Dream Sports swings to Rs 479 crore loss in FY25 as revenue falls 15%

Dream Sports, the parent of fantasy sports platform Dream11, reported a net loss of Rs 478.9 crore for the fiscal year ended March 2025, compared with a net profit of Rs 1,295 crore in FY24. Its operating revenue declined 15% to Rs 6,759.3 crore from Rs 7,933.8 crore last year, according to regulatory filings with the Registrar of Companies (RoC).

The losses were largely on account of one-time costs of around Rs 575 crore linked to the company’s domicile shift from Delaware, US, to India. This was carried out through a reverse merger, under which US-based Dream Sports Inc was merged with the Mumbai-based arm, Sporta Technologies. The expense for this was booked as an exceptional item.

ET was the first to report on the domicile shift via the reverse merger route.


The reported financials were recorded before the central government’s ban on real money gaming (RMG) in August 2025, which has since had significant impact on the company and forced it to pivot away from its core RMG-led revenue model.

Gross gaming revenue (GGR), or platform fees collected from users for participating in contests, stood at Rs 10,283.8 crore in FY25. This was adjusted for promotional credits or cash bonuses worth Rs 3,783.3 crore offered to users during the year.

The company’s expenses climbed around 9% on-year to Rs 7,122.6 crore during the fiscal. Advertising and promotional expenses accounted for around 55% of this, or Rs 3,912.6 crore, while employee benefit expenses increased 62% to Rs 1,673.4 crore from 1,030.1 crore a year earlier.

Following the nationwide ban on RMG which, according to the firm, wiped out nearly 95% of the company’s revenues and all of its profits, Dream11 pivoted to what it described as a “second-screen sports platform.” The company rolled out products focussed on creator-led watch-alongs, real-time reactions, and chat features, along with free-to-play fantasy games.

The company has since split its businesses into separate units, each operating independently. These include Dream11, the fintech app Dream Money, sports streaming platform FanCode, artificial intelligence initiative Dream Sports AI, the Dream Cricket mobile game, sports travel platform Dream Set Go, open-source initiative Dream Horizon, and philanthropic arm Dream Sports Foundation.