Flutter takes $556 million hit after India bans real-money gaming
Flutter Entertainment, the company behind Junglee Games, just took a $556 million loss after India suddenly banned real-money gaming—impacting popular apps like Junglee Rummy and Howzat.
Flutter's CEO Peter Jackson shared his frustration, expressing a wish for more clarity on what counts as a skill-based game in India.
This unexpected move pushed Flutter's Q3 2025 net loss to $789 million (way up from last year), even though overall revenue still grew by 17% quarter-on-quarter (QoQ).
Flutter's impairment charge covers both goodwill write-downs and asset restructuring
Junglee Games is now shifting gears to focus on free-to-play games and rethink its strategy in India.
For context, Flutter started investing in Junglee back in 2021 and eventually upped its stake to 95%, spending $237 million in total.
The impairment charge covers both goodwill write-downs and asset restructuring under US accounting rules.