India's new Online Gaming Bill, which bans real money gaming (RMG), advertising of such platforms and related financial transactions, will come into effect from October 1, 2025. The law also introduces strict penalties, including imprisonment of up to three years or a fine of up to Rs 3 crore, with the government citing risks such as money laundering and terror financing as the main reasons.

The legislation officially ends India's RMG ecosystem, which was once worth $4.3 billion, attracted over $3 billion in investments and employed around 2 lakh people. With the ban, most gaming platforms have shut down their RMG services, paving the way for a major shift in the industry.

To cope with the ban, leading companies are turning to new business models. Dream11 has moved into investment technology with Dream Money, while the likes of Winzo and Soupy are focusing on short-form video content. Meanwhile, several firms including Gamescraft, MPL, and PokerBassie have been forced to cut jobs as they look for survival strategies.