Flutter Entertainment cuts 800 jobs as company restructures post Online Gaming Act

Flutter Entertainment, the world’s largest online betting and gaming group and the parent company of Junglee Games, has laid off nearly 800 employees across its Delhi and Bengaluru offices following the forced closure of real-money gaming operations in India. Around 250 employees have been retained, though they now await redeployment as the company restructures its India operations.

According to people familiar with the development, the company offered generous severance packages and benefits to outgoing staff. Employees described Flutter as “consistently among the best” when it came to workplace support. One person recalled that during the pandemic, while many companies slashed jobs and benefits, Flutter expanded employee coverage through mediclaim, care packages, and advance bonuses.

However, sources said the layoffs became unavoidable after the Promotion and Regulation of Online Gaming Act, 2025 (PROGA, 2025) effectively compelled all operators to halt real-money gaming from August 22, even though the law has not yet come into force. The immediate operational disruption cut directly into Junglee’s core business.

Responding to Storyboard18 query, Flutter Entertainment said the regulatory shift left it no choice but to suspend real-money operations in India. “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.

Jackson added that the abrupt policy reversal has upended the company’s long-term plans for the Indian market. “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.”

The regulatory setback also triggered a major financial hit for the group. Flutter disclosed a non-cash impairment charge of $556 million in its Q3 2025 earnings, reflecting the indefinite shutdown of real-money gaming in India. The write-down included $517 million in goodwill, $32 million in acquired and developed intangibles, and $7 million in other long-lived assets tied to Junglee. The impairment was the single largest factor dragging down the company’s quarterly performance, pushing Flutter to a net loss of $789 million for the quarter ended September 30, 2025 — a steep jump from $114 million a year earlier.

The company warned that the impact will deepen over the next several years. Flutter estimates a $70 million revenue loss and a $30 million EBITDA decline in 2025 due to the regulatory shift. By 2026, the projected damage widens to $250 million in lost revenue and a $90 million EBITDA fall. For 2027, the company expects revenue erosion of $310 million and an EBITDA decline of $130 million.

The shutdown of Indian operations also weighed heavily on Flutter’s International division, covering Asia-Pacific markets, where iGaming revenue fell 12% year-on-year. This slump offset the strong performance the company reported in Europe and Latin America.

Over the years, Flutter had ramped up investment in Junglee Games, betting on India as a critical pillar of its Asia-Pacific growth strategy. With PROGA now reshaping the market, the company faces a prolonged reset as it reassesses its future in one of the world's largest online gaming markets.