That's expected. Disney-Star already did that last time around with IPL in 2019 once Sky and Star were owned by different parent companies. But then they licensed that edition to BT Sports as well with Hotstar and Star Gold in the UK telecasting the event.
Sky got IPL again mostly while negotiating the Disney+ deal to carry it on their boxes. Anyhow I still say Hotstar won't the only one streaming the series but they will also license to someone else as well.