Real-money gaming operations are suspended by Flutter in India
In a surprising turn of events, Flutter Entertainment, a leading name in the online gaming industry, has announced its exit from India's real-money gaming market. The decision comes in the wake of new regulations outlined in the Promotion and Regulation of Online Gaming Bill.
The bill, passed swiftly within two days of its introduction, prohibits all real-money online gaming in India. This move has sent shockwaves across the industry, jeopardising the businesses and sponsorship agreements of multiple companies, including Flutter Entertainment.
The exit is particularly significant as Flutter's Junglee brand had reached significant levels of penetration in India. The brand, known for its commitment to player safety and responsible gaming, supported approximately 1,100 jobs in the country and contributed significantly to the local economy.
Junglee offered a variety of products enjoyed by many consumers. However, with the ban on real-money online gaming, Flutter believes the move will drive customers to the unregulated market, offering limited consumer protections and no contribution to the local economy.
Peter Jackson, CEO of Flutter Entertainment, expressed extreme disappointment with India's ban on online gaming. He voiced concerns that the ban on skill-based games could drive players to the black market, posing potential risks to consumers and the economy at large.
In an effort to restore skill-based games in the Indian market, Flutter is currently evaluating various options. The halt of its real-money gaming operations is expected to result in a $100 million revenue blow for Flutter Entertainment's business, and will deprive the company of roughly $25 million in adjusted EBITDA.
As the dust settles, the impact of these new regulations on India's online gaming industry and its economy remains to be seen. The search results do not contain information about the name of the government member or parliamentary deputy who initiated the new regulation for online games in India.
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