Flutter has beat a hasty retreat from India, halting its operations in the world’s most populated nation after the sudden passage of legislation banning online gambling.
The Promotion and Regulation of Online Gaming Bill, which bans online gaming and prevents sponsorship, was passed by parliament and signed by the President on August 22 – just two days after first being introduced.
Flutter confirmed it had withdrawn its Junglee brand from the market, a move which will cost it upwards of US$200 million in revenue.
“I am extremely disappointed with the sudden changes to the regulatory landscape in India,” Flutter CEO Peter Jackson said.
“Over the last four years Junglee has invested significantly in its local market, building a workforce of over 1100 employees to deliver innovative skill-based gaming products to Indian customers. Central to this has been a strategy which prioritizes consumer protections and responsible gaming.”
“We believe this change will drive customers to the unregulated market, offering limited consumer protections and providing no contribution to the local economy. We believe in regulatory frameworks that put customers first and are evaluating options to restore skill-based games in the Indian market.”
