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Investing.com -- Flutter has closed its real-money online games in India following a law change, with CEO Peter Jackson expressing extreme disappointment about the situation, according to Reuters.
The online betting company halted operations of its Junglee subsidiary after India’s parliament passed a bill on Thursday banning online games played with money. The government cited high risk of financial harm as the reason for the new legislation.
Junglee employs over 1,100 workers in India. Flutter had expected its Indian operations to generate approximately $200 million in revenue and $50 million in earnings on an Adjusted EBITDA basis in 2025, but did not provide 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.
The new law threatens the survival of India’s popular fantasy gaming sector, which has been growing rapidly in recent years.
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