Moonshine Technologies, the parent company of PokerBaazi, will not challenge the recently enacted Promotion and Regulation of Online Gaming Act, 2025 in court. The company joins Dream11 and Gameskraft, two of the country’s largest real-money gaming (RMG) platforms, which earlier this week also decided against pursuing legal remedies against the law.
A top executive from Moonshine Technologies confirmed the decision, saying the company respects the government’s position and intends to comply with the current legislation. “Baazi Games will not be challenging the new law and will respect and abide by the current legal framework. Our focus is to look at new areas to pivot,” the source stated. The official added that the company will initially explore “free-to-play” gaming models and is brainstorming additional verticals that could keep the brand relevant in the evolving gaming ecosystem.
Navkiran Singh, Co-founder of Baazi Games, expressed deep disappointment over the situation while addressing PokerBaazi’s long-standing community. Singh, who spent over a decade building the platform into one of India’s leading destinations for online poker, described the passage of the bill as “the darkest day in the history of Poker in India.”
In an emotional message, Singh had informed users that all poker games and tournaments would be discontinued immediately. He assured players that pending rakebacks would be credited to their accounts and that wallets would remain open for withdrawals. Despite the setback, Singh attempted to instill hope, calling the development “a pause and not a goodbye.” He suggested that while the law’s current form had forced operations to halt, there remained optimism within the company that future regulatory changes might reopen opportunities for the sector.
The enactment of the Online Gaming Act has sent ripples across India’s gaming and startup ecosystem, forcing companies and investors to re-evaluate their exposure to the RMG segment. Among those affected is Nazara Technologies, a listed company with a diverse gaming portfolio.
To address investor concerns, Nazara issued a clarification on the Bombay Stock Exchange (BSE) underscoring that it has no direct exposure to the RMG segment. In its Q1 FY26 results, the company had already disclosed that both revenue and EBITDA contributions from RMG operations were nil.
Nazara’s co-founder and CEO, Nitish Mittersain, also took to social media to send a message of resilience to the broader gaming community. “To every founder, creator, and team feeling the pressure right now—keep going. This too shall pass. The ecosystem will emerge leaner, wiser, and ready to build the next level. The road ahead is filled with many milestones of achievement for our sector, so let’s continue to build—with passion, with perseverance, and with positivity,” Mittersain posted.
While distancing itself from direct RMG exposure, Nazara acknowledged an “indirect” connection through its minority investment in Moonshine Technologies. The company holds a 46.07% stake in Moonshine, but clarified that it neither has a controlling interest nor consolidates Moonshine’s revenues in its financial statements.
According to its BSE filing, Nazara’s investment in Moonshine totals ₹805 crore, along with convertible shares worth another ₹255 crore. However, the company pointed out that Moonshine’s share of profit and loss had in fact been negative for the first quarter of FY26, highlighting the challenges the PokerBaazi parent was already facing before the new law’s enactment.
With leading real money gaming (RMG) platforms such as Dream11 and Gameskraft deciding against mounting a legal challenge to the Union government’s newly passed Promotion and Regulation of Online Money Gaming Act, the spotlight is now firmly on opposition-ruled states like Tamil Nadu and Karnataka. Both states are weighing options to move the Supreme Court, challenging what they call an unconstitutional overreach into subjects reserved for state legislatures.
While a few smaller RMG firms are preparing petitions, many in the industry fear that even a favourable court verdict may not offer long-term relief, with the 40% GST on gaming deposits continuing to loom large over the sector. The Supreme Court has already reserved its judgment in the high-profile ₹2.5 lakh crore retrospective GST case—an outcome that will set a precedent for years.
