Dream11 has parted ways with the BCCI as the official sponsor of the Indian cricket team and will be unable to honour the ₹358 crore contract with the board. The introduction of the Online Gaming Bill has forced the online gaming platform to exit from the contract. With Dream 11 deciding to pull the plug before the end of the contract, the big question is whether the BCCI will penalise the company?
Will BCCI fine Dream11?
Dream11 acquired the rights to become the BCCI's lead sponsor in 2023, replacing educational technology venture Byju's. The sports-tech giant had agreed to pay the Indian board a sum of ₹358 crore two years ago.
As per the Indian Express report, Dream 11 will not be penalised by the board as it won't be liable to pay anything due to a clause in the ₹358 crore contract. As per the contract, the company will not be penalised in case a new law puts a halt to the company's core business.
Which teams and players will be impacted by Dream 11's withdrawal?
Dream11 sponsors multiple IPL franchises and several athletes. The likes of Mahendra Singh Dhoni, Rohit Sharma, Hardik Pandya, Rishabh Pant, and Jasprit Bumrah are all brand ambassadors. The brand is also the official fantasy partner of the Caribbean Premier League as well as the title sponsor of Super Smash, New Zealand's domestic T20 competition.
Dream11 Parent Company Launches Dream Money App
Dream Sports, the parent company of fantasy sports platform Dream11, has piloted a new financial services application called Dream Money, marking the company's entry into the wealth technology sector.
The move comes after the company was required to shut down its money-based games following a government ban on all forms of online money gaming implemented last week. According to a Google Play Store listing, the Dream Money app will offer gold investment options starting at Rs. 10 for daily purchases and fixed deposit services beginning at Rs. 1,000.
