SUMMARY
Over five years, My11Circle will pay a total of INR 625 Cr for these rights, Mint reported, quoting BCCI sources
The previous partner, Dream11 offered INR 103 Cr per year for the tournament rights
While the bids were opened on Wednesday, the formal announcement from the Board of Control for Cricket in India (BCCI) is expected later
Fantasy gaming app My11Circle has emerged as the official partner of the Indian Premier League (IPL), bidding INR 125 Cr annually for a period of five years.
My11Circle outbid incumbent Dream11, which bid INR 103 Cr per year for the partner rights for the cricket tournament.
Over five years, My11Circle will pay a total of INR 625 Cr for these rights, Mint reported, quoting BCCI sources.
While the bids were opened on Wednesday, the formal announcement from the Board of Control for Cricket in India is expected later, the report said.
For IPL watchers, the bidding outcome was significant as Dream11, a leader in the fantasy games category, faced competition from My11Circle, endorsed by Sourav Ganguly and Shubman Gill.
Additionally, BCCI has granted title sponsorship rights for the IPL to the TATA Group for the next five years. The Indian conglomerate, with diverse verticals, secured the association for a record-breaking value of INR 2,500 Cr, marking the highest-ever sponsorship amount in the league’s history.
Tata Group previously held the title sponsorship rights for IPL in 2022 and 2023 and is also the title sponsor of the Women’s Premier League, the largest women’s T20 league globally.
Meanwhile, fantasy gaming unicorn Dream11 has reported a 32% increase in its net profit, reaching INR 187.83 Cr in the financial year 2022-2023 (FY23) compared to INR 141.97 Cr in the previous fiscal year.
Founded by Harsh Jain and Bhavit Sheth in 2008, the company recorded a 66% surge in its operating revenue, reaching INR 6,384.49 Cr in FY23, up from INR 3,840.75 Cr in the preceding financial year.
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