BENGALURU (Reuters) -India’s parliament on Thursday passed a bill to ban online games played with money in a move that threatens the survival of the popular fantasy gaming sector, after the government flagged the high risk of financial and psychological harm.
The sudden ban has shocked the industry, which was set to be worth $3.6 billion in India by 2029, with executives fearing job losses and the complete shutdown of their apps the moment the president signs the bill, which, although there is no set date, is considered a formality.
India’s upper house of parliament passed the Promotion and Regulation of Online Gaming Bill 2025 after the lower house cleared it earlier this week with the support of lawmakers.
The bill prohibits “harmful” online money gaming services, advertisements and financial transactions related to them, with the government citing the psychological and financial harm they can cause.
Gaming industry executives have said they fear the loss of billions of dollars of foreign investment, from venture capital firms like Tiger Global and Peak XV Partners.
Endorsements by top Indian cricketers and other marketing efforts have boosted the appeal of, and investor interest in, gaming apps such as the popular fantasy cricket games operated by startups Dream11 and Mobile Premier League.
Dream11 commands a valuation of $8 billion while Mobile Premier League is valued at $2.5 billion, PitchBook data shows. Other popular gaming apps in India include Zupee and Games 24X7.
(Reporting by Aftab Ahmed and Manvi Pant; Writing by Abinaya Vijayaraghavan; Editing by Aditya Kalra, Kirsten Donovan)
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