The Board of Control for Cricket in India (BCCI) has well and truly begun its search for a new title sponsor after the fantasy sports gaming platform Dream11 pulled out of its three-year deal following the government ban on online gambling. According to Sportstar, Dream11 signed a three-year contract worth INR 358 crore with the Indian cricket board.
Dream11 signed the contract in July 2023, and as a result, the platform became the lead sponsor of both men’s and women’s cricket teams. The Dream11 logo was sported on the front of Indian jerseys.
However, it is not known whether Dream11 will end its deals with the franchises in the Indian Premier League (IPL). The platform also sponsors several teams in the T20 tournament.
Last week, the Indian parliament passed the Promotion and Regulation of Online Gaming Bill. Once both the Lok Sabha and the Rajya Sabha passed it, the President signed it, making it an Act. The newly introduced Act criminalises the offering and financing of such games, with offenders facing up to five years in prison.
According to Bloomberg, Dream11 is the biggest fantasy gaming platform in India, valued at USD 8 billion. Dream11 is also the official fantasy partner of the Caribbean Premier League and the title sponsor of Smash, New Zealand’s premier domestic T20 competition.
Dream11 not liable to pay anything to the BCCI
Although Dream11 might have pulled out of its contract with the BCCI, the fantasy gaming platform will not have to pay any penalty to the Indian cricket board as the contract includes a clause saying that if the sponsor’s core business is impacted by any law brought by the government, then they “won’t have to pay anything to the BCCI.”
According to Sportstar, with the Asia Cup and Women’s World Cup around the corner, the BCCI is now looking to float a new tender.
“Their (Dream11) representatives visited the Board office recently and informed us that they are not in a situation to sponsor the teams anymore. There’s not much time left for the Asia Cup, but we are exploring options,” Sportstar quoted a BCCI official as saying.
Once the Promotion and Regulation of Online Gaming Bill was passed by the Indian Parliament, Dream11 announced the suspension of all of its paid contests.
