The Indian Premier League (IPL), a Twenty20 cricket league, has seen its valuation decline for the second consecutive year, dropping by 8% to ₹76,100 crore in 2025. This follows a decrease from ₹82,700 crore in 2024 and a peak of ₹92,500 crore in 2023. This decline marks the first time in IPL's history that its valuation has fallen for two years straight. In dollar terms, the IPL's valuation has fallen from $11.2 billion in 2023 to $8.8 billion in 2025.
According to a report by D&P Advisory, titled "Beyond 22 Yards 2025", the drop in valuation is attributed to two main factors: the ban on real-money gaming (RMG) and the consolidation of media rights. The merger of Disney Star and Viacom18 into JioStar ended the intense bidding wars that previously inflated media rights values. This consolidation has led to a plateau in media monetization. The absence of competitive bidding has curbed the rate of rights inflation, which had been a primary driver of IPL's value surges.
The ban on RMG advertising and sponsorships, enforced under the Promotion & Regulation of Online Gaming Act 2025, has also significantly impacted the IPL ecosystem. This ban has removed an estimated ₹1,500-2,000 crore of annual spending from the IPL. The RMG segment had previously contributed significantly through league, franchise, and broadcaster deals. Fantasy and gaming platforms were among IPL's biggest advertisers.
The ban on RMG has made it difficult for franchises to replace these deals with traditional sectors like FMCG (fast-moving consumer goods), BFSI (banking, financial services, and insurance), auto, or EVs (electric vehicles). Dream11's exit from the national jersey deal was a major indication of the wider withdrawal.
Despite the challenges, the IPL's core fundamentals remain strong, supported by robust viewership and stable sponsorship from sectors such as automobiles, BFSI, healthcare, and consumer technology. JioStar, which holds both streaming and broadcasting rights for the IPL, recorded approximately ₹4,500 crore in advertising revenue this year. In 2025, the IPL continued to dominate Indian entertainment, drawing over one billion viewers across TV and digital platforms. Digital audiences have surpassed television viewership for the first time in IPL history. This surge is attributed to regional language streaming, connected TV adoption, and interactive fan formats.
The Women's Premier League (WPL) has also experienced a slight dip in valuation, from ₹1,350 crore in 2024 to ₹1,275 crore in 2025. However, the WPL's growth story remains intact, with television ratings jumping and digital viewership increasing.
