British gaming giant Flutter Entertainment says it expects to forfeit around US$100 million in revenue and US$25 million in Adjusted EBITDA after stopping its real-money gaming operations in India following the sudden passage of the Promotion and Regulation of Online Gaming Bill last week.
In a statement, Flutter confirmed it had withdrawn its Junglee brand from the market after the bill was passed by parliament and signed by the President on 22 August – just two days after first being introduced.
However, the company said it is also “actively evaluating its options to encourage the restoration of the 70-year-old constitutional protection afforded to skill-based games, while simultaneously working quickly to adapt operations to the changed regulatory landscape and continuing to promote the benefits of fully regulated products.”
Junglee was, it explained, expected to contribute approximately US$200 million in revenue and US$50 million in Adjusted EBITDA in 2025, with around half of the profits to be delivered in the second half of the year.
Passage of the bill took place without any consultation process with industry stakeholders to consider the significant adverse consequences of the action, Flutter added.
“I am extremely disappointed with the sudden changes to the regulatory landscape in India,” said Flutter CEO Peter Jackson.
“Over the last four years Junglee has invested significantly in its local market, building a workforce of over 1,100 employees to deliver innovative skill-based gaming products to Indian customers. Central to this has been a strategy which prioritizes consumer protections and responsible gaming.
“We believe this change will drive customers to the unregulated market, offering limited consumer protections and providing no contribution to the local economy. We believe in regulatory frameworks that put customers first and are evaluating options to restore skill-based games in the Indian market.”
