Flutter CEO Peter Jackson ‘extremely disappointed’ on money gaming ban, Junglee will pivot to free-to-play

Flutter Entertainment, the world’s largest online betting and gaming group, has sharply criticised India’s blanket ban on real-money gaming under the Promotion and Regulation of Online Gaming Act, 2025, calling it a sudden and disruptive regulatory shift that forced an immediate shutdown of its real money gaming operations in the country.

“Outside of performance during the quarter, the enactment of the Promotion and Regulation of Online Gaming Act, 2025 forced Junglee and all other operators to immediately cease real-money operations,” said Peter Jackson, CEO of Flutter Entertainment.

“We are extremely disappointed with the sudden and unexpected change to the regulatory landscape in India. Flutter has invested significantly in India over the last number of years, responsibly delivering innovative skill-based games to Indian customers. Junglee will now only offer free-to-play gaming content as we assess our medium-term options in that market,” Jackson added.

Jackson’s statement underscores the growing tension between global gaming operators and Indian regulators following the government’s move to outlaw real-money games involving stakes, including skill-based formats such as online rummy. Flutter’s Indian subsidiary, Junglee Games, was among the largest players in the country’s online gaming ecosystem and operated several popular titles in the skill-based gaming segment.

$556 Million Impairment and Major Earnings Hit

The regulatory blow forced Flutter to take a non-cash impairment charge of $556 million, disclosed in its Q3 2025 earnings. The company said the legislative change necessitated the complete shutdown of all real-money gaming in India indefinitely, leading to a full write-down of Junglee’s goodwill and intangible assets.

The impairment included $517 million in goodwill, $32 million in acquired and developed intangibles, and $7 million in other long-lived assets. Though the charge was non-cash, Flutter warned it would have a significant long-term impact on revenue and profitability in the region.

The impairment was the single largest drag on the group’s quarterly performance, pushing Flutter to a net loss of $789 million for the quarter ended September 30, 2025 — up sharply from $114 million in the same period last year.

According to Flutter’s latest guidance, the Indian regulatory change will lead to an estimated $70 million revenue loss and $30 million EBITDA decline in 2025 alone. The company expects the hit to deepen further, with revenue losses of $250 million and EBITDA decline of $90 million in 2026, and by 2027, a projected $310 million revenue erosion and $130 million EBITDA fall.

The cessation of Indian operations contributed significantly to weaker results in Flutter’s International division, which includes Asia-Pacific markets. The company’s iGaming revenue from the region fell 12% year-on-year, offsetting strong performance in Europe and Latin America.

Flutter is not alone in facing massive financial fallout. Indian-listed gaming firm Nazara Technologies Ltd also reported a ₹914.7-crore impairment on its investment in associate Moonshine Technologies Pvt Ltd, following the same law that banned real-money gaming nationwide. Nazara reduced the carrying amount of its investment to ₹96.53 crore as of September 30, 2025, citing a complete halt in Moonshine’s revenue-generating operations.

“The carrying amount of the company’s investment in Moonshine Technologies has been reduced… since the Gaming Act prohibits its sole line of business, resulting in a complete cessation of revenue-generating activities,” Nazara said in its stock exchange filing.

Global Fallout, Local Shock

Industry analysts say Flutter’s public criticism reflects the unease among global gaming majors that had viewed India as a long-term growth market for skill-based real-money games. Over the years, Flutter had invested heavily in Junglee Games and scaled up its India presence, positioning the subsidiary as a key growth driver for its Asia-Pacific operations.

However, with the 2025 Act effectively outlawing real-money contests, the company is now left to reassess its India strategy, pivoting temporarily to free-to-play formats.

The sweeping impact of the new law — from billion-dollar foreign firms to homegrown startups — has reshaped India’s digital gaming landscape overnight, leaving uncertainty over whether and when real-money skill gaming might return under a revised regulatory framework.