Nazara-backed PokerBaazi has officially suspended its real-money gaming operations in India following the recent passage of the Promotion and Regulation of Online Gaming Bill, 2025.
In a stock exchange filing, Nazara Technologies confirmed that its associate company Moonshine Technologies, which operates PokerBaazi, has “ceased offering real money online gaming” in compliance with the new law. The company stated it will review the situation once the Bill is formally enacted.
Impact on Nazara Technologies
Nazara Technologies, which owns a 46.07% stake in Moonshine, clarified that it does not consolidate Moonshine’s revenues and has no direct exposure to real-money gaming. However, the suspension has raised investor concerns, as analysts warn that Moonshine’s valuation could potentially drop to zero. This uncertainty has already triggered a 20% plunge in Nazara’s stock price this week.
Part of a Larger Industry Shake-Up
PokerBaazi is not alone. Several leading real-money gaming platforms—including MPL, Dream11, Zupee, My11Circle, Gameskraft, and Probo—have either shut down or paused their operations since the Bill’s passage on August 21.
The new legislation places a blanket ban on all online games involving monetary stakes. Violators face severe penalties, including up to three years of imprisonment and fines of up to ₹1 crore.
Industry Fallout
India’s online gaming industry—home to more than 400 companies and 2 lakh jobs—has expressed deep concern over the move. Industry leaders warn that the ban could trigger mass layoffs and drive users towards illegal offshore gaming platforms, creating additional risks.
To adapt, many firms are now exploring esports, free-to-play games, and international markets as survival strategies.
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