FILE PHOTO: The words "India online gaming regulations" are displayed in front of an Indian flag in this Illustration taken September 14, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
BENGALURU (Reuters) -India's parliament on Thursday passed a bill to ban online games played with money in a move that threatens the survival of the popular fantasy gaming sector, after Prime Minister Narendra Modi's government flagged the high risk of financial harm.
The sudden ban has shocked an industry backed by venture capital firms like Tiger Global and Peak XV Partners and which was set to be worth $3.6 billion in India by 2029.
