Flutter Takes $556 Million Hit After India Gaming Ban

Flutter Entertainment took a $556M impairment on Junglee Games after India banned deposit-based real-money gaming, forcing Junglee Rummy and Howzat to shut their paid models and shift their 150M users to free-to-play.

The ban forced an immediate collapse of Junglee’s core model, pushing Flutter to reassess its long-term position in one of its key growth markets. The company said it was disappointed by the speed of the regulatory change and is monitoring legal avenues, while keeping the platforms active without monetization.

Financial Impact on Flutter’s India Operations

Flutter CEO Peter Jackson called the sudden shift “extremely disappointing,” noting that Junglee products will remain available on a free-to-play basis as the company evaluates policy outcomes. Flutter had invested $237M into Junglee after acquiring 50.1% in 2021 and later increasing its stake to 95%.

The impairment includes $517M in goodwill, $32M in acquired and developed intangibles, and $7M in long-lived assets. The write-down exceeded Flutter’s initial outlay due to goodwill reallocation during its early-2025 US GAAP restructuring.

The charge contributed to a Q3 2025 net loss of $789M, compared with a $114M loss a year earlier. Quarterly revenue still rose 17% to $3.79B, reflecting growth in other regions. India’s regulatory changes continue to affect domestic companies as well, with Nazara recently reporting a ₹914.7 crore ($102M) impairment on Moonshine Technologies.

The developments highlight mounting uncertainty for global real-money firms in India, as operators wait to see whether skill-based gaming may return under future rules.