India has enacted the Promotion and Regulation of Online Gaming Act, 2025 after both houses of Parliament cleared the bill on 21 August and President Droupadi Murmu signed it the following day. The law imposes a nationwide ban on money-based online games, introduces prison terms and heavy fines for violators, restricts advertising, and creates a licensing regime for esports and other non-monetised games. Union minister Ashwini Vaishnaw described the measure as a “balanced approach” aimed at protecting household savings after a string of gambling-related tragedies. The prohibition has triggered an immediate retreat by leading operators. Fantasy-sports market leader Dream11 and rivals Mobile Premier League, Zupee, Probo and WinZO have shut their cash contests, while Nazara Technologies’ PokerBaazi arm and Flutter Entertainment’s Junglee Rummy have also suspended paid games. Flutter, which had expected its India business to generate about US$200 million in revenue and US$50 million in 2025 EBITDA, said it was “extremely disappointed” but compliant. Dream Sports chief executive Harsh Jain said the ruling erased 95 percent of group revenue but the company would pivot to advertising-supported products and would not challenge the law. Financial fallout is spreading beyond gaming platforms. Nazara Tech shares have fallen 28 percent in four sessions since the bill cleared cabinet, and venture investors warn that more than US$15 billion in start-up value and roughly US$2 billion in annual tax receipts could be wiped out. The Board of Control for Cricket in India has lost its main jersey sponsor after Dream11 exited a US$44 million deal that was to run until 2026. Officials at the Ministry of Electronics and Information Technology said detailed rules are being drafted and the government will issue a notification setting the Act’s effective date once those regulations are in place. Industry groups caution that the blanket ban may push users to offshore crypto casinos, while casual and educational gaming studios anticipate a boost from the reshaped market.