Results · Consumer Internet & Media

Dream Sports posts ₹479 Cr loss in FY25

By Startup Enthusiast · 9 February 2026

What they do

Dream Sports runs Dream11, India's biggest fantasy sports platform

FY25 net loss of ₹479 Cr, down from ₹1,295 Cr profit in FY24; revenue fell 15% to ₹6,759 Cr

The loss follows a government ban on real-money gaming and a reverse flip to India

Dream Sports reported a net loss of ₹479 Cr in FY25, compared to a net profit of ₹1,295 Cr in FY24.
Operating revenue fell 15% to ₹6,759 Cr from ₹7,934 Cr in FY24.
Gaming revenue dropped 13.7% to ₹6,500.5 Cr.
Total expenses rose 9% to ₹7,123 Cr, driven by a 62% jump in employee costs to ₹1,673 Cr.
Advertising spend stayed flat at ₹3,913 Cr.
The company booked exceptional costs of ₹575 Cr related to its reverse flip to India in March 2025.
EBITDA was a loss of ₹290 Cr, with a margin of -4.29%.
Auditors flagged material uncertainty about the company's ability to continue as a going concern.

The Promotion and Regulation of Online Gaming Act, 2025 banned real-money gaming in India from October 1, 2025.
The ban forced Dream Sports to shut its sports merchandise business FanCode in August 2025.
A pending GST demand of ₹28,294 Cr adds to the financial strain.
The company is pivoting to non-gaming offerings like Dream Money and sports content streaming.

Dream Sports operates Dream11, India's largest fantasy sports platform.
Users can play for free and win prizes in fantasy cricket, football, and other sports.
The company earns revenue through platform fees (Gross Gaming Revenue of ₹10,284 Cr in FY25).
It also sells goods and services (₹258.8 Cr in FY25) and earns other income (₹615 Cr).
Corporate office is in Worli, Mumbai.
Post-ban, it is focusing on FanCode (sports streaming), Dream Money (investment tech), and live fan experiences.