DREAM SPORTS, the parent company of Dream11, reported a net loss of Rs 479 crore for the financial year ended March 2025. The Mumbai-based firm’s rare loss was largely driven by a one-time tax expense of Rs 575 crore linked to the cross-border merger of Dream Sports Inc. with India’s Sporta Technologies, along with Rs 771 crore booked under directors’ benefits, according to Entrackr.
Notably the Indian government’s move to introduce a blanket ban on real-money gaming came in August 2025 under the Promotion and Regulation of Online Gaming Bill, 2025.
Dream11’s revenue from operations fell 15 per cent year-on-year to Rs 6,759 crore in FY25, down from Rs 7,934 crore in FY24, as per its consolidated financial statements filed with the Registrar of Companies (RoC).
Platform fees collected from users for participating in contests known as Gross Gaming Revenue remained the primary revenue stream and stood at Rs 10,284 crore. After accounting for promotional credits and Rs 259 crore from the sale of services and goods, net operating revenue was Rs 6,759 crore.
The company also generated Rs 601 crore from non-operating sources, including interest on fixed deposits and investments, taking total income to Rs 7,374 crore for the fiscal year.
On the expenditure side, advertising and promotional costs remained the largest outlay, accounting for 58 per cent of total expenses, or Rs 3,913 crore. The company also concluded its three-year stint as the Indian cricket team’s jersey sponsor during the year.
Employee benefit expenses rose more than 62 per cent to Rs 1,673 crore in FY25, compared to Rs 1,030 crore in FY24. Of this, Rs 778 crore was recorded as directors’ benefits, likely related to ESOP costs. Excluding these, employee expenses were broadly flat year-on-year.
Information technology expenses stood at Rs 798 crore, while content, processing and other overheads pushed total expenditure up 9 per cent to Rs 7,123 crore, from Rs 6,562 crore in FY24.
The one-time tax charge of Rs 575 crore, linked to the company’s domicile shift from the US to India, was booked as an exceptional item.
The decline in operating revenue, combined with the tax expense and higher director benefits, pushed the company into a loss of Rs 479 crore in FY25, compared to a profit of Rs 1,295 crore in FY24. Its return on capital employed (ROCE) and EBITDA margin slipped to -6.51 per cent and -4.29 per cent, respectively, with an EBITDA loss of Rs 290 crore for the year.
As of March 2025, Dream11’s parent company reported total current assets of Rs 3,729 crore, including Rs 1,801 crore in cash and bank balances.
