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How a ₹60,000+ Crore Giant Fell After a Single Law Dream11 survived court battles, GST fights, state bans, and became India’s biggest fantasy sports platform with 26 crore users. But one government act in 2025 wiped out 95% of its revenue almost overnight. This isn’t just a startup story. It’s a story about legality vs morality, regulation vs ban, addiction economics, and how a billion-dollar business can collapse with one policy decision. What you'll learn: -How Dream11 used the “skill vs gambling” loophole to legally operate in India -Why High Courts and the Supreme Court ruled in its favour -How its 20% commission business model actually works -Why GST on the full prize pool nearly broke the model -How IPL sponsorship (₹222 crore) exploded its growth -How ₹3 entry fees, push notifications & UI design drove addiction -Why Tamil Nadu & Karnataka banned it despite court wins -What the 2025 Promotion & Regulation of Online Games Act changed -How 95% revenue vanished and ₹224 crore had to be refunded -Why Dream11 terminated its ₹358 crore BCCI deal early -How the US, UK & UAE regulate fantasy sports instead of banning them -Why India chose a complete ban over regulation -How Dream11 is pivoting to survive (DreamSetGo, FanCode, Dream Game Studios, DreamMoney) -Why global expansion to the US could be its comeback strategy This video is for you if: ✔ You play fantasy sports or online gaming apps ✔ You want to understand how regulation shapes billion-dollar businesses ✔ You’re a founder building in a legally sensitive industry ✔ You want to learn how fast policy risk can destroy a startup Dream11 didn’t collapse because it lost users. It collapsed because policy risk is bigger than product-market fit. Disclaimer: This video is for educational purposes only and is not financial, legal, or investment advice. Online gaming and fantasy sports involve financial risk and may be addictive. Laws and regulations may change over time. Always check local regulations before participating in any online real-money platform.