The My11Circle outbids Dream11 to become the official fantasy sports partner of IPL ahead of the IPL 2024.
My11Circle Replaces Dream11
Fantasy gaming app My11Circle has emerged as the official partner of the Indian Premier League after bidding for INR 125 crores annually for a period of five years.
Dream 11 who bid for INR 103 Crores per year lost the bid for the cricket tournament. In five years, My11Circle will pay a total of INR 625 crores for these rights.
While the bids for sponsorship were opened on February 21, Wednesday, the formal announcement from the BCCI is expected to be revealed later.
The bidding outcome was significant as Dream11, a leader in the fantasy games category faced competition in bids from My11circle, which was endorsed by Sourav Ganguly and Shubman Gill.
BCCI has granted IPL title sponsorship rights to the TATA group for the next five years.
They secured the sponsorship rights with a breaking value of INR 2,500 crores marking the highest sponsorship amount in the league’s history.
The TATA group has previously acquired the Sponsorship rights for the Title in IPL 2022 and 2023 and also holds the title sponsorships for the WPL.
On the other hand, the revenue for Dream11 has reportedly increased by 32% net, reaching INR 187.83 crores for the previous season when compared to the IPL 2021-22 season which had a net profit of 141.97 crores.
In other categories, Angel One Broking, a stockbroker entity outbids Grow with INR 82 crores. The latter firm was said to quoted for the amount of INR 76 crores.
Rupay becomes the third Official partner with a bid of INR 70 Crores and joins the list of entities to acquire sponsorship rights in IPL. On the other hand, CEAT, the Indian tire manufacturer agreed to pay INR 48 crores per season after retaining its strategic timeout sponsorship.
Apart from these categories sponsors for umpires, Orange Cap and Purple Cap remain unfilled. Aramco and Saudi Tourism who have been involved in IPL in recent years did not bid for any slots and remain absent despite obtaining the invitation to Tender.
