PokerBaazi lays off 200 employees amid real-money gaming ban
What's the story
Moonshine Technology-owned Baazi Games, which operates PokerBaazi and is an associate firm of Nazara Technologies, has laid off over 200 employees. The move accounts for nearly 45% of its workforce and comes in response to India's new law banning real-money online gaming on August 22. Founded in 2014 with PokerBaazi, Moonshine Technology later expanded into card games (CardBaazi) and sports trading (SportsBaazi). Now, due to changing laws, the company is considering a shift toward casual games.
Financial growth
Revenue surged to ₹414.9 crore in FY24
In FY24, Baazi's parent company Moonshine Technology witnessed a significant jump in revenue to ₹414.9 crore from ₹268 crore in FY23. PokerBaazi accounted for over 85% of this revenue. Notably, in September 2024, Nazara Technologies had announced a ₹982 crore investment in Moonshine Technology. This was Nazara's largest investment to date as a diversified gaming and sports media firm.
Industry impact
MPL also planning major downsizing
The new gaming law isn't just affecting Baazi Games. Mobile Premier League (MPL) is also said to be planning a major downsizing, with up to 80% of its India team at risk. The changes in regulations are having a widespread impact on employment across the online gaming industry.