Real-money gaming platforms are scrambling to respond after the government’s proposed ban on such services, which now awaits presidential assent. On Thursday, the Rajya Sabha passed the Promotion and Regulation of Online Games Bill, 2025, which seeks to impose a blanket prohibition on real-money gaming apps in the country.
Meanwhile, gaming companies have started shutting down real-money gaming offerings. The country’s largest fantasy sports platform, Dream11, said it will shut down its real money games starting Friday.
Gurugram-based Zupee said in a prepared statement that it is discontinuing its paid games in line with the new law. On Thursday, Peak XV Partners-backed Probo also announced that it will shut down its real-money gaming operations, while Bengaluru-based Mobile Premier League said it is suspending all money-based games on its platform in India.
However, large players such as Dream11 and My11Circle are weighing alternatives — from testing overseas markets where real-money play is legal to shifting toward free, ad-supported contest formats.
According to people in the know, Dream11 founder and CEO Harsh Jain held a townhall meeting with the company’s employees on Wednesday, where he apprised the staff about the impact of the government’s decision. “Harsh informed employees that while Dream11 will get hit, DreamSports, which includes businesses such as FanCode, DreamSetGo, and others, will continue to operate as usual,” one of the persons said.
To be sure, for the larger companies, real-money gaming accounted for a large chunk – around 60-70% – of their revenues, and this business, both in terms of revenue and profits, will get impacted in the aftermath of the new law.
“Several large companies are pivoting to advertising models…under which they will make money through ads. It will get the existing user base to continue using the app, but no money exchanges hands,” an industry executive said. “But this advertising model is not anywhere comparable to real-money gaming in terms of profitability. The users want to win money, so engagement on the apps will reduce.”
Another executive said that companies are also evaluating real money games with appetite in global markets. “Certain games like poker or fantasy sports may have a market in other countries like the US or the UK, where these are allowed…by no means, they are small markets, but the companies are studying what will work there and what won’t,” this person said.
Dream11 did not comment on the developments.
“As unfortunate as it is, we respect the government of India’s latest Online Gaming bill. In light of this development, Probo has decided to discontinue its real-money gaming (RMG) operations with immediate effect until further notice. We remain steadfast in our vision to innovate and build information markets from India for the world,” a Probo spokesperson said.
In July, the Enforcement Directorate (ED) had conducted search operations at four premises linked to Probo, in Gurugram and other parts of Haryana, over allegations of illegal gambling and money laundering. Authorities had, at the time, frozen investments in fixed deposits (FDs) and shares amounting to Rs 284.5 crore and the contents of three bank lockers.
ET had reported on Wednesday that approaching courts was one of the options that senior gaming industry executives are considering as they huddle together to discuss the next steps. Executives and lawyers said that the courts had previously ruled in favour of skill-based gaming, citing the fundamental right under the Constitution to carry out trade and occupation, among other reasons, and that the new law, too, could possibly be legally challenged on those grounds once enacted.
