Online Gaming Stocks Tumble as Govt Moves to Ban Real Money Games

Shares of online gaming companies, including Nazara Technologies and Delta Corp, plunged intraday following the Cabinet’s approval of the Online Gaming Bill, 2025, which proposes a nationwide ban on all real-money online games, including skill-based platforms. The bill, set to be introduced in Lok Sabha soon, targets cross-state and foreign-operated money games, raising alarm across the industry. Nazara Tech faces the biggest risk, with its ₹800 crore investment in PokerBaazi (a real-money game) under threat. PokerBaazi contributed nearly ₹600 crore to revenue in FY25 and was projected to double by FY27. Industry bodies—AIGF, EGF, and FIFS—warn that the bill could destroy over 2 lakh jobs, force 400+ companies to shut down, and push users toward illegal gambling and offshore sites. They argue that the regulated skill-gaming sector, valued at over ₹2 lakh crore, generates ₹31,000 crore in annual revenue and has attracted ₹25,000+ crore in FDI. With over 50 crore online gamers in India and the sector growing at 20% CAGR, stakeholders urge the government to differentiate between gambling and skill-based gaming. If passed as proposed, the bill could deliver a severe blow to India’s digital economy and innovation ecosystem.