PokerBaazi’s parent company, Moonshine Technology, has suspended all real-money gaming operations following the passage of the Promotion and Regulation of Online Gaming Bill, 2025, in Parliament on Thursday.
Nazara Technologies, which holds a 46.07% stake in Moonshine, disclosed the development in a regulatory filing on Friday. The listed gaming and sports media company has invested about Rs 805 crore in Moonshine through equity (cash and stock) and also holds compulsory convertible shares worth Rs 255 crore.
Nazara said it is reviewing its position after the new law comes into effect. “As a matter of abundant caution and in due respect of the Government’s mandate, Moonshine Technologies Private Limited (‘Moonshine/PokerBaazi’), an associate company in which Nazara Technologies Limited (the ‘Company’) holds a 46.07% stake, has ceased offering real money online gaming operations,” the company stated.
The company’s shares have fallen 16.5% over the past five trading sessions, reflecting investor concerns over the regulatory move.
‘Darkest day for poker in India’
Navkiran Singh, Co-founder of Baazi Games, expressed disappointment over the sudden halt. “Still in shock,” Singh wrote in a note to users, calling the passage of the Bill “the darkest day in the history of poker in India.”
He assured players that pending rakebacks would be settled and wallets would remain accessible for withdrawals. Singh, who has been building Baazi Games for 12 years, maintained that the move was “a pause, not a goodbye,” expressing hope that the decision might be reconsidered.
Government cites addiction and financial harm
The Online Gaming Bill, 2025, passed by the Centre earlier this week, seeks to curb addiction, financial distress, and social harm attributed to real-money gaming platforms. According to the government, such platforms have caused loss of savings for families and rising cases of indebtedness among youth, with some instances leading to suicides.
“These platforms thrive on misleading promises of quick wealth,” the statement said, adding that the legislation was necessary to prevent further harm.
Nazara Technologies reiterated that it has no direct exposure to real-money gaming and operates in the broader gaming and e-sports segment. However, analysts expect the regulatory action to weigh on investor sentiment, given its significant stake in Moonshine.