Online gaming and betting giant Flutter Entertainment said it has stopped its real-money operations in India after the swift passage of a new law banning such products, warning it could lose about $100 million in revenue this year.
The Promotion and Regulation of Online Gaming Bill was introduced in India’s parliament on Aug. 20 and received presidential assent on Aug. 22, forcing Flutter to withdraw its Junglee brand from the market. The company said the legislation was enacted without a consultation process with industry stakeholders to consider the significant adverse consequences of this action.
Flutter, which owns FanDuel and PokerStars, said its India unit was expected to contribute about $200 million in revenue and $50 million in adjusted EBITDA in 2025, with around half of the profit due in the second half. The company now expects to forfeit around US$100 million in revenue and US$25 million in Adjusted EBITDA from the exit.
“I am extremely disappointed with the sudden changes to the regulatory landscape in India,” Chief Executive Peter Jackson said. “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.”
Jackson further highlighted that, over the last four years, Junglee had invested significantly in its local market, building a workforce of over 1,100 employees. He added that the move would likely push players to the “unregulated market, offering limited consumer protections and providing no contribution to the local economy.”
Flutter said it is assessing potential non-cash impairments to the Junglee business and is “actively evaluating its options to encourage the restoration of the 70-year-old constitutional protection afforded to skill-based games, while simultaneously working quickly to adapt operations to the changed regulatory landscape.”
