Flutter announces halting real-money gaming in India, winds down Junglee operations
The ban on skill-based games in India is causing a significant disruption across the country's gaming and sports landscape. Notable companies, such as Dream11's parent company, Flutter, and its rival, My11Circle, have withdrawn sponsorships worth an unspecified amount.
The Board of Control for Cricket in India (BCCI) is seeking replacement sponsors due to the loss of these deals. The BCCI has announced it will consider legal options against the Promotion and Regulation of Online Gaming Bill passed in India, expecting potential negative impacts on its funding sources.
Dream11, a leading player in the skill-based gaming market, has pulled its sponsorship for national cricket teams in India, worth $44 million. This move is part of the fallout from the ban, which is causing a ripple effect throughout the industry.
Flutter, in response, is reviewing the accounting impacts for its Junglee business due to the ban. However, the company continues to express interest in India and its focus on consumer protections and regulated growth. Flutter believes in regulatory frameworks that put customers first and is evaluating options to restore skill-based games in the Indian market.
The absence of regulated skill-based games could drive players to unregulated operators, providing no tax revenue or consumer protection. This is a concern for both the BCCI and Flutter, as they strive to maintain a safe and profitable environment for both players and the industry.
Together, Dream11 and My11Circle have contributed approximately $125 million to Indian cricket through sponsorships. The loss of these funds could have a significant impact on the sport's funding and development.
As the situation unfolds, both the BCCI and Flutter are navigating the complexities of the ban, seeking legal avenues and pursuing opportunities to bring skill-based games back to India under a clear legal framework. The future of skill-based gaming and its contribution to India's sports and economy remains uncertain, but both parties remain committed to finding a solution that benefits all stakeholders.
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