Mumbai, Aug. 22 -- Whether it was captain Ajinkya Rahane playing IPL 2025's opening tie in Kolkata Knight Riders' purple and gold or skipper Shreyas Iyer playing the final wearing Punjab King's orange, they had one common link - Dream11 flashed prominently on their jerseys. Following the 'Promotion and Regulation of Online Gaming Bill 2025' being passed in Lok Sabha on Wednesday, IPL franchises could be left scrambling for alternate sponsors when the regulation becomes law. Dream11 is the industry leader in fantasy gaming and is set to be directly affected as the government moves to outlaw "money gaming platforms". Fantasy gaming was previously considered a game of skill. Once the bill in its current form becomes an Act, it will not be seen as one. Sponsorship is not the only avenue for generating cricket revenue that will be impacted. If fantasy gaming goes out of business, it is set to have a cascading effect on the entire revenue chain. "Fantasy gaming apps have a symbiotic relationship in sponsorships as well as advertising. Once they become a lead sponsor in a tournament like IPL, they buy advertising time with the broadcasters. To make those creatives, they sign cricket stars for endorsement. It began as a sunshine sector a decade back and grew into a major player," an industry executive, who didn't wish to be named, said. CSK had Vision11 as one of their sponsors. Suresh Raina was picked as a leading endorser. Last year, Sourav Ganguly-endorsed My11Circle became 'official partners' with IPL when it shelled out Rs.625 crore for five years. It outbid Dream11, which in turn, made its move by picking up lead jersey sponsorship with five IPL teams. With the remaining five franchises, who had pre-existing sponsors, the company bought alternate slots - with a few on the jersey sleeve, some on the helmet. The unspent money (Rs.515 crore) from the losing bid was spent to keep the brand in circulation during the tournament. According to industry estimates, 70 percent of fantasy gaming revenue is churned out during IPL. "There will be a definite impact. One will have to explore alternative segments to fill the sponsorship slot if fantasy gaming ceases to exist," a chief executive with an IPL franchise said. Outside IPL, Dream11's lead sponsorship deal with the Board of Control for Cricket in India (BCCI) worth Rs.358 crore that runs until next year's T20 World Cup will also come into question. If the regulation goes through, the Indian cricket team may no longer sport Dream11 on the jersey. So invested has Dream11 been - it is estimated to have 90 percent share of the fantasy gaming market - in cricket sponsorships that between 2018-23 it had a (gaming) partnership with the ICC too. Dream11 was yet to respond to a HT query on the impact the bill may have on their association with BCCI and IPL franchises. Many current and former cricketers also have endorsement deals with the companies in their individual capacity. Last week, the Enforcement Directorate recorded the statement of ex-India allrounder Suresh Raina as part of its larger money laundering probe against many illegal online platforms that use multiple platforms for surrogate advertisements and collect funds from their users. As per the bill, the government wishes to protect the youth from "predatory online Real Money Gaming apps - that manipulate them through misleading 'monetary return promises' into compulsive and addictive playing, that leaves entire families in financial distress"....