21-07-2025
Amit Burman-backed Poker Sports League finds a growth path outside the real-money gaming trap
Mumbai: While India's gaming industry continues to reel under the weight of retrospective GST claims, the Poker Sports League (PSL) seems to have carved a niche by staying away from real money formats.
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.
