Global betting giant Flutter has shut down its money-based online gaming operations in India after the country’s parliament passed a bill banning online games played with real money. The move, announced last week, has dealt a major blow to the fast-growing fantasy gaming sector, with Prime Minister Narendra Modi’s government citing the high risk of financial harm as justification for the ban.
Flutter confirmed that its Junglee subsidiary, which employs more than 1,100 staff in India, has ceased real-money operations. The company had expected its Indian business to generate around $200 million in revenue and $50 million in adjusted EBITDA in 2025, but did not issue an updated forecast.
CEO Peter Jackson expressed frustration at the development, warning that the ban could have unintended consequences. “We believe this change will drive customers to the unregulated market, offering limited consumer protections and providing no contribution to the local economy,” Jackson said. The law is expected to have widespread implications for the entire Indian online gaming industry, which has long operated in a legal grey area.