation’s largest fantasy sports activities platform. In an interview with Storyboard18, Harsh Jain, Co-founder and CEO of Dream Sports, spoke concerning the shock determination by the federal government to ban authentic on-line actual cash gaming trade, why the trade did not self-regulate, Dream11’s plans to rebuild below a brand new “3.0 model,” and the corporate’s determination to not legally problem the federal government’s ban.

The authorities’s determination to ban real-money gaming (RMG) has shocked the trade. How do you view this determination?

I don’t wish to touch upon the choice itself, however what I want is that rules had are available as an alternative of an outright ban. That’s what we had been asking for over a few years. For instance, Tamil Nadu had launched rules with KYC, participant limits, and closing dates. It addressed all considerations whereas guaranteeing authorities tax revenues and holding the black market out. I want comparable rules had been applied nationally, moderately than a ban.

There are stories that Dream11 is pivoting to finance. Can you make clear your plans?

We’re not pivoting to finance. DreamMoney was launched months in the past — this isn’t one thing we did after the ban. We noticed a chance to assist Indians begin their funding journey, even with as little as ₹10 in SIPs or gold. Our purpose is to advertise monetary literacy and present customers the magic of compounding.

With Dream11’s RMG mannequin shut, what does the long run appear to be for Dream Sports?

Overnight, 95% of our revenues disappeared. So we’re focusing extra aggressively on our different companies: FanCode, DreamSetGo, DreamCricket, and DreamMoney. At the identical time, we’re engaged on what I name “Dream11 3.0.”

Dream11 1.0 (2008–2012) was non-RMG.

Dream11 2.0 (2012–2025) was RMG-based.

Now we’re constructing Dream11 3.0, a brand new mannequin.

The core concept of fantasy sports activities remains to be beloved — folks take pleasure in competing with pals, constructing groups, and displaying sports activities information. That engagement doesn’t go away simply because cash isn’t concerned. Our problem is to make it extra participating, discover a sustainable enterprise mannequin, and perhaps even take it international as a Make-in-India product.

Free-to-play (F2P) fashions are sometimes seen as financially unviable. How do you see them working for Dream11?

We’ll discover how a lot we will generate from promoting and sponsorships below an F2P mannequin. We’ll additionally take the sport international to search out its true ceiling. At the identical time, we’ll handle bills rigorously and redeploy assets to future alternatives, particularly AI.

We have 500 engineers who have been beforehand centered on sustaining present techniques. Now, we’ll redirect them towards constructing for the long run — AI-driven improvements in sports activities content material, commerce, merchandising, and fan experiences.

With such income losses, will Dream Sports resort to layoffs?

No. Talent is our most essential asset. The solely manner out of this gap is by constructing nice merchandise, and that requires nice expertise. Talent comes first, and it will likely be the very last thing to go. If we ever have to start out shedding expertise, that may be the day we must always contemplate shutting down.

Instead, we’ll minimize advertising, promoting, and partnership spends. But our folks keep — they usually’ll be deployed to new initiatives like Sports and AI and scaling our present portfolio.

Dream11 has been a key sponsor for BCCI. What is the standing of that partnership now?

We’ve had a decade-long relationship with the BCCI, which we deeply worth. Our present settlement runs for 3 years and we’re within the final six months of it. Any determination concerning the partnership will likely be made mutually. We’ve already mentioned the influence of the ban with them, and we’ll work out a mutually useful manner ahead.

The authorities mentioned the ban was meant to dam offshore betting corporations. Yet lots of them are nonetheless concentrating on Indian customers with heavy reductions and advertisements. What’s your take?

Whenever one thing is banned, the black market often grows. We’re already seeing offshore betting companies providing aggressive reductions to Indian customers. The authorities has mentioned they’ll crack down on such operators, and I hope they succeed. But on the web, it’s a lot more durable to regulate in comparison with offline retail.

Did the trade fail to anticipate or forestall this ban, do you discover this a failure of coverage and advocacy groups?

Yes, your entire trade was caught off guard. We first heard concerning the invoice within the information on a Tuesday. By Wednesday, it was tabled in Lok Sabha, Thursday in Rajya Sabha, and by Friday the President had signed it into legislation. It was a whole shock.

In hindsight, the trade did not strongly self-regulate years in the past. Multiple self-regulatory our bodies have been proposed, however we by no means united below one. A number of of us signed a code of ethics six months in the past, however we must always have completed way more earlier to guard customers and hold dangerous operators out.

Do you suppose inside infighting throughout the operators and federations performed a job in its downfall?

Yes, I do. We ought to have been stronger at self-regulation and labored collectively as an alternative of letting divisions weaken the trade.

Gaming Federations AIGF, FIFS, EGF had written to Home Minister Amit Shah in search of assist to keep away from passage of the Bill, did you or different trade leaders meet with Home Minister Amit Shah?

Not me. I can’t converse for everybody, however so far as I do know, no assembly has occurred.

Do you consider the ban was politically motivated?

I don’t suppose that is private. This is enterprise, and the federal government has to make selections for the nation. India is a democracy, and lawmakers resolve what’s greatest. As a businessman, I wish to defend my firm and trade, however we’ve at all times been law-abiding.

When our enterprise mannequin was constitutionally protected, we ran it. Now that the legislation has modified, we’ve complied instantly — even earlier than the ban was formally signed. And I can say clearly: Dream11 is not going to problem this legislation in courtroom.

Does that imply you’ve given up the authorized combat?

Not in any respect. It’s about respecting the legislation. When GST was raised, we complied with out going to courtroom, though it harm us. Similarly, at this time’s legislation prohibits RMG, so we gained’t problem it. However, if somebody tries to retroactively declare our previous operations have been unlawful playing, we are going to defend ourselves, as a result of again then we have been constitutionally protected.