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RMG ban sparks massive impairments as gaming majors erase India bets
Gaming companies have reported sizeable write-downs on their India-linked assets for the September quarter, underscoring the sharp impact of India's real-money gaming (RMG) ban on corporate earnings.
Although the RMG ban has been in effect since August, the latest earnings cycle marks the first significant balance sheet impact beyond the immediate shutdown of cash gaming operations.
US-headquartered Flutter Entertainment booked an impairment of $556 million this quarter after its India unit, Junglee Games, halted money-based rummy operations.
Canada-based private equity firm Clairvest Group wrote off its investment in Head Digital Works, the operator of A23 Rummy. “During the second quarter of FY26, Head Digital Works experienced a material adverse regulatory development resulting from the Government of India enacting a law which bans real-money gaming and any associated facilitations,” Clairvest said in a quarterly earnings disclosure. “This development has made it illegal for Head Digital to conduct its business.”
Among domestic companies, Nazara Technologies recorded an impairment of Rs 914.7 crore on its investment in Moonshine Technologies, the parent entity of PokerBaazi.
ETtech
“During the quarter, new regulations in the real-money gaming space prompted Nazara to record an impairment on its investment in Moonshine... based on fair valuation as per accounting standards,” Nitish Mittersain, chief executive of Nazara, said on its earnings call.
Ancillary dents
Similarly, Delta Corp wrote down the value of its investments in Deltatech Gaming, Head Digital Works and OpenPlay Technologies to zero. The move resulted in a fair value reduction of Rs 378.3 crore as the affected businesses halted revenue-generating operations.
Fintech firm Paytm saw its net profit plunge 98% after booking an impairment of Rs 190 crore on a loan extended to its joint venture First Games Technology.
More companies with exposure to poker, rummy and fantasy sports are expected to report similar impairments over the next two quarters, particularly those that raised capital at peak valuations during 2020-22.
Payment firms that previously benefited from gaming transactions are also facing pressure. Gurgaon-based Mobikwik reported an eightfold increase in net loss to Rs 28.6 crore for the September quarter, alongside a 7% year-on-year decline in operating revenue to Rs 270.2 crore.
Also Read: Real-money gaming ban may hit payment, regtech businesses hard
A senior executive at a payments firm said the decline in payment flows due to the RMG ban is temporary and that firms can recover even if volumes fall 10–15% month-on-month. However, smaller payment aggregators which had high exposure to gaming could continue to see a meaningful impact on profitability, the person said.
Meanwhile, several gaming firms have exited India or scaled down operations. Hike shut down its RMG app Rush, WinZo exited the RMG segment locally and expanded into the US, and MPL halted all cash gaming in India, with founder Sai Srinivas telling employees that 50% of group revenue vanished overnight due to the new law.
Unified Payments Interface (UPI) transactions under the gaming category fell to 270 million in August, from 351 million in July, after the ban came into effect, according to data from the National Payments Corporation of India. The corporation did not disclose category contributions for September and October.
Also Read: Smaller gaming companies keep dice rolling as bigger players panic
Source: EconomicTimes
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