Nazara-owned PokerBaazi won't let you play real-money games anymore
What's the story
The associate company of Nazara Technologies, Moonshine Technologies, has halted real-money online gaming operations on its PokerBaazi platform. The decision comes in light of the recent passage of the Promotion and Regulation of Online Gaming Bill, 2025 by the Parliament. To note, Nazara holds a 46.07% stake in Moonshine and said it will assess its future plans.
Market impact
Nazara shares plummet over 20% this week
The suspension of operations by Moonshine Technologies has raised concerns among investors, with brokerages warning that its valuation could drop to zero. Nazara Technologies's shares have plummeted over 20% this week due to fears of a wider fallout from the new gaming bill. The legislation imposes a blanket ban on online games involving monetary stakes, with penalties of up to three years in prison and fines of ₹1 crore for violators.
Industry response
Gaming industry warns of mass layoffs
The gaming industry, which employs over two lakh people and has more than 400 companies, has warned that the ban could lead to mass layoffs and drive users toward illegal offshore platforms. Many firms are now trying to survive by switching to free games, e-sports, as well as expanding overseas.
CEO's statement
Nazara may have to write down investment in PokerBaazi
The CEO of Nazara Technologies, Nitish Mittersain, told Bloomberg that the company's $122 million investment in PokerBaazi may have to be written down or provisioned for now. He said, "We wish to inform that, as a matter of abundant caution and in due respect of the Government's mandate, Moonshine Technologies Private Limited has ceased offering real money online gaming operations."