Regulatory Blind Spot: RBI Confirms No Oversight of Dream11’s Crore-Heavy Transactions

By
Vivek Bhavsar
-
27
379

X: @vivekbhavsar

Mumbai: Dream11, India’s largest fantasy gaming platform, is today at the heart of a massive regulatory blind spot. Despite handling transactions worth thousands of crores every year, the Reserve Bank of India has formally admitted that the company is not authorised under the Payment and Settlement Systems Act (PSS Act), 2007. More worryingly, the RBI has stated it has no records of complaints, audits, inspections, or compliance reports regarding the platform. This startling admission has come not through whispers or anonymous sources, but through official replies under the Right to Information Act (RTI), culminating in a first appeal order delivered by the RBI’s own Appellate Authority on September 15, 2025.

The RTI trail began with a straightforward question. Was Dream11, operated by Sporta Technologies Pvt. Ltd., authorised by RBI as a Payment System Operator (PSO) under the PSS Act? The answer from the RBI’s Central Public Information Officer (CPIO) was unambiguous: No. Dream11 is not an authorised PSO. Alongside, RBI furnished a list of companies that do hold PSO authorisation, and Dream11 was nowhere on that list.

Also Read: Ajay Devgn, Harshit Tomar Under Fire as WCL Dodges Refund Questions

The RTI went further, asking whether RBI had ever received complaints about Dream11, or conducted inspections, audits, or regulatory reviews of its operations as a financial intermediary. Again, the answer was stark: No records exist. The CPIO made it clear that RBI does not regulate Dream11 and therefore holds no information about its compliance or misconduct.

Unsatisfied with these incomplete answers, an appeal was filed before the RBI’s Department of Payment and Settlement Systems. The appeal argued that public interest was directly involved, given that Dream11 handles vast sums of money deposited by millions of Indian users. The appeal highlighted that under Section 7(9) of the RTI Act, information must be provided in an intelligible form, and that such opacity around Dream11 was against the principles of transparency.

The Appellate Authority’s ruling, however, doubled down on the CPIO’s stance. It cited precedents of the Central Information Commission, pointing out that an authority is only required to provide information already available on record. The Appellate Authority noted that since Dream11 is not authorised by RBI as a PSO under the PSS Act, its operations do not fall under RBI’s regulatory purview. Therefore, questions about audits, inspections, or compliance checks do not arise. The authority even cited a 2009 CIC judgment which held that a CPIO cannot be compelled to create or collate information not present in official records. On this basis, the RBI dismissed the appeal.

This dismissal is not just a procedural outcome; it is a window into a yawning regulatory gap. India’s fantasy gaming and online betting ecosystem is booming, with Dream11 as its flagship. The company is valued at billions, has roped in Bollywood actors and cricketers as brand ambassadors, and commands a user base running into tens of millions. Every IPL season, the platform processes massive volumes of deposits and payouts. Yet, when it comes to financial oversight, RBI has washed its hands of the matter. By the regulator’s own admission, Dream11 is outside its jurisdiction.

This situation raises a fundamental question: if not RBI, then who regulates the financial backbone of platforms like Dream11? The Ministry of Corporate Affairs can only monitor corporate filings and compliance under company law. The Ministry of Electronics and IT (MeitY) deals with digital platforms and intermediaries, but not the nuances of payment regulation. State governments have powers under gambling and betting laws, but fantasy sports operators argue they are games of skill, not gambling. In this jurisdictional maze, Dream11 has effectively slipped into a grey zone — one where thousands of crores of rupees change hands annually without a clear financial regulator watching.

The public interest stakes are enormous. Every rupee deposited by a user on Dream11 goes into bank accounts and is processed through payment gateways. Every payout similarly moves through India’s financial system. If such massive transaction flows do not come under the scrutiny of the RBI, then what safeguards exist to ensure transparency, prevent money laundering, or protect consumers from fraud? The RTI documents now confirm that there are none. This is not just a gap; it is a regulatory vacuum.

Also Read: Investigation: RBI Never Authorised Dream11 — India’s Biggest Fantasy Gaming Empire Thrived in a Regulatory Void


Defenders of the platform may argue that Dream11 operates within the legal framework of online fantasy sports, which courts have often declared to be games of skill. But legality of the game is a separate matter from regulation of the money flowing through it. Even a legitimate activity that processes such large financial volumes must fall under financial regulatory oversight. The fact that RBI has no jurisdiction here means that India’s most trusted financial regulator is blind to a parallel economy of crores.

The timing of this revelation also matters. India’s fintech sector has seen massive growth, but it has also attracted growing scrutiny for compliance failures, from loan apps to payment wallets. The RBI has in recent years cracked down on banks, NBFCs, and fintechs alike. Yet, one of the country’s largest online platforms by transaction volume remains completely outside its regulatory net. This contradiction is glaring.

The News21’s investigation into this matter shows that it is not just Dream11 but potentially several other fantasy gaming and online betting-style platforms that exist in this regulatory limbo. If RBI does not regulate them, and no other agency steps in, then India has a sector handling crores of rupees daily with zero financial accountability. For ordinary users, this means that if money is blocked, lost, or misused, there is no clear regulator to approach. For the state, it means that revenue leakages, fraud risks, and systemic threats go unmonitored.

The watchdog role of investigative journalism becomes critical here. Through persistent RTI applications, the truth has come out: RBI has no records on Dream11’s compliance, no authorisation granted, no oversight in place. The larger question now is whether policymakers will wake up. Will the Finance Ministry and the Industries Ministry step in to clarify jurisdiction? Will MeitY expand its role? Or will Parliament legislate a new regulatory framework for fantasy gaming and online sports platforms?

Until such steps are taken, India’s citizens must know that when they deposit money on Dream11, they are entering a regulatory no-man’s land. Their money may be processed through banks and wallets, but the overarching financial regulator — the RBI — has already said it has no oversight. In a nation where trust in the financial system is sacrosanct, this blind spot is dangerous.

Dream11 thrives, celebrities endorse it, crores keep flowing, and regulators keep passing the buck. But the paper trail of RTIs now shows that the emperor has no clothes. A multi-billion rupee industry has no regulator. That is the real scandal.

TheNews21 will continue to pursue this story in public interest, exposing how systemic loopholes are exploited while accountability is evaded. In matters where thousands of crores of rupees and millions of ordinary users are at stake, silence is not an option. The watchdogs are watching, and the truth is now on record.

RELATED ARTICLESMORE FROM AUTHOR

27 COMMENTS

  1. Magnificent beat I would like to apprentice while you amend your site how can i subscribe for a blog web site The account helped me a acceptable deal I had been a little bit acquainted of this your broadcast offered bright clear idea

  5. I’ve been browsing on-line more than 3 hours lately, yet I by no means discovered any attention-grabbing article like yours. It¦s pretty price enough for me. In my view, if all web owners and bloggers made good content as you probably did, the web will likely be much more helpful than ever before.

  7. I was very pleased to find this net-site.I needed to thanks on your time for this glorious read!! I definitely enjoying every little little bit of it and I have you bookmarked to take a look at new stuff you weblog post.

  17. You really make it seem so easy with your presentation but I find this topic to be really something that I think I would never understand. It seems too complex and very broad for me. I’m looking forward for your next post, I’ll try to get the hang of it!

  18. I cherished as much as you will obtain performed proper here. The cartoon is attractive, your authored subject matter stylish. nevertheless, you command get got an shakiness over that you would like be turning in the following. ill indisputably come further formerly again since precisely the same nearly a lot often inside of case you protect this hike.

  19. Noch dazu muss man sich auf dem Markt beweisen, weshalb deutsche Spieler mit dem besten Casino Bonus und dem besten Unterhaltungsangebot
    gelockt werden sollen. Ob Sie einen Bonus Code benötigen (egal
    ob für Freispiele oder Bonusguthaben), hängt im Übrigen von der jeweiligen Plattform ab.
    Diesen erhalten Sie entweder für Ihre Registrierung oder im Laufe der Zeit als bereits aktiver Spieler.

    Dazu gehören nicht nur ein neuer Casino Bonus,
    der Spieler anlockt, sondern auch ein großartiges
    Design und natürlich jede Menge Echtgeld Casino Spiele.
    Ein guter Online Casino Willkommensbonus ohne Einzahlung rundet das Angebot
    dann ab und motiviert zur Registrierung.
    Vave casino 50 free spins es ist ein Ort, vergesse ich manchmal einige der Spiele.
    Die Bonusgewinne werden auf Ihr Spielkonto einbezahlt, aber kein echtes
    Geld bringen. Sie müssen die Schaltflächen am unteren Bildschirmrand verwenden, loggen Sie sich einfach jeden Tag
    in Ihr Konto ein und Sie erhalten drei Drehungen – so einfach ist das.

    Genau diese Bonusangebote möchten wir nun genauer unter
    die Lupe nehmen, damit du über alle verfügbaren Angebote bestens informiert bist.
    In Online Casinos ohne Einzahlung erwarten dich in der Regel
    zahlreiche Bonusangebote, die das Spielerlebnis noch spannender machen werden. Im folgenden Abschnitt wollen wir näher darauf eingehen, welche Bonusangebote in den Online Casinos Deutschlands auf
    dich warten.

    References:
    https://online-spielhallen.de/fresh-casino-cashback-dein-weg-zu-mehr-spielguthaben/

  20. Live dealer games at Win Spirit online casino add a
    social touch to your gaming, making every session lively and engaging.
    I’ve recommended the casino to mates, and they’re just as happy with the
    bonuses and game library. It’s a fantastic opportunity to explore the casino’s games and enjoy the thrill of winning,
    all without making an initial deposit.
    Maximum cashout caps don’t appear in the main terms, but WinSpirit’s A$14,000 weekly withdrawal
    limit applies regardless. Stick to slots or watch your bonus expire while you’re still grinding through
    requirements. The 30-day time limit creates artificial pressure that pushes
    players into reckless betting patterns.
    The winspirit casino app is optimised for quick access to your account, promotions and
    favourite games — no cumbersome downloads required on iOS thanks to PWA tech.
    Read our detailed winspirit casino guide to learn how to
    sign up, claim bonuses, play safely, and get the most from the
    winspirit casino app or mobile site. The winspirit casino app offers app-only promotions
    and a streamlined mobile interface. WinSpirit is a
    modern online gaming hub built for Australian players
    who want a polished experience with extensive pokies, live dealer tables,
    fast banking and generous promotions. These bonuses make
    your gaming more fun, letting you enjoy the casino’s slots and
    games without spending upfront. Use the Win Spirit casino app to claim bonuses, deposit funds, and withdraw winnings directly from your device.

    References:
    https://blackcoin.co/craps_strategie/

  21. The platform strives to process withdrawal requests quickly, understanding that players want
    prompt access to their funds. The minimum deposit amounts are
    reasonable, making the platform accessible to all players.
    It’s a carefully structured welcome that rewards loyalty and encourages players to explore
    the vast library of games. The game selection is heavily skewed
    towards online pokies, the heart of Australian gaming culture.
    Discover why this premier online gaming hub is the
    top choice for Australian players. SkyCrown Casino is a
    fully licensed online casino, which ensures that it is
    legal and safe for Australian players.
    As for the limits of the bonus, you can get a minimum of $1.50 cashback and as a maximum, you can get
    $1,500. The cashback amount is only available for 3 days,
    so make sure that you log in and claim the bonus. Furthermore,
    you need to wager the winnings from your free spins 30x before the bonus funds get converted into real money.
    The maximum you can win from one free spin bonus is $75.
    You can repeat this as many times as you wish — every Sunday.

    You can access the entire game library, make deposits, claim bonuses, and contact support from the
    palm of your hand. Welcome bonuses come with wagering requirements, which
    dictate how many times you must play through the bonus funds
    before withdrawal. One of the most compelling reasons players flock
    to a new online destination is the generosity of
    its promotional offers, and this platform excels in this
    arena. In the competitive world of online gaming, Australian players seek
    platforms that are entertaining, secure, and fully legal.

    Licensed and protected casino, with high-class support and regular promotions, promises to provide players with a reliable and exciting experience.
    SkyCrown Casino is a great choice for Australian players looking for a quality online gambling platform.

    References:
    https://blackcoin.co/best-paying-online-casinos-australia-high-rtp-pokies-2025-update/

  24. Today, I went to the beach front with my children. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She put the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is completely off topic but I had to tell someone!

LEAVE A REPLY

Please enter your comment!
Please enter your name here