A sudden clampdown could lead to revenue shrinkage and job losses across marketing, tech, and creative roles, experts say.
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Bengaluru: The Promotion and Regulation of Online Gaming Bill, 2025, proposes a ban on all real money gaming (RMG), and this means OTT players, digital companies and broadcasters stand to lose at least Rs 2,000 crore annually if RMG advertisements vanish.
Yasin Hamidani, Director of Media Care Brand Solutions, stated that it is estimated that RMG and fantasy platforms collectively spend over Rs 10,000 crore annually on marketing and advertising across digital, sports, and influencer channels.
"The RMG sector contributes substantially to government revenue, generating around Rs 6,909 crore in GST in just six months, while TDS collections crossed Rs 1,080 crore in FY24. India earns about Rs 20,000 crore annually from GST and income tax combined on online RMG platforms," he said, adding the allied ecosystem encompassing advertising, tech, and infrastructure tied to RMG—is estimated to be a Rs 6,000 crore-a-year contributor that could be adversely affected.
He added that another assessment puts the potential black hole in ad spending at nearly Rs 2,000 crore annually—this is what media platforms like Meta, OTT players, and broadcasters stand to lose if RMG ads vanish.
The industry points out that the draft gaming bill will undoubtedly have a significant impact on the sector. Over the past few years, gaming has emerged as one of the fastest-growing digital categories, driving ad spends, user engagement, and even employment opportunities.
"A sudden clampdown could lead to revenue shrinkage and job losses across marketing, tech, and creative roles. Our expectation from the government is to bring clarity and balanced regulation—ensuring consumer protection while also nurturing innovation, investment, and employment in this sunrise industry," he added.
Meanwhile, Gaurav Verma, Global General Manager, Skillz, said that the latest bill is a landmark moment for the entire skill-based gaming industry. "As the pioneer in the US skill-based gaming, Skillz applauds the government’s decisive move to clearly separate skill-based competition from money-games, to prohibit unlawful betting, and to establish a dedicated regulator solely for mobile competitive gaming. This regulatory clarity not only underscores the legitimacy of skill-based platforms, it lays the foundation for a safer, more dynamic, and growth-oriented future for gaming in India. As the US leaders in Fair Play, we remain committed to exploring opportunities in India," Verma added.
The Bill classifies 'online money game' as an online game, irrespective of whether such game is based on skill, chance, or both, played by a user by paying fees, depositing money or other stakes in expectation of winning which entails monetary and other enrichment in return of money or other stakes; but shall not include any e-sports.
Dream11, My11Circle, WinZo and Games 24x7 are major RMG platforms, and already industry bodies, including the All India Gaming Federation (AIGF), have opposed the ban.
Listed games company Nazara Technologies shares were trading at Rs 1,295, down 7.48% on Wednesday afternoon. In a regulatory filing, the company said Nazara has no direct exposure to real money gaming (RMG) businesses. As per its latest reported
Financials (Q1-26), the contribution to Revenues and EBITDA by RMG business is NIL.
"The Company’s only indirect exposure to RMG is through its 46.07% stake in Moonshine Technologies Private Limited (PokerBaazi). As Nazara does not hold a majority stake or exercise control, Moonshine’s revenue is not consolidated in the Company’s financial statements and has no impact on the Company’s reported Revenue or EBITDA. The contribution to PAT by Moonshine as share of profit & loss by associate is negative in Q1-26," it said in the filing.
It added that the company has invested Rs 805 crore towards equity shares in Moonshine through a combination of cash and stock and, in addition, holds compulsory convertible shares amounting to Rs 255 crore.