The Indian fantasy sports market has exploded to a ₹34,000+ Cr industry in 2024, driven by cricket fever, digital payments, and smartphone penetration.
Two giants are at the crease:
- Dream11 – the undisputed leader with a single-minded focus on fantasy sports
- MPL – the aggressive challenger with a diversified multi-gaming approach
Both are battling for the same users, same wallet share, and the crown of being India’s go-to sports gaming platform. But when it comes to users, revenue, and brand dominance, the scoreboard tells a different story.
Dream11 vs MPL: Snapshot of the Giants
Before diving into strategies and performance, here’s a quick look at the origin stories, scale, and offerings of India’s two fantasy and gaming heavyweights.
| Metric | Dream11 | MPL |
| Founding Date | 2007 | 2018 |
| Founders | Harsh Jain, Bhavit Sheth | Sai Srinivas Kiran G., Shubh Malhotra |
| Registered Users | 260M+ | 90M+ |
| Sports Offered | 11 | 60+ (casual, fantasy, esports) |
Key Insight:
Dream11 has a decade-long head start and official sports tie-ups, giving it scale dominance. MPL, though younger, has quickly built a multi-genre gaming ecosystem appealing to both fantasy sports fans and casual gamers.
Business Models & Monetization
| Aspect | Dream11 | MPL (Mobile Premier League) |
| Core Focus | Fantasy sports platform with real-money contests across cricket, football, kabaddi, and other sports | Multi-gaming platform offering 60+ titles across fantasy sports, casual games, rummy, chess, and esports |
| Primary Revenue Streams | – Entry fees from users participating in contests- Platform fees charged on winnings- Sponsorships & strategic partnerships with sports leagues (IPL, NBA, etc.) | – In-app purchases for game coins and upgrades- Advertisements within games- Partnerships with game developers & esports organisers |
| Monetization Strategy | High-value seasonal spikes during major tournaments (e.g., IPL, World Cup), with focus on retaining users via cricket-first engagement | Diversified monetization from multiple genres ensures year-round revenue flow, reducing dependence on seasonal sports |
| Unique Selling Proposition (USP) | Market leader in fantasy cricket, leveraging strong brand recall and exclusive sports tie-ups | Offers the widest variety of online games in India, catering to casual and competitive gamers alike |
| Key Partnerships | Indian Premier League (Title Sponsor), Pro Kabaddi League, International Basketball Federation | Game developers, esports leagues, and in-app advertisers |
| Target Audience | Sports fans (especially cricket enthusiasts) aged 18–40 looking for real-money fantasy sports | Broader gaming audience including fantasy players, casual gamers, and esports enthusiasts |
Brand Loyalty & Engagement
Dream11
- Celebrity Power: Heavy use of top-tier sports icons like MS Dhoni and Rohit Sharma to reinforce trust and recognition among cricket fans.
- Cricket-First Strategy: Majority of contests revolve around cricket, especially IPL seasons, creating strong seasonal engagement spikes.
- Sticky Experience: Clean UI/UX, quick contest joins, and real-time leaderboards keep users coming back.
- Community Building: Regular contests, fantasy tips, and in-app rewards encourage a competitive yet social environment.
MPL
- Broad Appeal: Goes beyond fantasy sports into 60+ games, including casual, arcade, and esports, attracting a wider demographic.
- Gamified Retention: Points, badges, and streak bonuses make gameplay addictive and habit-forming.
- Instant Rewards: Instant withdrawals and regular referral bonuses increase trust and frequency of play.
- Engagement Loops: Frequent leaderboard events, seasonal campaigns, and multi-game tournaments keep players active year-round.
Innovations & Technological Edge
Dream11
- AI-Driven Personalization: Uses advanced data analytics & machine learning to tailor recommendations based on playing history and preferences.
- FENCE Fraud Detection: Proprietary graph-based fraud prevention tool detects suspicious patterns, ensuring fairness in contests.
- Performance Optimization: Seamless scalability during peak events like IPL finals, handling millions of concurrent users without lag.
- Micro-Targeted Marketing: Data-led push notifications increase conversion during high-interest matches.
MPL
- AR & Immersive Gameplay: Uses augmented reality features and dynamic odds to create more engaging contest experiences.
- Cross-Game Wallets: Allows users to seamlessly switch between fantasy sports and casual games without multiple top-ups.
- Real-Time Game Balancing: Adaptive difficulty settings ensure beginners and pros both find matches challenging yet fair.
- Developer Ecosystem: Supports indie game developers through integrations, expanding its content library rapidly.
Dream11 vs MPL: Workforce Trends (2021–2025)
Key Insights:
- Steady Growth for Dream11 – Headcount rose from 626 in 2021 to 1,262 in 2025, almost doubling over five years, showing sustained hiring to match its revenue leadership.
- Volatility at MPL – Grew slightly in 2022, then declined sharply in 2023–2024 (likely cost-cutting or restructuring), before a rebound in 2025 to 447 employees.
- Diverging Strategies – Dream11’s consistent expansion hints at long-term talent investment, while MPL’s fluctuations suggest phases of aggressive scaling followed by optimisation.
- Gap Widening – By 2025, Dream11 had 2.8× more employees than MPL, widening from just 1.2× in 2021.
Conclusion: Who’s Winning the Fantasy Sports Battle?
Dream11 holds the lead in scale and brand trust, powered by its decade-long head start and cricket-first dominance. Its focus on high-value seasonal events and exclusive sports tie-ups makes it the go-to choice for fantasy cricket fans.
MPL, while smaller in pure fantasy sports numbers, is playing a different game, building a diversified multi-gaming platform that taps into casual gaming, esports, and year-round engagement. This broad base shields it from the seasonality that Dream11 faces but comes with higher competition and burn.
The Verdict:
- Dream11 = Market leader in fantasy sports with unmatched cricket dominance.
- MPL = High-growth challenger betting on breadth, not just depth.
With regulatory changes, esports expansion, and new monetization models on the horizon, the next few years will test whether specialization or diversification wins India’s gaming crown.
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