India’s booming real-money gaming industry is collapsing after Parliament passed the Promotion and Regulation of Online Gaming Bill, 2025, which proposes a complete ban on money-based online games while promoting casual gaming and esports.
The legislation cleared both houses this week and awaits only presidential assent, a mere formality, before becoming law. In response, top Indian startups including Dream Sports, Mobile Premier League (MPL), Gameskraft, Probo, and Zupee have begun shutting down real-money operations.
Dream Sports, backed by investors like Tiger Global and TCV, has already shut down its new app Dream Picks and is preparing to close Dream11 and Dream Play once the law is enacted. MPL, supported by Peak XV and Times Internet, has suspended deposits, notifying users that funds will be available for withdrawal starting August 22. Zupee, Probo, Gameskraft, and Cricbuzz11 have all halted paid games, with refunds promised to users.
The ban leaves thousands of employees uncertain about their futures, as many startups are expected to cut jobs. Despite the option to challenge the law in the Supreme Court, most companies are choosing compliance over litigation.
Industry bodies estimate that real-money gaming startups, valued at nearly ₹2 trillion ($23B), generate around ₹310 billion ($3.6B) in revenue and contribute ₹200 billion ($2.29B) in taxes annually. With growth projections of 28% CAGR through 2028 now derailed, India’s once-thriving gaming sector faces an abrupt reckoning.
