Gaming
Game over? Gaming giants roll the dice on life after India’s RMG ban
MUMBAI: When the house always wins, sometimes the only move left is to change the game. That’s exactly what India’s biggest online gaming giants are scrambling to do after the Promotion and Regulation of Online Gaming Bill, 2025 pulled the plug on all real-money contests skill or chance alike.
Fantasy sports kingpin Dream11, India’s largest operator, is preparing to close its real-money business. CEO Harsh Jain told employees there was “no legal pathway to continue operations once the law takes effect.” In public remarks, Jain added, “We have always been a law-abiding company and have always conducted our business in compliance with the law. While we believe that progressive law would have been the way forward, we will respect the law and fully comply with the Promotion and Regulation of Online Gaming Bill 2025.”
Winzo has officially launched in the United States, following its Brazil entry in 2023. With this, the company now straddles three of the world’s top four mobile gaming markets India, Brazil, and the US together worth 65–70 billion dollars. Positioned as a Tech Exports 2.0 story, Winzo aims to take Indian gaming IP, talent, and culturally relevant content global through its plug-and-launch distribution model. Backed by 250 million users, 100 plus games, 15 languages, 100 plus patents, and its 50 million dollars Zo Fund, Winzo is scaling innovation beyond India while responsibly exiting real-money formats at home.
“The launch of Winzo in the United States is a proud milestone for us and for India’s digital entertainment ecosystem. Our vision has always been to empower Indian game developers to reach global audiences. Entering the U.S., the world’s largest and most influential gaming market, is a decisive step towards that mission. We are equally excited to introduce ZO TV, our new short video format, which further diversifies our content offerings and strengthens Winzo’s position as a global hub and one stop destination for interactive entertainment,” said Winzo co-founders Saumya Singh Rathore and Paavan Nanda.
The financial impact was immediate. Jain revealed that after the bill’s enactment, “95 per cent of revenues disappeared,” describing the legislation as a “knockout blow.” Still, he struck a note of resilience, insisting Dream Sports has “sufficient reserves to sustain its business during this transition” and can adapt by leaning on other ventures like Fancode, Dreametgo and Dream Game Studios.
The pivot is not just about apps. Dream Sports is now pushing an AI-first strategy, with Jain saying the technology could disrupt “every part of sports: content, commerce, performance, and coaching.” Beyond tech, it is doubling down on grassroots development. At the first Telangana Sports Conclave, COO Sumit Pandey highlighted how the Dream Sports Foundation is backing long-term athlete journeys. “By investing in inclusivity and accessibility,” he noted, the company hopes to carve a sustainable role in India’s sporting ecosystem beyond gaming.
Meanwhile, Zupee has pulled the plug on its cash contests, but insists the fun isn’t over. Announcing the withdrawal of its RMG offerings, the Gurugram-based company reassured its 150 million-strong user base that its platform will continue to host fan favourites like Ludo Supreme, Ludo Turbo, Snakes & Ladders and Trump Card Mania.
“Our foremost priority has always been our users, and we remain committed to offering them innovative, responsible, and joyful gaming experiences,” the company said in a statement. “We will continue to focus on engaging, and culturally rooted free-to-play gaming formats…” It added that the aim now is to serve players with entertainment that is “fun, engaging and responsible.”
MPL (Mobile Premier League), backed by Sequoia and Pegasus, has also hit pause on money-based offerings in India. The platform is funnelling resources into free-to-play titles at home, while going aggressively global with eyes on Europe, the US, and Latin America.
Games24x7, operator of Rummycircle and My11circle, has stopped accepting deposits and shut its real-money engine. While tight-lipped publicly, industry watchers note the company’s focus may shift towards broader tech plays such as Techxpedite, its accelerator for AI, gaming and tech startups.
For some, the ban was simply the end of the road. Flutter Entertainment, the global gambling powerhouse behind Junglee Rummy, announced a full India exit, cutting off over 1,100 employees and chalking up a 200 million dollars revenue loss for 2025. CEO Peter Jackson voiced frustration: “We were disappointed… this regulation might push users toward unregulated markets lacking consumer protection and economic contributions.”
Gameskraft, one of India’s biggest rummy operators, also chose compliance over confrontation. “As a responsible and law-abiding corporate entity, Gameskraft has no intention of pursuing any legal challenge to the legislation. We fully respect the legislative process and remain committed to operating within the framework of the law…” a spokesperson said. They stressed the company’s ongoing commitment to “constructive dialogue with policymakers and stakeholders, responsible innovation, player protection, and regulatory alignment.” Gameskraft noted it had stopped all ‘Gameplay’ and ‘Add Cash’ services as of August 21.
Not every player was equally exposed. Nazara Technologies, whose stock briefly dipped seven per cent on the news, clarified that it has no direct involvement in real-money gaming and therefore faces little business impact. “The bill is unlikely to significantly affect our financial performance,” the company said.
Industry associations, however, remain combative. AIGF, EGF and FIFS warned in a letter to home minister Amit Shah that a blanket ban could wipe out Rs 20,000 crore in annual tax revenue and drive players to offshore platforms raising risks of fraud, money laundering and data breaches.
Delta Corp’s Adda52, India’s top poker platform, is also feeling the squeeze. Its stock has plunged nearly 34 per cent in a year, with an additional nine per cent shaved off after the Bill passed. But unlike pure-play fantasy or rummy firms, Delta still has chips left on the table, its casinos in Goa, Sikkim and Daman remain unaffected. Even before the ban, Delta had lined up a demerger of its hospitality and real estate arms, ring-fencing casino operations for the long haul.
Between AI-powered sports labs, grassroots investments, free-to-play contests and casino strongholds, the industry is scattering in every possible direction. The only certainty? Real money has left the building but the game is far from over.
Gaming
MTG gaming chief Benninghoff joins NODWIN board as esports firm primes for IPO
The Gurugram-based esports firm is pursuing a public listing, has returned to profitability and is growing revenues by 42 per cent
GURUGRAM: NODWIN Gaming is moving fast. The Gurugram-based gaming and esports company has launched a pre-IPO fundraising round, appointed UBS as lead adviser for both the round and a subsequent public listing, and landed a heavyweight board director, all in one go.
The new board member is Arnd Benninghoff, executive vice president of gaming at Stockholm-listed Modern Times Group (MTG), who has overseen the group’s strategic investments and portfolio growth since 2014. He is no stranger to building things: Benninghoff has founded and built fifteen companies, served as chief digital officer at ProSiebenSat.1 Media AG, managing director of SevenVentures, and chief executive of Holtzbrinck eLAB. He began his career as a journalist at Deutsche Presse Agentur and various TV networks, holds a Diplom-Kaufmann in business and administration from the University of Münster, and previously sat on the board of Edgeware AB.
The numbers back the ambition
NODWIN is not pitching a story without substance. The company has returned to EBITDA profitability and posted a 42 per cent year-on-year revenue surge, reaching $58.5m in the first nine months of FY2026. The pre-IPO round will combine a primary issuance to fund global expansion through organic growth and acquisitions, alongside a secondary sale to give existing shareholders some liquidity.
Akshat Rathee, co-founder and managing director of NODWIN Gaming, said Benninghoff understands “the entire lifecycle of the gaming and media ecosystem, from the boots-on-the-ground reality of building startups to the strategic complexity of managing multi-billion dollar global portfolios.”
Benninghoff, for his part, said the company “sits at the intersection of sports, entertainment, and technology, making it one of the most exciting players in the global gaming landscape today.”
A portfolio built for the global south
Founded in 2014 by Rathee and Gautam Virk, NODWIN has quietly assembled one of the more compelling esports portfolios outside the Western hemisphere. Its properties include DreamHack India and Comic Con India, and it recently acquired StarLadder, the Ukraine-based tournament organiser behind premier events in CS:GO and Dota 2. The company also serves as a long-term strategic marketing partner for the Evolution Championship Series (EVO), the world’s most prominent fighting game tournament, helping push it into new geographies.
Its geographic focus spans South Asia, Central Asia, Southeast Asia, the Middle East and Africa. Backers include Nazara Technologies, KRAFTON, Sony Group Corporation, JetSynthesys, and the founders’ investment vehicle Good Game Investments.
What comes next
With UBS running the books, a board freshly reinforced with European media and gaming expertise, and revenue heading in the right direction, NODWIN is laying the groundwork deliberately. The esports industry has burned investors before with big promises and thin margins. NODWIN’s return to profitability, combined with a real portfolio of owned intellectual properties across gaming, music and youth culture, gives it a more credible runway than most. The IPO clock is now ticking.
