My11Circle secures IPL official partner rights with the highest recorded bid

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My11Circle, a fantasy gaming app, has clinched the title of official partner for the Indian Premier League (IPL), outbidding competitors with a bid of ₹125 crore per year for a duration of five years. The bid, totaling ₹7625 crore over the contract period, exceeded the previous incumbent Dream11, which bid ₹103 crore annually for the partnership rights, reported LiveMint. Previously, Deam11 had paid ₹210 crore for official rights, ending in 2023.

While the bids were officially opened on Wednesday, the Board of Control for Cricket in India (BCCI) is expected to make a formal announcement regarding the partnership in the coming days, according to sources familiar with the matter.

This victory marks a significant achievement for My11Circle, positioning it as a player in the fantasy gaming market. The app’s partnership with the IPL, one of the cricket tournaments globally, will enhance its brand presence and engagement among cricket enthusiasts across the country.

Under the official partner status conferred by the BCCI, My11Circle gains category exclusivity within the fantasy gaming segment, barring any other player from holding similar official partnership rights for the next five years.

In addition to My11Circle’s success, Angel Broking secured official partner rights in the financial services category with a bid of ₹782 crore per year for a five-year partnership, surpassing its competitor Groww. Similarly, Rupay emerged victorious in the financial services cards category with an uncontested bid of ₹70 crore per year for three years.

It’s noteworthy that despite the presence of contenders, no bids were received for certain categories, including the strategic time-out partner and umpire partner rights, leaving the BCCI to explore alternative avenues for these partnerships.

The latest round of bidding for IPL official partner rights highlights the growing commercial appeal and marketability of cricket’s premier league. The figures involved in these partnerships, including Tata Group’s recent title sponsorship deal worth ₹500 crore per year, highlight the IPL’s stature as a platform for brands to showcase their products and services.

These developments complement the television and digital rights deals previously secured by the BCCI, further strengthening the IPL’s position as a sporting event with global resonance.

With the culmination of this bidding process, My11Circle and other official partners are set to embark on a journey, leveraging the IPL’s reach and popularity to drive brand visibility, engagement, and revenue growth in the years to come.

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