Gaming
India’s gaming giants face extinction as government prepares blanket ban
MUMBAI: India’s booming online gaming sector is bracing for devastation after electronics and information technology minister Ashwini Vaishnaw introduced the Promotion and Regulation of Online Gaming Bill, 2025, in the Lok Sabha on Wednesday. The proposed legislation threatens to outlaw all real-money gaming platforms, regardless of whether they involve skill or chance—a move that could obliterate 86 per cent of the industry’s current revenue streams.
The bill proposes harsh penalties for violators: up to three years imprisonment and fines of Rs 1 crore for operators, and two years jail plus Rs 50 lakh fines for advertisers. Banks and financial institutions facilitating transactions for money games face similar punishment. Repeat offenders could face between three and five years behind bars with higher fines.
Market leaders including Dream11, Games24x7, Winzo, GamesKraft and My11Circle now face an existential crisis. India’s online gaming market, currently valued at $3.7 billion and projected to reach $9.1 billion by 2029, could see its financial lifeline severed overnight.
The All India Gaming Federation, E-Gaming Federation and Federation of India Fantasy Sports have written jointly to home minister Amit Shah, warning that the legislation would “destroy over 200,000 jobs, result in over 400 companies shutting down, and weaken India’s position as a digital innovator.”
The industry argues that legitimate platforms will be forced to close, pushing crores of users towards illegal matka networks, offshore gambling sites and unregulated operators. The sector has grown into a Rs 2 trillion industry, generating Rs 31,000 crore in annual revenue and over Rs 20,000 crore in taxes whilst expanding at 20 per cent compound annual growth rate.
The bill defines an online money game as one where users pay fees or deposit money “in expectation of winning in return of money or other stake.” It explicitly excludes esports and online social games such as casual entertainment formats without monetary stakes. A proposed Online Gaming Authority would determine whether games qualify as money games and oversee the sector.
MeitY secretary S Krishnan said the legislation aims to recognise the industry’s creative intent whilst restricting undesirable segments. The government cited instances of severe financial distress and suicides linked to online money gaming during cabinet deliberations, noting particular concerns about addiction among children and youth.
The move represents a decisive shift from tax-and-regulate to prohibit-and-enforce. Authorities have already imposed a 28 per cent goods and services tax on gaming revenues since October 2023, followed by a 30 per cent tax on net winnings from FY 2024-25. Over 1,400 illegal betting and gambling sites have been blocked since 2022.
Players themselves will not face criminalisation under the proposed law, being treated as victims rather than offenders. Free-to-play and subscription-based games where users pay fixed fees without wagering during gameplay will remain permissible.
Industry insiders warn the legislation could violate constitutional principles whilst strengthening illegal offshore operators—described as “one of the biggest national security threats to the country today.” India’s gamer base has grown from 360 million in 2020 to over 500 million in 2024, with foreign direct investment in the sector crossing Rs 25,000 crore by June 2022.
The Lok Sabha session was adjourned until 2pm shortly after the bill’s introduction amid opposition protests, leaving the industry’s fate hanging in the balance.
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.
