The passage of the Promotion and Regulation of Online Gaming Bill, 2025 has triggered the most dramatic shake-up yet in India’s booming digital entertainment sector. By banning all forms of online games involving monetary stakes — from fantasy sports and poker to betting apps and opinion trading platforms — the government has effectively outlawed the real-money gaming (RMG) model that fuelled the meteoric rise of companies like Dream11, MPL, and Probo.
The bill, cleared by both Houses of Parliament, goes beyond prohibition. It bans celebrity endorsements of such platforms, criminalises violations with up to three years’ imprisonment and fines of up to ₹1 crore, and extends personal liability to directors and promoters unless they demonstrate due diligence. Few laws in recent memory have combined such sweeping economic, social, and criminal consequences.
Dream11, My11Circle, MPL, Zupee and Probo announce Strategic Retreats
The impact was immediate. According to Entrackr, Dream11 (Dream Sports) has decided to wind down its RMG operations — a business that contributes more than two-thirds of its revenue. Employees were informed of the decision in an internal town hall earlier this week.
Dream11 now plans to consolidate its non-RMG portfolio: Fancode, its sports streaming and fan engagement platform; Sportz Drip (formerly Sports Rhythm), its sports merchandise venture; and investments in Cricbuzz and Willow TV. The company is also exploring overseas markets, echoing the path taken by rival MPL. Yet, sources acknowledge that the wind-down will trigger mass layoffs, with the RMG division employing a majority of its workforce.
Probo, India’s leading opinion trading platform, announced an immediate suspension of its RMG operations. In a statement, the company said, “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 operations with immediate effect until further notice. We remain steadfast in our vision to innovate and build information markets from India, for the world.”
But Probo’s leadership also called for nuance. Anurag Dhandhi, Business Head at Probo, argued that opinion trading is fundamentally different from games of chance: “In India, opinion trading has been characterised as a game. However, in the United States, it is regulated by the Commodity Futures Trading Commission as a financial market for information exchange. At its core, prediction markets are tools for economic insight and forecasting. By fostering informed participation, they go beyond entertainment and contribute to financial literacy, decision-making, and digital inclusion.”
Gurugram-based online gaming platform Zupee announced on August 21 that it is discontinuing all paid titles but will continue operating with free-to-play games such as Ludo Supreme, Ludo Turbo, Snakes & Ladders, and Trump Card Mania. While deposits have been paused, the company assured users that withdrawals will remain seamless.
Similarly, Mobile Premier League (MPL) has suspended all money-based games in India. The company stated that although new deposits will no longer be accepted, users will be able to withdraw their balances without disruption. MPL plans to focus on free-to-play gaming experiences in India while expanding its overseas operations, which currently contribute nearly 50% of its revenue.
In line with these developments, Games24x7’s My11Circle and Gameskraft’s RummyCulture have also ceased their real-money gaming operations, with internal communications confirming the shutdowns.
Industry Pushes for #RegulateNotBan
In response, the country’s online gaming companies are rallying around a common demand: #RegulateNotBan. Unlike previous consumer-led hashtags, this is being positioned as a formal industry campaign, urging the government to replace prohibition with structured regulation.
The proposal is straightforward: treat real-money games not as outlawed activities but as regulated digital businesses — with licensing, KYC norms, taxation, consumer safeguards, and age-gating. Industry leaders argue this would strike a balance between user protection and economic opportunity.
One senior executive of a leading gaming unicorn (speaking on background) warned:
“A ban does not end demand — it only pushes users to offshore, unregulated platforms. Regulation ensures jobs, tax revenues, and consumer safety stay within India.”
Another founder of a mid-sized gaming startup added:
“This bill risks undoing a decade of innovation. Instead of creating champions, we will now be exporting talent and capital abroad.”
The Larger Stakes: Jobs, FDI, and Innovation
The industry’s concerns are not unfounded. According to the All India Gaming Federation, the sector employed over 100,000 people directly and indirectly and was attracting increasing foreign direct investment (FDI). With India’s gaming revenues estimated to cross $8 billion by 2027, the blanket ban could deal a severe blow to one of the fastest-growing components of the digital economy.
Investors, too, are wary. Several venture funds with gaming exposure told this publication that the regulatory uncertainty could “chill investment appetite” for broader digital startups.
Government’s Intent vs Industry’s Plea
To be sure, policymakers argue the bill is necessary. IT Minister Ashwini Vaishnaw, while introducing the legislation in the Lok Sabha, emphasised consumer protection, transparency, and the need to curb addiction and financial harm. The creation of a central regulatory authority for e-sports and online social games is also part of the government’s blueprint.
But industry leaders caution against conflating real-money gaming with illegal gambling. They argue that many formats, including fantasy sports and prediction markets, are skill-based, with globally recognised frameworks.
As Dhandhi of Probo put it:
“By formally recognising opinion trading as a permissible, skill-based activity, India can unlock new opportunities in the digital economy while ensuring strong consumer safeguards.”
A Defining Crossroads
The Online Gaming Bill 2025 is more than a regulatory intervention; it is a defining moment in how India sees the future of its digital economy. The choice before policymakers is stark: a blanket ban that offers clarity but risks economic fallout, or a calibrated regulatory approach that balances consumer safety with innovation and growth.
For now, companies like Dream11 and Probo are recalibrating strategies, jobs are on the line, and an industry that once symbolised India’s digital ambition is left in limbo. Whether #RegulateNotBan becomes a turning point or a footnote in India’s policy playbook will depend on how open the government remains to dialogue in the months ahead.
