After all the controversies surrounding Vivo, the Chinese technology company as IPL’s title sponsor, BCCI has finally made its ultimate move to suspend its existing relationships with the company. After a tough round of bids from Tata Sons, Unacademy, and Byjus, Dream 11 emerged as the title sponsorship of Indian Premier League 2020. IPL chairman Brijesh Patel has given the official statement, and the deal has been locked at 222 crores for this season.
Experts witness this deal as a bold move to emphasize the scale and appetite of online-based businesses. The agreement will be the opportunity for several fantasy sports businesses to take their businesses to the next level. There is still some opposition against the recently signed agreement as some netizens have taken their anger to social media. Some of them have started posting media reports claiming that Tencent, the Chinese gaming giant, has invested an enormous sum of $100 million in Dream 11. A few have begun to argue that Chinese people own the company. However, after a lengthy debate, the ire of confusion has been shattered as Dream 11 owned by Harsh Jain and Bhavut Sheth ever since its inception in 2012.
Having a gaming app like Dream 11 as the title sponsor for IPL 2020 has started a new trend in the country as it shows the change in the landscape of the digital economy. However, all the allegations placed by netizens are not false; Tencent does have a stake in the company. Everyone is eager to witness this year’s IPL as it is a special one. No other cricket tournament of this scale has been held without any spectators at the stadium. The coronavirus outbreak has forced the proprietors to conduct this season in UAE and is keen on following strict measures to ensure that players don’t get infected.
Entrepreneurs are well aware of the fact that this edition of IPL will shatter all records on any streaming platform as people are gearing up to witness one of the major cricket tournaments on their screens. Every fantasy sports app is expected to have a high-profit margin this season as it plans to introduce an extensive portfolio of new contests.
