Dream11 and MPL logos are displayed in front of the Indian flag in this Illustration taken September 14, 2022. This is an addiction," said Ashwani Mahajan, an official of the Swadeshi Jagran Manch, which is seen as having significant influence on Indian policy making. The tiny remaining share of 3% users contribute 30% of the platform's revenue by playing higher ticket-sized games, one industry source estimated. Dream11 commands a valuation of $8 billion, while MPL and Games24X7 are valued at about $2.5 billion each, PitchBook data shows. "Most of the matured industry is quite clear that regulation will only help," said Barde.

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