MUMBAI: Hit by increased scrutiny and regulation, India’s online gaming industry is undergoing decisive change. Following the passage of the Promotion and Regulation of Online Gaming Bill, 2025, several startups have discontinued their real money gaming (RMG) operations.
Fantasy sports giant Dream11 announced the suspension of its cash contests. In a message to users, Dream11 said: “As per ‘The Promotion and Regulation of Online Gaming Bill, 2025’, cash games and contests will be discontinued on Dream11.”
Last valued at $8 billion in 2021, Dream11 has more than 280 million users. The Board of Control for Cricket in India (BCCI) onboarded Dream11 as Team India’s official shirt sponsor under a ₹358 crore deal running from July 2023 to March 2026.
Nazara Technologies’ Moonshine Technologies, which operates real money gaming platform PokerBaazi, also moved to comply with the new law. “...We wish to inform that, as a matter of abundant caution and in due respect of the government’s mandate, Moonshine Technologies Pvt Ltd (Moonshine/Pokerbaazi), an associate company in which Nazara holds a 46.07% stake, has ceased offering real money online gaming operations. The company will evaluate the future course of action following the enactment of the Bill,” Nazara said in an exchange filing.
Nazara shares fell another 5% on Friday. The company has invested ₹805 crore in Moonshine and committed an additional ₹255 crore via compulsorily convertible preference shares.
Unicorn startup Games24x7 has also discontinued its real money gaming app RummyCircle. Its fantasy app My11Circle has likewise shut down real money gaming options.
“All players will be able to seamlessly withdraw any balance from their wallets and we will make sure the process is smooth and hassle-free. From this point on, no new cash deposits will be accepted, and games involving real money will not be available on our platform,” Games24x7 said in a post on X on Friday.
Gaming startup WinZO, another prominent player in the real money gaming space, is also pulling the plug on its RMG offerings. “At this defining juncture for the industry, WinZO reaffirms its commitment to full compliance with the law of the land, responsibly withdrawing impacted offerings with effect from August 22, 2025; continuing to support game developers with an alternative to restrictive app store monopolies,” the startup said in a statement.
Other big names such as A23, Rush, Cricbuzz11, Zupee, Mobile Premier League and GamesKraft are also shutting down their real money gaming businesses. Industry sources describe the bill as a “death knell” for the RMG ecosystem, which employs about 200,000 people. They estimate the move could result in a ₹20,000 crore loss to the exchequer.
Dinesh Jotwani, Advocate, Supreme Court of India and Co-Managing Partner, Jotwani Associates, said the new bill effectively cripples India’s online gaming industry.
“The online gaming industry has contributed over ₹20,000 crores to the exchequer. The government justifies the ban by citing suicides, though these claims lack substantiating data or names of individuals. This unilateral decision has eradicated an entire industry, impacting millions of employees, including software developers, startups, and innovators across India,” Jotwani said.
Meanwhile, the Bill on Friday received the President’s assent, becoming law. A notification will follow, announcing the date on which it will come into effect.