Tencent in talks to invest in fantasy sports market leader

China gaming and internet giant Tencent Holdings is reportedly in advanced stages of negotiations to invest $100 million in Mumbai-based online fantasy sports platform Dream11, Economic Times India reports.

According to three sources close to the developments, the Shenzhen-headquartered company has offered a term sheet for a transaction that could potentially value the fantasy sports company at $400-450 million.

However, Dream11 and Tencent have neither confirmed or denied the rumors.

The development comes in the same month that Dream11 won a favorable judgement from the Punjab and Haryana High Court, ruling that fantasy sports required considerable skill, judgement and discretion, and thus can not be considered gambling.

Dream11 is said to hold almost 90 percent of market share in India’s fantasy sports market, according to an earlier report from Economic Times.