Shares of Nazara Technologies Ltd slipped 4.91 per cent to close at Rs 1,146 on Friday after its associate company, Moonshine Technologies Private Limited which operates PokerBaazi and other card-based gaming platforms announced it has ceased offering real-money online gaming. Nazara holds a 46.07 per cent stake in Moonshine.
The move follows the recent passage of the Online Gaming Bill, 2025 in Parliament, which brings tighter regulations and penalties for certain formats of online gambling.
In a stock exchange filing, the company said, “We wish to inform that, as a matter of abundant caution and in due respect of the Government’s mandate, Moonshine Technologies Private Limited (‘Moonshine/Pokerbaazi’), an associate company in which Nazara Technologies Limited holds a 46.07 per cent stake, has ceased offering real money online gaming operations.”
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Reportedly Moonshine’s revenue isn’t included in its financial statements, so it does not affect Nazara’s revenue or EBITDA.
PokerBaazi, backed by marquee investors like Nikhil Kamath and Madhusudan Kela, and previously Rekha Jhunjhunwala, was one of India’s prominent real-money gaming platforms.
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Big blow to India’s $3.8 billion industry
The Online Gaming Bill, 2025, which passed the Rajya Sabha on Thursday, bans real-money fantasy contests, poker, rummy, and other pay-to-play platforms. It also prohibits advertisements and financial transactions linked to such games, citing addiction, psychological distress, and financial risks.
Popular apps like Dream11, Mobile Premier League (MPL), My11Circle, RummyCircle, Junglee Games, WinZO, Howzat, SG11 Fantasy, GamesKraft (RummyCulture), and PokerBaazi are expected to be directly affected.
According to analysts, nearly 200,000 jobs could be at risk, along with Rs 25,000 crore in foreign investment and Rs 20,000 crore in tax revenue. Experts also warn that restrictions may push around 45 crore Indian users toward illegal offshore gaming platforms.
Also Read:Online Gaming Bill is coming! Dream11 ‘pauses’ pay-to-play contests, tells users their balance is safe & available for withdrawal
Centre’s focus on player safety
Defending the move, Union IT and Railways Minister Ashwini Vaishnaw said the legislation aims to protect families and youth while encouraging safe segments such as e-sports and casual online games. “Online money games are prohibited. Youth and children addicted, families ruined. Massive frauds, credit card debt, even suicides,” he said, adding that the government chose household safety over revenue.
The bill categorises online gaming into three segments: e-sports, online social games, and money-based gaming. While e-sports will get formal recognition and government support, money-based games have been banned. The legislation also proposes a central authority to ensure regulation, enforce compliance, and support innovation in non-monetary online gaming.
With both Houses of Parliament having passed the bill, it will now go to the President for assent before becoming law.
(With inputs from agencies)
