Dream11 3.0: CEO unveils new playbook after 95% loss, says no job cuts

Dream11 CEO Harsh Jain says no layoffs despite losing 95% of revenues after the government's blanket ban on real-money gaming; unveils Dream11 3.0 with free-to-play, ads, and AI

India’s online real-money gaming (RMG) sector faced a major setback last week after the government passed a bill imposing a blanket ban on such platforms. The move slashed nearly 95 per cent of revenues for Dream11, the country’s largest fantasy sports operator, CEO Harsh Jain told Storyboard18 in an interview.

 

Harsh Jain, who is a co-founder of Dream11 parent company Dream Sports, called the decision “a shock”, while acknowledging that the industry failed to self-regulate effectively.

 

Govt bans real money games

On August 21, the Promotion and Regulation of Online Gaming Bill, 2025, was passed in Parliament.  The new law imposes a blanket ban on all RMG apps, a sector valued at nearly ₹2 trillion, employs more than 200,000 people and contributes about ₹25,000 crore annually in GST.

 

 

The government justified the move by citing concerns over gaming addiction, money laundering, and financial fraud. Industry participants, however, had been preparing for a 40 per cent 'sin tax' under the GST regime, not an outright prohibition. 

Dream11 3.0: A new playbook

Despite the collapse of its RMG-driven model, Dream11 is not exiting the sports engagement space. Jain introduced the company’s new strategy, calling it Dream11 3.0:

 

Dream11 1.0 (2008–2012): Non-RMG model

Dream11 2.0 (2012–2025): RMG-based fantasy sports

Dream11 3.0 (2025 onwards): Free-to-play engagement with advertising and sponsorship-driven revenues

 

The company plans to leverage its existing ecosystem, including FanCode, DreamSetGo, DreamCricket, and DreamMoney, while expanding globally and investing in AI-driven sports content, fan experiences, and merchandising.

 

“The core appeal of fantasy sports, competing with friends and showcasing sports knowledge, remains strong. Our challenge is to make it engaging without money involved and build a sustainable global model,” Jain said, speaking to Storyboard18.

 

No layoffs, but cost cuts elsewhere

Despite the financial hit, Dream11 is not planning workforce reductions. “Talent is our most important asset. If we ever reach a point where we need layoffs, that’s when we should consider shutting down,” Jain said.

 

Instead, the company will slash marketing and partnership spends, redirecting 500 engineers toward AI innovations and new product development.

 

RMG ban and black market risk

Reflecting on the abrupt legislation, Jain admitted the industry failed to enforce strong self-regulation.

 

He has ruled out challenging the ban in court. Dream11 will comply fully with the law, Jain said, though he expressed concern about offshore betting platforms filling the void.