In a sweeping regulatory shift, several leading online gaming platforms in India-Dream11, My11Circle, WinZO, Zupee, PokerBaazi, and MPL-have suspended all real-money games following the passage of the Promotion and Regulation of Online Gaming Bill, 2025.
What Changed?
The bill, approved by Parliament on August 21, 2025, and endorsed by the President on August 22, outlaws all real-money gaming services, including their advertisements. Non-compliance can result in up to three years of jail time and fines reaching ₹1 crore for facilitators. Advertising violations carry up to two years imprisonment with fines up to ₹50 lakh.
Industry Reactions: Shutdowns Begin
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My11Circle (Games24x7) – Announced suspension of all real-money offerings via social media.
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Dream11 – Confirmed halting of cash games, emphasizing their commitment to comply with the law and expressing regret that regulation wasn’t more progressive.
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PokerBaazi – Reassured users that funds remain safe and withdrawal facilities are intact, even as real-money games stop immediately.
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WinZO – Confirmed the withdrawal of all impacted offerings in full compliance, including Rummy, Fantasy Cricket, and Poker.
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MPL – Has suspended real-money games in India, ensuring that while new deposits are halted, users can still withdraw their remaining balances.
Company Insights & Financial Footprints
Games24x7 (My11Circle)
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Headquarters: Mumbai, with offices in Bengaluru, New Delhi, and Miami.
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Founders: Bhavin Pandya and Trivikraman Thampy.
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Valuation: Estimated at ₹18,800 crore (approx. $2.5 billion) as of mid-2025.
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Revenue: FY 2023 operating revenue surged 70% to ₹1,988 crore, with total income touching ₹2,023 crore; losses narrowed to ₹199 crore from ₹282 crore the previous year.
Dream11 (Dream Sports)
- Headquarters: Mumbai
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Founders: Harsh Jain and Bhavit Sheth.
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Valuation: Holds a commanding $8 billion valuation; co-founder Harsh Jain’s stake is valued at approximately. ₹696 crore as of December 2024.
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Financial Highlights: As of FY 2023, the company reported ₹6,374 crore in revenue—a nearly 66% jump from FY 2022-with net profit rising 32% to ₹188 crore.
Industry Outlook: Growth Thwarted by Regulation
Before the enactment of the bill, India’s real-money gaming market was poised for rapid expansion, with projections indicating a value of $3.6 billion by 2029.
Fantasy sports alone boasted over 180 million active users.
But with this ban, industry leaders warn of potential valuation drops, widespread job losses, and disruptions to sport sponsorship ecosystems, precedent-setting cricket jersey deals and celebrity endorsements come under legal challenge.
A Mature Industry Faces Uncertain Terrain
India’s real-money gaming sector, once a high-growth darling crossing ₹10,000 crore in foreign investments and amassing millions of users, now confronts an existential crossroads. Giants like Dream11 and Games24x7 must pivot fast – whether towards skill-based models, regulated formats, or alternate digital entertainment avenues – to survive and evolve in this new era.