From ₹92,500 cr to ₹76,100 cr: What’s behind IPL’s 2025 valuation dip, explained by Harsh Goenka

The Indian Premier League’s valuation has hit a rough patch. As per D and P Advisory, the IPL ecosystem value has declined for the second year in a row — down to ₹76,100 crore in 2025 from ₹82,700 crore in 2024 and ₹92,500 crore in 2023.

Soon after this report came out, RPG Enterprises chairman Harsh Goenka took to social media to explain what led to the drop in IPL's valuation over two consecutive years. Goenka laid out several reasons for this -- restrictions on the kinds of ads that can play in between the match and the cricket fatigue among audiences, among others.

He said that due to the Disney Star-Viacom 18 merger, the tournament was telecast by JioStar, and there was no bidding war as such this season, leading to lower media rights value. As per the D and P report, the first decline in valuation came in 2024 when IPL's TV and digital rights consolidated under one roof. 

Furthermore, Goenka mentioned that the ban on fantasy and gaming ads under the new Online Gaming Act led to a loss of a key advertiser category. The ban on real money gaming (RMG) has removed around ₹1,500-2,000 crore worth of annual advertising and sponsorship spends from the IPL ecosystem across league, franchise, and broadcaster deals. 

RMG firms such as Dream11 were among the highest-yield buyers of digital ad inventory. "Slower ad growth and weak brand spend amid macroeconomic caution. Franchise profitability is under pressure due to rising player costs and stagnant sponsorship deals. Global cricket fatigue with overlapping leagues diluting audience attention," the RPG Enterprises chairman wrote. 

Moreover, cricket fever went beyond the boundary in this season of the Women's Premier League (WPL). Stadiums were packed, crowds were louder than ever, and travel bookings told the same story. Data from travel platform Skyscanner revealed a sharp spike in searches to Bengaluru, Mumbai, and Lucknow during February and March — right in sync with key matches and playoffs.

With more venues added this year, WPL has clearly struck a chord with a wider, more diverse audience than ever before.