India's recent Promotion and Regulation of Online Gaming Bill, 2025, which bans all real-money online games including fantasy sports, poker, and rummy, has led to major disruptions in the country's gaming and sports sponsorship sectors. Fantasy sports platform Dream11, which had a $43.6 million sponsorship deal with the Board of Control for Cricket in India (BCCI) signed in 2023 and valid until 2026, has informed the BCCI that it will discontinue its role as the lead sponsor of the Indian cricket teams. The BCCI has confirmed it will not engage with similar organizations in the future. The ban has wiped out 95% of Dream11's revenue within 72 hours, prompting the company to shut down its real-money gaming operations and pivot to free-to-play models supported by advertising and AI. Other companies like Flutter and Gameskraft have also ceased real-money gaming operations without challenging the law. The ban has triggered a sharp decline in stocks of gaming firms such as Nazara Technologies, which saw a 28% drop over four days. The legislation has put over $15 billion of startup investment value at risk and is expected to have far-reaching economic consequences, including impacts on cricket sponsorships, endorsements, and the Indian Premier League (IPL). While most companies have accepted the ban, Head Digital Works, operator of the A23 platform with over 70 million players, has filed the first legal challenge against the ban in the Karnataka High Court. The government justifies the ban on public health grounds, citing that 450 million people lost approximately $2.3 billion to money-based gaming. Industry experts warn that offshore betting websites may fill the void left by domestic operators, and the ban's broader effects could extend to the state's revenue and the esports industry, which faces infrastructure and policy challenges despite carve-outs in the legislation.