After the online gaming law, the online game played with money has been banned. Dream 11, a prominent company in the region, has informed the Indian Cricket Board that it will no longer be able to prevent the Indian team. The Indian cricket team will have to look for a new partner just two weeks before the Asia Cup starts in Dubai. The removal of Dream 11 will cause a loss of 119 crores to the board.
A BCCI official told the Indian Express that, Dream 11 visited the BCCI office and informed CEO Hemang Amin that he would not be able to continue further. As a result, they will not be sponsoring the team for the Asia Cup. The BCCI will soon issue a new tender.
According to another BCCI official, there will be no penalty on Dream 11 for removing the contract. There is a provision in the contract, according to which if the main occupation of the sponsor is affected by any law brought by the government, then they will not be liable to pay anything to the Cricket Board.
Dream 11 began 18 years ago and according to Bloomberg, it is the largest fantasy gaming platform in the country with a $ 8 billion valuation. It gained the right to become the main sponsor of the BCCI in a three -year deal of Rs 358 crore in July 2023. It replaced Edtech Byju.
Dream 11 also has a big presence in the IPL. It has an agreement with various franchises. Many top players including Mahendra Singh Dhoni, Rohit Sharma, Hardik Pandya, Rishabh Pant and Jaspreet Bumrah have been its brand embedders. After the Chinese company Vivo’s withdrawal from the IPL in 2020, it became the title sponsor of the IPL.
The business of Dream 11 is also spread outside India. It is the official fantasy partner of the Caribbean Premier League as well as the title sponsor of New Zealand’s domestic T20 tournament Super Smash. It is also associated with Australia’s domestic T20 tournament Big Bash League and Women Big Bash League. In 2018, Dream 11 announced a partnership with the International Cricket Council.
According to another BCCI official, there will be no penalty on Dream 11 for removing the contract. There is a provision in the contract, according to which if the main occupation of the sponsor is affected by any law brought by the government, they will not be liable to pay anything to the Cricket Board.
Dream 11 started 18 years ago and according to Bloomberg, it is the largest fantasy gaming platform in the country with an 8 billion doll valuation. It had acquired officers to become the chief sponsor of BCCI in a three -year deal of Rs 358 crore in July 2023. It replaced Edtech Byju.
Dream 11 also has a big presence in the IPL. It has an agreement with various franchises. Many top players including Mahendra Singh Dhoni, Rohit Sharma, Hardik Pandya, Rishabh Pant and Jaspreet Bumrah have been its brand ambassadors. After the Chinese company Vivo’s withdrawal from the IPL in 2020, it became the title sponsor of the IPL.