GAME OVER: HOW INDIA'S THRIVING REAL-MONEY GAMING INDUSTRY WENT FROM BOOM TO BUST IN JUST FOUR DAYS.

INDIA'S GAMING industry went from being a $2.4-billion sunrise sector to one scrambling for survival—in four days. The Promotion and Regulation of Online Gaming Bill, 2025, which received Cabinet approval on August 19, was passed by both Houses by August 21 and became law the following day after receiving the President's assent.

- BY MANOJ SHARMA

The legislation stunned the space, as no one anticipated that it would turn their promising business illegal overnight. Over 2,000 real money gaming (RMG)-linked startups are now battling existential crises, throwing the future of 250,000 employees into jeopardy and putting ₹25,000 crore worth of foreign investments in disarray.

The sudden collapse of the RMG-linked industry has triggered panic, with top players such as Dream11, Zupee, and WinZO, among others, halting operations. They are now pivoting to newer avenues and free-to-play formats. For instance, Dream11's parent Dream Sports has launched financial services app Dream Money while WinZO is eyeing the content market in the U.S. Despite the upheaval, the industry's leading players have fallen in line, pledging support to Prime Minister Narendra Modi's call to take India's sports-tech economy to new heights, in line with the government's vision. "While this change in law has resulted in a loss of around 95% of our group's revenue, we remain committed to building a great Indian sports company... rebuilding our business from the ground up will require the collective strength of our people," Dream11 said in response to Fortune India's queries.