₹17,000 crore ad spend at stake: How deep will the real money gaming ban hit the economy?

India's proposed Online Gaming Bill, 2025, which seeks to prohibit all forms of real-money online gaming, has successfully passed through the Lok Sabha and is now set for discussion in the Rajya Sabha. While the legislation has yet to be enacted, gaming platforms are already preparing for its potential consequences. Introduced by Union Minister Ashwini Vaishnaw, the bill implements a sweeping ban on all monetary-based online games, including popular options such as fantasy sports, poker, and rummy. The legislation draws a clear distinction between financial gaming, categorized as 'harmful,' and eSports along with social gaming, which will continue to receive governmental support. Real-Money Gaming (RMG) is defined as the practice of wagering or betting money on competitive events, where one party can win a prize that exceeds their initial stake. This bill encompasses various critical elements, detailing what is permitted and what is prohibited. Analysts predict that the repercussions of this ban will be profound, significantly affecting the top ten gaming companies in India. With the RMG sector generating over 1.5 million direct and indirect jobs and attracting investments exceeding $2.5 billion in recent years, the potential fallout could ripple through India's digital economy. Notably, RMG advertisements account for over ₹17,000 crore in annual spending. Experts caution that the abrupt loss of this revenue could lead to detrimental effects on the digital media landscape, advertising sectors, and employment opportunities across the industry.