On August 22, 2025, the President of India signed a bill that bans all online real-money games.
The enforcement date has not yet been announced, but the impact is already clear.
The All India Gaming Federation (AIGF) called the new regulation a "death sentence" for the legal industry.
The enforcement date has not yet been announced, but the impact is already clear.
The All India Gaming Federation (AIGF) called the new regulation a "death sentence" for the legal industry.
Why It Happened
Officially — the law is justified by references to "national security," "money laundering," and "terrorist financing."
In reality — gambling addiction and financial losses among the population are on a scale comparable to the country’s pharmaceutical spending.
Market Size
🔴 Estimated value: $ 22B, with annual revenue of $ 3.5B
🔴 Around 450M Indians lose over $ 2.2B each year
🔴 A study by CUTS International shows that between Apr 2024 — Mar 2025, the 15 largest offshore platforms attracted 5.4B visits — more than Amazon and Wikipedia in India
🔴 Annual deposits on these sites exceeded $ 100B
Key Provisions of the Law
🔵 Ban on all real-money games and betting, including fantasy sports, poker, rummy, and online lotteries
🔵 Ban on all related financial transactions
🔵 Ban on advertising and sponsorships, including sports teams and tournaments
🔵 Penalties: up to 5 years in prison and fines of up to $ 120K
Impact on the Industry
🔴 Loss of sports sponsorships — the Board of Control for Cricket in India terminated its deal with fantasy sports giant Dream11, losing a $ 43M/year contract
🔴 Exit of companies — operators such as Flutter Entertainment, Dream11, My11Circle, Mobile Premier League, Probo, Zupee and others shut down their real-money gaming operations
🔴 Workarounds by offshore firms — many rebrand as IT providers, opening back-office hubs (support, payments, software, marketing) while claiming they do not serve Indian players
🔴 Blow to the economy — India risks losing 200K jobs, 400 companies, and $ 2.2B in tax revenue
⚠️ The new law reshapes India’s iGaming industry overnight, shifting activity offshore and leaving the domestic market without a regulated framework.
Officially — the law is justified by references to "national security," "money laundering," and "terrorist financing."
In reality — gambling addiction and financial losses among the population are on a scale comparable to the country’s pharmaceutical spending.
Market Size
🔴 Estimated value: $ 22B, with annual revenue of $ 3.5B
🔴 Around 450M Indians lose over $ 2.2B each year
🔴 A study by CUTS International shows that between Apr 2024 — Mar 2025, the 15 largest offshore platforms attracted 5.4B visits — more than Amazon and Wikipedia in India
🔴 Annual deposits on these sites exceeded $ 100B
Key Provisions of the Law
🔵 Ban on all real-money games and betting, including fantasy sports, poker, rummy, and online lotteries
🔵 Ban on all related financial transactions
🔵 Ban on advertising and sponsorships, including sports teams and tournaments
🔵 Penalties: up to 5 years in prison and fines of up to $ 120K
Impact on the Industry
🔴 Loss of sports sponsorships — the Board of Control for Cricket in India terminated its deal with fantasy sports giant Dream11, losing a $ 43M/year contract
🔴 Exit of companies — operators such as Flutter Entertainment, Dream11, My11Circle, Mobile Premier League, Probo, Zupee and others shut down their real-money gaming operations
🔴 Workarounds by offshore firms — many rebrand as IT providers, opening back-office hubs (support, payments, software, marketing) while claiming they do not serve Indian players
🔴 Blow to the economy — India risks losing 200K jobs, 400 companies, and $ 2.2B in tax revenue
⚠️ The new law reshapes India’s iGaming industry overnight, shifting activity offshore and leaving the domestic market without a regulated framework.