Flutter has reported significant financial losses following India’s decision to ban real-money games (RMG), a law that was enacted back in August.
The company’s leadership stated that the “extremely disappointing” move cost Flutter $556 million in impairment charges related to the withdrawal of its Junglee brand from India. This was the main reason for the group’s $789 million net loss in the third quarter of 2025.
The Promotion and Regulations of Online Gambling Bill 2025, passed without consultation with industry stakeholders, came as a surprise to the market. It forced both domestic operators – such as Dream11 and Mobile Premier League – and international companies, including Flutter, to halt all real-money gaming operations.
“We were frustrated at the speed with which the bill that emerged came into law,” Flutter CEO Peter Jackson told investors during Flutter’s Q3 earnings call.
“I would hope we might get some more sort of legal clarity around the extent to which some of these games of skill may be able to come back.”
Flutter had acquired a majority stake in Junglee Games in 2021 for $70 million.
In addition to the $556 million write-off, the company also lost a significant portion of the $200 million in revenue it had expected to generate from Junglee’s business in 2025.
Free-to-play versions of Junglee’s games remain available in India, and according to Jackson, Flutter still hopes to return to the market.
Jackson confirmed that the company is continuing to do “all the lobbying and legal challenges that you’d expect” and likened the situation to the US’ black friday in 2011, when the US Government seized the domains of many of the biggest online poker sites.
“It’s not that long ago that we saw black friday in America, and look where we are today. We’re going to maintain the Junglee product on a free-to-play basis, and we’ll see what happens,” he added.
The only operator to file a legal challenge against the ban so far has been Head Digital Works, the parent company of A23, which called the law a “product of state paternalism.”
In a filing to the High Court of Karnataka, reviewed by Reuters, A23 warned that the new law “criminalizes the legitimate business of skill-based online games and would result in the overnight closure of numerous gaming companies.”
Flutter’s exit from the Indian market came at a time when the industry was booming.
Before the prohibition, India’s gaming sector was valued at $3.7 billion and, according to the India Gaming Report 2025, was projected to reach $9.1 billion by 2029.
These figures clearly show India’s strong appetite for gaming. As Jackson previously warned, banning real-money games could push players toward unregulated operators.
If that happens, the Indian government may be forced to reconsider its decision.
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