Gaming
India boasts 442 million online gamers: Thornton Bharat & E-Gaming Federation report
Mumbai: A report by Thornton Bharat and the E-Gaming Federation, titled “Guardians of Safe Play: Ethical Gaming for Vibrant Bharat,” revealed that India now boasts 442 million online gamers, making it the second-largest gaming market globally, just behind China. The industry is anticipated to grow by 20 per cent by FY25, reaching Rs 253 billion. This report showcased the importance of a strong code of conduct and self-regulation for the sustainable development of the gaming sector.
The real money gaming (RMG) segment is highlighted as a major revenue driver, with users spending an average of 8.5 hours per week in FY22. Despite facing challenges in 2023 due to the government’s 28 per cent GST implementation, investor sentiment in the RMG sector remains positive.
The report mainly dug deeper into the regulatory framework governing the real money gaming (RMG) sector, clearly distinguishing between games of skill and games of chance. It offers an overview of key legislative milestones, such as the Public Gambling Act and the Information Technology (Intermediary Guidelines and Digital Media Ethics Code), which have influenced current RMG policies. This highlights the pressing need to update laws and create clear, cohesive guidelines to effectively manage the complexities of the RMG sector.
Despite the challenges faced by the government’s implementation of a 28 per cent GST, which resulted in the closure of several niche gaming startups last year, the gaming industry has experienced significant growth. To understand the reasons behind this surge, Indiantelevision.com reached out to STAN CEO & founder Parth Chadha who provided detailed insights.
He explained, “The Indian gaming industry has stood firm despite the challenges posed by the 28 per cent GST on the real money gaming sector. Several factors contribute to this boom:
Digital infrastructure expansion in India: India has witnessed rapid expansion of digital infrastructure, including widespread access to smartphones that has significantly bolstered the growth of the Indian Gaming industry providing people the flexibility and ease of playing games on their phones like never before. It has significantly increased growth & engagement.
Advent of gaming communities: The presence of vibrant gaming communities has always been a true game changer for the industry. For example, STAN, the fastest-growing community startup in India provides a chance to hang out, watch videos together, play games, and win rewards at STAN clubs. These social communities foster rapid growth and expansion by appealing to a broad audience.
Government support: Government Initiatives like Digital India to transform India into a digitally empowered society & knowledge economy have been an instrumental part of the industry growth. Additionally, as per the Invest India Report, The Indian government allows 100% FDI in the online gaming sector, making it an attractive proposition for investors. This support is crucial for the industry’s development and expansion.
With these factors in play, India holds significant potential to become a hub for developing and providing platforms for online gaming.”
He further elaborated, “We at Stan fully support the recent Thornton Bharat and EGF report, which highlights the importance of regulatory mechanisms to protect players from cyber threats, fraud, and other unfair practices. In the gaming sector, ensuring player protection and upholding consumer rights are the most important factors to the integrity and future growth of the gaming industry. With 442 million online gamers, India now stands as the second largest country with such a massive gaming user base. It is truly a proud moment for all the gaming community stakeholders. We are on the path of rapid expansion, and implementing a code of conduct and self-regulation becomes paramount for the gaming industry. We believe that gaming communities in India are the key driving factor to further bolster India’s gaming system altogether at a new extent.
Gaming in India has become one of the popular sources of income for youth that was considered as a mere timepass earlier. Gaming communities foster a sense of belonging among players, enhancing social interactions, and encouraging collaboration and competition. We are proud to share that our platform has recorded an impressive 10 million+ downloads of the STAN app within just two years, making STAN India’s fastest-growing gaming community startup in India,” he concluded.
Gaming
Dream Sports sees 100 plus exits after gaming ban forces overhaul
Company splits into eight units as real money gaming law hits revenue.
MUMBAI: For a company built on fantasy leagues, reality has suddenly rewritten the rulebook. More than 100 employees have exited Dream Sports, the parent of Dream11, after the company reorganised its operations following India’s ban on real money online gaming. The shake up came after the Promotion and Regulation of Online Gaming Act, 2025 came into force in August 2025, prohibiting games where users deposit money expecting winnings. The regulation struck at the heart of the fantasy gaming industry and dramatically affected Dream Sports’ core business, wiping out about 95 percent of its revenue and all of its profits.
In response, the Mumbai based company shifted into what chief executive officer Harsh Jain described as “startup mode”, splitting its operations into eight independent business units in December.
Around 700 employees were reassigned across these newly formed ventures based on their experience and interests. However, roughly 15 percent opted to leave the company.
A spokesperson for Dream Sports said many of those who exited were experienced professionals accustomed to running scaled businesses rather than early stage ventures.
“Since some of these employees were experienced with running high scale businesses and not startups, around 15 percent chose to leave and join other scaled companies or start ventures of their own,” the spokesperson said.
Despite the departures, the company noted that the attrition rate is only slightly higher than its earlier level of around 10 percent before the ban. Dream Sports now has close to 950 employees and is not currently hiring, choosing instead to focus on stabilising its existing workforce.
The restructuring has transformed Dream Sports from a fantasy gaming company into a broader sports entertainment platform. The eight units now operate independently, each focusing on different segments of the sports and technology ecosystem.
These include Dream11, sports streaming platform Fancode, sports travel service DreamSetGo, mobile game Dream Cricket and artificial intelligence initiative Dream Sports AI, which includes sports analytics platform Dream Play.
Other ventures include fintech product Dream Money, open source initiative Dream Horizon and the philanthropic arm Dream Sports Foundation.
As part of cost saving efforts, Dream Sports also relocated its headquarters from Bandra Kurla Complex to Worli earlier this year. The new office, called Dream Sports Stadium, brings teams from its various brands together under one roof to improve collaboration and operational efficiency.
Jain had earlier said the company removed bonus lock in timelines for employees hired in recent years, allowing those who wished to leave to exit with pro rata payouts.
“We want people who are fully into the startup mode and willing to work for it, and we will share that reward if it comes,” he said.
Founded in 2008 by Harsh Jain and Bhavit Sheth, Dream Sports was last valued at 8 billion dollars after raising 840 million dollars in 2021 from investors including Falcon Edge Capital, DST Global, D1 Capital Partners, RedBird Capital Partners, Tiger Global Management, TPG and Footpath Ventures.
The new gaming law has forced several companies in the fantasy gaming sector to either shut down or pivot their business models, signalling a significant reset for one of India’s fastest growing digital entertainment industries.
