Flutter Entertainment Plc has confirmed it will exit the Indian market with its Junglee Games subsidiary, following the passage of new legislation banning Real Money Games (RMG).
The Lok Sabha on Friday approved the Promotion and Regulation of Online Gaming Bill, 2025, which sets out a federal framework for the gaming sector. Within its provisions, Chapters 5 to 7 outlaw RMG, defining them as any online game-whether based on skill, chance, or a combination-where players pay a fee, deposit funds, or stake money with the expectation of monetary or material gain.
Flutter criticised the “exceptionally short timeframe” of the Bill, noting it was tabled in Parliament only on 20 August 2025 and passed without consultation with industry stakeholders, despite its significant impact. The company stressed that Junglee had operated as a social and skill-based gaming platform under earlier legal interpretations. Flutter acquired a 51% stake in Junglee in 2021 for $70 million. Founded in 2013 by Ankush Gera, the company became India’s largest rummy and card games community, with more than 100 million players.
Although Junglee reported a 91% revenue increase in 2024, profits were heavily hit by the 28% GST imposed on gaming. Flutter had projected Junglee to generate around $200 million in revenue and $50 million in Adjusted EBITDA in 2025, with half expected in the year’s second half. The group warned that additional costs are likely, as the accounting impact, including potential non-cash impairments – has not yet been finalised.
While pulling out of RMG operations, Flutter said it will continue to push for the reinstatement of constitutional protections for skill-based games. At the same time, it is adapting to India’s new regulatory environment and emphasised its ongoing commitment to investment in the country’s tech sector, with its Hyderabad-based Global Capability Centre now employing over 1,000 staff in support of its global brands.
Peter Jackson, CEO of Flutter, commented:
I am extremely disappointed with the sudden changes to the regulatory landscape in India. Over the last four years, Junglee has invested significantly in its local market, building a workforce of over 1,100 employees to deliver innovative skill-based gaming products to Indian customers.
Central to this has been a strategy which prioritises consumer protections and responsible gaming. We believe this change will drive customers to the unregulated market, offering limited consumer protections and providing no contribution to the local economy. We believe in regulatory frameworks that put customers first, and are evaluating options to restore skill-based games in the Indian market.
Reports over the weekend confirmed that several leading RMG operators, including Dream11, My11Circle, Zupee, Gameskraft, Mobile Premier League (MPL), and Probo, have ceased their real money gaming services in direct response to the government’s sweeping ban.
Probo, in particular, has shuttered both its pick-em trading app and its fantasy cricket platform, Team 11, representing a major scale-back of its product portfolio.
The decision has cast uncertainty over the future of India’s digital gaming industry. Analysts estimate that more than 400 active studios and platforms, collectively valued at around $4 billion in 2024, now face difficult choices: whether to exit, restructure, or adapt their models to comply with the new regulatory framework.
