Dream Money: Dream Sports Enters Wealth Tech

Dream Money, an innovative app from Dream Sports, the parent company of Dream11, marks its entry into the wealth tech sector. This launch follows the cessation of Dream Sports’ real money gaming operations on Dream11 in accordance with the government’s prohibition on online money games.

Investing Options with Dream Money

Dream Money empowers users to invest in 24K digital gold starting from Rs 10 and opens the door for fixed deposits beginning at Rs 1,000. The app is collaborated with small finance banks, including Shivalik, Utkarsh, Slice, and Shriram Finance, among others.

Furthermore, this app allows users to monitor their expenses, income, and assets, such as mutual funds and stocks, by linking their accounts through a partnership with SEBI registered AI advisor Sigfyn and fintech platform Upswing.

App Development and Background

Moneycontrol initially reported this development. According to insiders, the app has been functioning in pilot mode for the past few months, while an official announcement regarding its launch is yet to be made.

This isn’t Dream Sports’ first venture into the fintech realm. In 2023, they introduced a mobile payments application named DreamX, which offered UPI services under a co-branded strategy with Pine Labs. Unfortunately, the app was terminated following RBI guidelines as it lacked a PPI license. This development was also reported exclusively by startup Superb.

Shift to Free-to-Play Gaming

In response to the ban on real money gaming platforms, Dream11 has transitioned entirely to free-to-play online social games. The company is anticipated to concentrate on expanding its non-RMG initiatives, such as Fancode and Sportz Drip, in addition to its investments in Cricbuzz and Willow TV.

Market Reactions to the Ban

It will be interesting to observe how other companies, which have also halted their real money gaming platforms, adjust to the ban. With numerous companies, including MPL, My11Circle, Zupee, Gameskraft, and Probo, leaving the RMG space, many may likely consider exploring free-to-play models or pivoting to alternative digital ventures to foster their growth.