Amit Burman-backed Poker Sports League finds a growth path outside the real-money gaming trap
Structured like a traditional sports league, with no betting, wagering, or entry fees, the Amit Burman-backed franchise tournament has turned profitable in its sixth season and is now aiming to reach ₹50 crore in revenue by FY29, according to MSL.
In FY23, the company had a revenue of ₹1.67 crore, which went up to ₹3.41 crore in FY24 and ₹7.03 crore in FY25.
The 28% goods and services tax (GST) on online gaming, levied on the full face value of deposits, often with retrospective effect, has crippled many real-money gaming platforms, triggered massive tax demands, and deterred investor interest, making PSL's non-real-money gaming model an exception in an otherwise embattled sector.
Broadcast live on JioHotstar, the league has grown over 15 times in viewership in the last three seasons, from 1.2 million in season 4 to 22.6 million in season 6, as per top officials of the league.
Participation numbers have also seen a massive surge, jumping from 2,200 to over 22,000 unique players, with season 7 expected to cross 30,000.
PSL follows a hybrid format: players go through a free-to-play qualification system to earn a slot in one of the eight franchise teams, each consisting of 11 members, including six pros, five qualifiers, and now, one non-poker influencer. Matches are split across virtual and on-ground rounds, culminating in a televised finale in Goa.
'We've managed to build PSL as a sustainable, scalable IP by staying brand-safe and agnostic to real-money gaming," said Pranav Bagai, co-founder and CEO of Mind Sports League Pvt. Ltd (MSL), which owns the league.
'Unlike most gaming formats that rely on betting, our players are paid salaries, teams compete for points, and winnings come from our prize pool. That gives us the ability to partner with top OTTs and brands without regulatory friction."
This positioning has proved lucrative. Title sponsorship alone has grown from ₹40 lakh in season 4 to ₹4 crore in season 7—a 10x jump. The league is now partnered with PokerBaazi, JioHotstar and Novotel as title sponsor, broadcast partner and hospitality partner, respectively. Prize money for season 7 is ₹2.5 crore, while the player auction purse per team stands at ₹32.5 lakh.
The operating expenses of running a team stands between ₹65 lakh and ₹1 crore per season. The prize pool, however, has gone up from ₹1.2 crore in season 4 to ₹2.5 crore now.
According to co-founder and COO Prajit Ghambir, PSL broke even in season 6 and is on track to deliver better profits in the current season. 'Most leagues take 10–15 years to turn profitable, but we've already reached a stage where our top three teams are in the green. By season 10, we expect most team owners to be profitable," he told Mint. Poker Sports League was launched in May 2017.
'From operating on a ship in our early years, we now host matches in five-star hotel banquet halls with full regulatory permissions, adding legitimacy and accessibility to the game."
Capped team model
MSL, the parent company, also owns MSL Studioz, a B2B live production arm servicing major poker tournaments across India, Southeast Asia, and the APPT (Asia Pacific Poker Tour) events for PokerStars.
MSL's shareholding is led by co-founders Bagai, Ghambir and family and friends, who together own around 39%. Amit Burman, former chairman of Dabur India Ltd, owns approximately 21% in his personal capacity, while Mehul Shah, the original promoter of Anchor Electricals and now a team owner in the league, owns 20% in the league.
The league follows a capped-team model, seven teams competed last season, the eighth is being finalised, and a ninth and final team will be introduced in season 9. 'We want to ensure supply of franchises remains limited while demand keeps growing. That gives early team owners the opportunity to build valuation and even exit in the future," said Ghambir.
PSL's team owners today include seasoned business operators rather than poker enthusiasts, a shift that underscores its commercial maturity. For instance, Lucknow Kings is co-owned by Samit Garg, who runs the listed company E Factor Experiences, while the Bengaluru All Stars are owned by Kankanala Sports Group, which also has teams in volleyball, handball, and racing.
The league's operating model also enables it to maintain cost discipline. Owning its own production capabilities keeps broadcast expenses in check. Player salaries remain in the low lakhs per season, with qualifiers earning between ₹1 lakh and ₹3.5 lakh and captains around ₹5–6 lakh.
'We control the entire show flow on JioHotstar, including ad inventory, which makes sponsorship more valuable," said Bagai. 'Even with carriage fees, we are able to run a lean and profitable operation."
Looking ahead
Going forward, the league plans to scale both geographically and in terms of content. Future seasons will feature one compulsory influencer per team to boost visibility and sponsorship, as well as international poker pros to drive cross-border appeal and OTT syndication. A complete on-ground 'poker carnival" is also in the works, replacing virtual matches with a 10-day live format that mimics the feel of traditional sports leagues.
Interestingly, PSL's team-based structure, qualification model, and branding strategy have helped it steer clear of the controversial real-money gaming ecosystem, including retrospective tax claims. 'We are perhaps the only league completely unaffected by GST rulings because we're not staking money at any level. Our players play for free, and our league functions just like any other sport," said Bagai.
With JioHotstar now hosting all PSL content free of charge to viewers, with ads stitched into on-demand videos for 365 days, the league is positioning itself as a long-tail, performance-driven platform for brands as well.
'We're not just building a poker league—we're building the infrastructure of Indian poker," Bagai said. That includes visibility, player development and monetisation, he added.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
Hong Kong's CK Hutchison seeks Chinese investor to join Panama Ports deal
A Hong Kong conglomerate that's selling ports at the Panama Canal said Monday it may seek a Chinese investor to join a consortium of buyers, a move that could please Beijing but bring more US scrutiny to the geopolitically fraught deal. CK Hutchison Holdings' initial plan to sell its port assets to a group that includes US investment firm BlackRock Inc. pleased President Donald Trump, who has alleged that China interferes with the critical shipping lane's operations in Panama. However, they apparently angered Beijing and drew a review from Chinese anti-monopoly authorities. A Beijing-backed newspaper posted scathing commentaries about the deal, with one describing it as a betrayal of all Chinese. Beijing's offices overseeing Hong Kong affairs have reposted some of these commentaries, widely seen as an indication of Chinese leaders' stance. A Hutchison subsidiary has operated ports at both ends of the Panama Canal since 1997. After months of uncertainty brought by tensions between Washington and Beijing, Hutchison said in a statement that the exclusive negotiations period with the consortium has expired. However, it added the Group remains in discussions with members of the consortium with a view to inviting major strategic investor from the PRC to join as a significant member of the consortium, referring to the People's Republic of China. It said they needed to change the membership of the consortium and the structure of the transaction for the deal to be able to pass reviews by all relevant authorities." The awkward position Hutchison found itself in for months highlights the challenges Hong Kong business elites face in navigating Beijing's expectations of national loyalty, especially when relations between China and the United States are strained. Hong Kong has overhauled its electoral system to ensure the city is run by patriots. CK Hutchison is owned by the family of Hong Kong's richest man, Li Ka-shing. It announced March 4 that it would sell all its shares in Hutchison Port Holdings and in Hutchison Port Group Holdings to the consortium that also includes BlackRock subsidiary Global Infrastructure Partners and Terminal Investment Limited, a subsidiary of the Mediterranean Shipping Company. In May, Hutchinson co-managing director, Dominic Lai told shareholders that Terminal Investment was the main investor. Its parent company is led by Italian shipping scion Diego Aponte, whose family reportedly has a longstanding relationship with Li's. The initial deal, valued at nearly $23 billion including $5 billion in debt, would have given the consortium control over 43 ports in 23 countries, including the ports of Balboa and Cristobal, located at either end of the canal. That agreement also required approval from Panama's government. The deadline for their exclusive negotiation period ended on July 27.
&w=3840&q=100)
Business Standard
2 hours ago
- Business Standard
Houthis pledge to step up shipping attacks to pressure Israel on Gaza
The Houthis, who took control of Yemen's capital Sanaa in 2014, have been striking Israel and commercial vessels in the Red Sea after Israel's war with Hamas, which rules Gaza, began in October 2023 Bloomberg Houthi militants pledged to target ships of any company that deals with Israeli ports, escalating their military operations in a bid to increase pressure on Israel to further ease restrictions on the hunger-ravaged Gaza Strip. The targeted ships will be attacked 'in any location within the reach of our armed forces,' a spokesman for the Iranian-backed group, Yahya Saree, said in televised comments. 'All our military operations will be ceased immediately upon the cessation of aggression against Gaza and the lifting of the blockade.' More than $2 trillion of global seaborne trade had passed by the coast of Yemen per year — most of which were ships heading to and from the Suez Canal on journeys between Europe and Asia. Traffic plunged by about 70 per cent after the Houthis began attacking vessels in the area and has remained low despite a lull in attacks in 2025. Israel increased aid distribution to Gaza as it faces a growing international outcry over hunger in the shattered Palestinian enclave. The Israeli army on Sunday suspended some military operations to facilitate the movement of United Nations relief convoys and restored electricity to a desalination plant in Gaza for the first time since March. The Houthis have already been targeting ships that had ties to Israel. Earlier this month, the group carried out attacks that sank two cargo ships, killed three crew members and led to detention of 11 others. These were the first such assaults on merchant vessels since November. Israel has occasionally struck Houthi targets in Yemen in retaliation.
Time of India
4 hours ago
- Time of India
Adar infuses Rs 1,500cr into Poonawalla Fin
MUMBAI: Vaccine king Adar Poonawalla 's Rising Sun Holdings cleared a Rs 1,500-crore equity infusion into Poonawalla Fincorp, raising its net worth to Rs 9,700 crore, in the previous week. The capital will support an aggressive retail expansion strategy under MD & CEO Arvind Kapil, who took charge just over a year ago after leading retail loans at HDFC Bank. "This is a story of senior bankers coming in, cleaning up the book, and now the promoter putting in Rs 1,500 crore," Kapil said. "It's a very big confidence statement for where he sees the company going." The NBFC is simultaneously scaling both secured and unsecured lending. It has launched six new businesses - including personal loans, education finance, and commercial vehicle loans - departing from the typical incremental product rollouts seen in the sector. The company has also committed to opening 400 branches this year, including dedicated gold loan outlets, with 80 already operational. Distribution is central to the strategy, Kapil said. The company is expanding into consumer durable stores, where customers can apply for unsecured personal loans at the point of sale through an assisted digital journey. These retail locations, which will grow to 12,000 from 3,000 this year, also serve to originate new borrowers rather than upselling to existing ones. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo "It's a new-to-market model," Kapil said. "We're not just upselling to our existing customers. These are first-time borrowers, approved and disbursed on the spot." Despite caution in the sector, Kapil is confident about unsecured lending. "This is the best time to lend to MSMEs," he said. "With GST data, credit bureau coverage and visibility on multiple loans, the segment is more transparent and robust than ever." Credit costs have fallen to 1.4%, and NCDs now make up 27% of the firm's liabilities. Poonawalla Fincorp is targeting Rs 1.5 lakh crore in AUM over the next four years, up from Rs 41,000 crore. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
