My11Circle Clinches Coveted IPL Partnership
In a significant development for cricket enthusiasts and fantasy gaming aficionados alike, My11Circle has clinched the coveted official partnership with the Indian Premier League (IPL).
Outbidding the Competition
The fantasy gaming app emerged victorious by outbidding the incumbent Dream11, offering an impressive INR 125 Cr annually for a five-year period. This surpasses Dream11's bid of INR 103 Cr per year for the IPL partnership rights.
Record-breaking Deal
Over the course of five years, My11Circle's commitment to the partnership amounts to a staggering INR 625 Cr, as reported by Mint, citing sources from the Board of Control for Cricket in India (BCCI).
Significance of the Bidding Outcome
The bidding outcome holds significant implications for IPL enthusiasts, particularly as Dream11, a leader in the fantasy gaming sector, faced stiff competition from My11Circle, which boasts endorsements from cricket icons Sourav Ganguly and Shubman Gill.
Additional Sponsorship Milestones
Moreover, the BCCI has awarded the title sponsorship rights for the IPL to the TATA Group for the next five years. This landmark association, valued at INR 2,500 Cr, sets a new benchmark as the highest-ever sponsorship amount in the league's history.
Growth Trajectory of Dream11
Despite the bidding setback, fantasy gaming unicorn Dream11 reported a commendable 32% increase in net profit, reaching INR 187.83 Cr in FY23. The company, founded by Harsh Jain and Bhavit Sheth in 2008, also recorded a substantial 66% surge in operating revenue, reflecting robust growth in the competitive gaming landscape.