India's parliament just delivered a devastating blow to the country's $23 billion real-money gaming industry. The lower house passed legislation Wednesday that bans all real-money games nationwide, threatening to shut down over 400 companies and eliminate 200,000 jobs in a sector that was projected to double by 2028.
India's gaming industry just witnessed its worst nightmare come true. Parliament's lower house passed the Promotion and Regulation of Online Gaming Bill 2025 on Wednesday, imposing a blanket ban on real-money games that threatens to obliterate a $23 billion sector overnight.
The legislation sailed through in less than seven minutes by voice vote, catching an industry already reeling from regulatory uncertainty completely off guard. "In this bill, priority has been given to the welfare of society and to avoid a big evil that is creeping into society," IT Minister Ashwini Vaishnaw told parliament while introducing the measure.
Nazara Technologies immediately felt the market's wrath, with shares plummeting 12.84% to close at ₹1,220 ($14) on Wednesday. The publicly-listed gaming company, despite claiming no direct exposure to real-money platforms, couldn't escape investor panic over the sector's complete restructuring.
The human cost promises to be staggering. Industry bodies representing Dream Sports, MPL, WinZO, and other major platforms warned Prime Minister Narendra Modi that the ban could eliminate over 200,000 jobs and force 400+ companies to shut down. These aren't just numbers - they represent India's most promising gaming startups that collectively generate ₹310 billion ($3.6 billion) in annual revenue.
"By shutting down regulated and responsible Indian platforms, it will drive millions of players into the hands of illegal matka networks, offshore gambling websites, and fly-by-night operators," the Federation of Indian Fantasy Sports, All India Gaming Federation, and E-Gaming Federation wrote in their desperate letter to Modi on Tuesday evening.
