The Indian Premier League (IPL), once celebrated as the world’s most valuable cricket tournament, has seen a decline in its valuation for the second consecutive year.
According to a report by D&P Advisory released on October 15, 2025, the IPL’s ecosystem value decreased by nearly 11%, dropping to $8.8 billion (₹76,100 crore) in 2025 from $9.9 billion (₹82,700 crore) in 2024 and ₹92,500 crore in 2023, which was its peak.
The report, titled Beyond 22 Yards – ‘The Power of Platforms, The Price of Regulation’ – attributes the decline to two major factors: the nationwide ban on real money gaming (RMG) and the consolidation of media rights.
Fantasy Over
The 2025 Promotion & Regulation of Online Gaming Act banned money-game advertising and sponsorship, resulting in a loss
of approximately ₹1,500-2,000 crore in annual ad and sponsorship revenue from the IPL ecosystem. Fantasy and gaming platforms, previously major advertisers, significantly contributed to the revenue for franchises, broadcasters, and league partners. Their absence has created a noticeable gap, affecting front-of-shirt sponsorships and digital ad inventories, leading to lower ad rates and reduced brand spending.
One-Stop Solution
Moreover, the merger between Reliance Industries’ media assets and Walt Disney Co.’s India operations in 2024 decreased competition in broadcast and streaming rights auctions, reducing the bidding intensity that had driven the IPL’s rapid growth. These factors together have led to a ₹16,400 crore decrease in ecosystem value over two years, marking the steepest decline in the tournament’s history.
Not Only IPL But WPL Too
The Women’s Premier League (WPL) has faced similar issues. Its valuation dropped by 5.6% to ₹1,275 crore from ₹1,350 crore, amid uncertainty following Dream11’s exit and the impact of the gaming bill.
Can IPL Recover?
However, D&P Advisory managing partner Santosh N remains optimistic, noting that both leagues continue to exhibit strong fundamentals. The 2025 IPL season attracted over a billion viewers, with digital audiences surpassing television for the first time. The WPL’s 2025 edition also saw a 150% increase in TV ratings and 70% growth in digital viewership, along with near-full stadiums and increased travel activity around fixtures.
Santosh emphasised that the IPL’s next growth phase will rely on sustainable monetisation — diversifying sponsors beyond volatile sectors like gaming, expanding into areas such as auto, fintech, healthcare, and esports, and attracting global streaming giants like Netflix, Amazon, and Apple to restore competitive intensity in future media rights cycles.
