Flutter Could Lose $100 Million as It Prepares India Exit
Flutter Entertainment announced that it expects to lose approximately $100 million in revenue and $25 million in Adjusted EBITDA after halting its real-money gaming operations in India. The decision follows the sudden passage of the Promotion and Regulation of Online Gaming Bill, which was introduced and approved by parliament before being signed into law by the President on August 22.
LISTEN TO THIS ARTICLE:The company confirmed that it has withdrawn its Junglee brand from the Indian market in response to the new legislation. Junglee had been a major driver of Flutter's operations in India, and the withdrawal represents a significant step back in what had been one of the group's key growth regions.
Related: Indian Online Betting Companies Shut Down Amid New BanFlutter said it is actively assessing potential legal and regulatory pathways that may help restore the constitutional protections skill-based games in India have traditionally enjoyed. The company added that it is also working quickly to adapt its operations to the new regulatory conditions while continuing to advocate for the benefits of a fully regulated online gaming framework.
Prior to the passage of the bill, Junglee had been projected to contribute around $200 million in revenue and $50 million in Adjusted EBITDA in 2025. Nearly half of these profits were expected to be realized in the second half of the year, underscoring the significant impact of the withdrawal on Flutter's future earnings expectations.
The operator expressed concern about the manner in which the bill was introduced and passed. According to Flutter, there was no consultation with industry stakeholders regarding the potential negative consequences of the legislation. The company highlighted that the abrupt regulatory change disrupted years of investment and planning for its Indian operations.
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A Major Setback for Operators
Flutter CEO Peter Jackson said the abrupt changes in India's regulatory environment represent a major setback. He noted that over the past four years, Junglee invested heavily in the local market, building a team of more than 1,100 employees. The workforce had been focused on developing skill-based gaming products tailored for Indian consumers, with a strong emphasis on consumer protection and responsible gaming standards.
Jackson added that the company believes the new restrictions will likely push players toward unregulated markets, where consumer protections are limited and there is no contribution to the domestic economy. He emphasized that Flutter supports regulatory frameworks that prioritize customer safety and create economic benefits through formal licensing and oversight.
The Indian market had been considered one of the fastest-growing opportunities for regulated online gaming, particularly in the skill-based segment. With the implementation of the new law, operators such as Flutter face a difficult landscape that eliminates a significant portion of their customer base while placing further emphasis on compliance with domestic rules.
Despite the setback, Flutter stated it will continue to evaluate its options to restore access to skill-based games and advocate for consumer-focused regulation in India.
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