Flutter Entertainment Plc has announced its decision to withdraw its Junglee Games subsidiary from India, following the introduction of new laws prohibiting Real Money Games (RMG).

On Friday, the Lok Sabha authorised the Promotion and Regulation of Online Gaming Bill, 2025, a federal mandate which seeks to implement a legislative framework governing India’s gaming sector.

Among its provisions, the Bill includes three dedicated chapters (5 to 7) that define the legal parameters of RMG, which are now no longer permitted. It categorises RMG as: “any online game—whether based on skill, chance, or both—played by a user by paying a fee, depositing money, or other stakes, in the expectation of winning, which entails monetary or other enrichment in return.”

In its announcement, Flutter stated that it is responding to an “exceptionally short timeframe, having only been introduced into Parliament on 20 August 2025, and without a consultation process with industry stakeholders to consider the significant adverse consequences of this action.”

Flutter maintains that it has always positioned Junglee as a social and skill-based gaming platform for Indian consumers—permitted under previous legal interpretations prior to the federal government’s recent determination.

In 2021, Flutter acquired a 51% majority stake in the San Francisco-based games studio Junglee Games for $70 million. The business, founded in 2013 by Ankush Gera, had grown into India’s largest community for rummy and other non-poker card games, with a player base of over 100 million.

According to its 2024 accounts, Junglee nearly doubled revenues (+91%), though its EBITDA performance was severely impacted by the introduction of India’s 28% Goods and Services Tax (GST) on gaming.

Markets were informed that: “Flutter’s Indian operations were expected to contribute approximately $200m in revenue and $50m in Adjusted EBITDA in 2025, with approximately half of the profits to be delivered in the second half of 2025.”

Further costs are anticipated as Flutter has yet to determine the full accounting implications of the decision, including any non-cash impairments to the Junglee business. Additional disclosures will be made in due course.

Despite withdrawing from RMG activity, Flutter’s leadership is evaluating options “to advocate for the restoration of the 70-year-old constitutional protections afforded to skill-based games.” At the same time, the group is working swiftly to adapt to the changed regulatory environment while continuing to promote the benefits of fully regulated products.

Flutter also reiterated its continued investment in India’s technology sector, having expanded its Hyderabad-based Global Capability Centre (GCC) to over 1,000 staff, supporting the growth of its entire global brand portfolio.

Peter Jackson, CEO of Flutter, commented:“I am extremely disappointed with the sudden changes to the regulatory landscape in India. 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.

Central to this has been a strategy which prioritises consumer protections and responsible gaming. We believe this change will drive customers to the unregulated market, offering limited consumer protections and providing no contribution to the local economy. We believe in regulatory frameworks that put customers first, and are evaluating options to restore skill-based games in the Indian market.”

Weekend reports confirm that several prominent RMG studios—including Dream11, My11Circle, Zupee, Gameskraft, Mobile Premier League (MPL) and Probo—have shut down their real money operations in direct response to the government’s landmark decision.

In the case of Probo, the company has confirmed the closure of both its opinion trading app and its fantasy cricket platform, Team 11, marking a significant rollback of its product offerings.

The future of India’s digital gaming economy now hangs in the balance. Industry analysts estimate that over 400 active game studios and platforms are currently operating in the Indian market collectively valued at $4 billion in 2024— which must now evaluate whether to withdraw, restructure, or modify their offerings under the new regulatory regime.