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
DUBLIN (Reuters) -Online betting company Flutter has shut down its money-based online games in India following a law change last week, with CEO Peter Jackson saying he was "extremely disappointed" by the development.
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.
Flutter said it had halted real-money gaming operations by its Junglee subsidiary, which has a workforce of over 1,100 employees.
The statement said Flutter’s Indian operations had been expected to contribute approximately $200 million revenue and $50 million in earnings on an Adjusted EBITDA basis in 2025, but did not give an updated forecast.
"We believe this change will drive customers to the unregulated market, offering limited consumer protections and providing no contribution to the local economy," Jackson said in a statement.
(Writing by Conor Humphries)
