Nazara-backed PokerBaazi suspends real-money gaming operations after new law

Nazara Technologies’ associate company Moonshine Technologies, which operates the poker platform PokerBaazi, has suspended its real-money gaming operations after the Parliament cleared the Promotion and Regulation of Online Gaming Bill, 2025.

In a stock exchange filing on Friday, Nazara said Moonshine has “ceased offering real money online gaming operations” as a matter of abundant caution and in respect of the government’s mandate. The company added that it will evaluate the future course of action after the Bill is formally enacted.

Nazara holds a 46.07% stake in Moonshine. While the listed gaming firm has repeatedly clarified that it does not consolidate Moonshine’s numbers and has no revenue exposure to real-money gaming, the move effectively wipes out the value of its investment in PokerBaazi if the ban sustains. 

Brokerages have already warned that Moonshine’s valuation could drop to zero, raising concerns among investors. Nazara’s shares have plunged over 20% this week on fears of a wider fallout.

With this, Moonshine joins a growing list of real-money gaming companies, including MPL, Dream11, Zupee, My11Circle, Gameskraft, and Probo, that have shut down or suspended operations since the Bill’s passage on August 21. The legislation imposes a blanket ban on online games involving monetary stakes, with penalties of up to three years in prison and fines of Rs 1 crore for violators.

The industry, with over 400 companies and 2 lakh jobs, has warned that the ban could lead to mass layoffs and push users toward illegal offshore platforms. Many firms are now trying to survive by shifting to free games, esports, or expanding overseas.