GAMING COMPANIES have begun shutting down their real money gaming (RMG) offerings in response to the ‘Promotion and Regulation of Online Gaming Bill, 2025’, which imposes a blanket ban on such platforms in India.
Dream11 announced the suspension of its real money games via a post on X, while Zupee confirmed in a statement that it would discontinue all paid games in compliance with the new law. Probo, backed by Peak XV Partners, has also shut down its RMG business, and Mobile Premier League said it was suspending all money-based games in India.
Dream11 founder and CEO Harsh Jain addressed employees in a town hall meeting. “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,” an unnamed person at the meeting told The Economic Times.
For many large companies, RMG has accounted for 60–70% of revenues, meaning both revenue and profitability will take a massive hit in the wake of the ban.
Major platforms such as Dream11 and My11Circle are now exploring alternatives — from testing overseas markets where RMG is permitted, to pivoting towards free, ad-supported contest formats, the business daily further reported.
An industry executive told ET, “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 added, “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.”
“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.
My11Circle, another fantasy sports operator owned by Play Games24x7 Pvt. Ltd., said in a social media post that it too was suspending its real-money offerings.
The impact is spreading beyond fantasy cricket. Nazara Technologies disclosed in a regulatory filing that Moonshine Technologies Private Ltd., the operator of the online poker platform PokerBaazi in which Nazara holds a 46% stake, has halted all real-money gaming. “Pursuant to the Promotion and Regulation of Online Gaming Bill, 2025, passed by Parliament on August 21, 2025, and pending enactment, we wish to inform that, as a matter of abundant caution and in due respect of the government’s mandate, Moonshine Technologies Private Limited… has ceased offering real money online gaming operations,” the filing said.
PokerBaazi reassured players on X that “user funds remain completely safe and will be accessible for withdrawals.” WinZO, a platform that offered more than 100 money-based games, said it was “responsibly withdrawing impacted offerings” including rummy, poker, and fantasy cricket.
The government has framed the new law as a measure to protect consumers while fostering innovation in gaming. For the companies that fueled India’s fantasy sports boom, however, the abrupt shift leaves little room for play.
