The Indian Premier League (IPL) had a turbulent beginning but today it is a popular league not only in India but also across the world. This cricket league has become so big that it contributed close to $160 million to the Indian GDP in the year 2015. This comes from player payments, sponsorship and legal betting on IPL games.
The revenues are slated to decrease this year in its 13th edition owing to the impact of Covid-19. Due to the same reason, IPL 2020 is being held in UAE (at Dubai, Abu Dhabi and Sharjah) and not in India. The dates too were pushed to September through November.
The Mumbai Indians have won the title the most number of times (4) followed by Chennai Superkings (3). The tournament began with a lot of fanfare in 2008 and soon became a household name in the Indian subcontinent. Eight teams participated in the first edition of IPL and Rajasthan Royals defeated Chennai Superkings in a nail-biting finish to emerge as the winner.
Total 13 teams have participated in the tournament so far but never ever did they all play together in the same tournament. Five of the 13 teams have become defunct now.
Teams acquire the players through an auction. Each player sets a base price for themselves but are eventually acquired by the franchise that places the highest bid.
Owing to betting accusations , two teams, Rajasthan Royals and Chennai Superkings faced suspension for two years. Thus they could not participate in the 2016 and 2017 tournaments.
Format of the game
The IPL games are played in the Twenty-20 cricket format like the ones organized by the International Cricket Council (ICC). Each innings is limited to 20 overs and each team plays the other team in the home-and-away round robin manner. Two teams from the top four play the final game.
A total prize money of seven million dollars was offered to the cricket teams in 2019. From this amount, the winning team bagged close to three million dollars while the runner up got USD 1.8 million. The third and the fourth position teams each bagged USD 1.2 million.