Junglee Games parent Flutter records $556m impairment over real-money gaming ban in India

• Junglee Rummy and Howzat lose their 150m-user real-money model.
• Flutter CEO criticises the speed of India’s regulatory changes.
• Flutter’s total investment in Junglee reached $237m before the hit.
• Impairment includes $517m in goodwill and other long-lived assets.

Betting firm Flutter Entertainment has recorded a $556 million impairment on subsidiary Junglee Games after the company ceased real-money gaming operations in India.

As reported by Money Control, the move comes after the government's recent law banning all online real-money games involving deposits made with the expectation of winning returns.

Junglee Games runs Junglee Rummy and the fantasy platform Howzat, which together have around 150m users. 

The developer will now shift to offering only free-to-play content while it evaluates its medium-term options in the market.

Regulatory frustration 

During an earnings call, Flutter’s CEO said the company was frustrated by how quickly the new bill became law and hopes for clearer rules in the future that might allow some skill-based games to return.

"The sudden regulatory change in India was extremely disappointing," said Flutter Entertainment CEO Peter Jackson in a letter to shareholders. “Flutter has invested significantly in India over the last number of years, responsibly delivering innovative skill-based games to Indian customers."

He added: "We're going to maintain the Junglee products on a free-to-play basis, and we'll see what happens. We're doing all the lobbying and legal sort of challenges that you'd expect us to."

Flutter bought 50.1% of Junglee Games for $67m in 2021 and later raised its stake to 95%, bringing its total investment to $237m. The impairment charge covers $517m in goodwill, $32m in acquired and developed intangibles, and $7m in other long-lived assets. 

The total write-down exceeds what Flutter originally paid because goodwill was reallocated during the company’s early-2025 restructuring under US GAAP.

The impairment pushed Flutter to a net loss of $789m in Q3 2025, up from a $114m loss a year earlier, though quarterly revenue still rose 17% to $3.79 billion.

Elsewhere, Nazara also recorded a one-time impairment of Rs 914.7 ($102m) on its investment in Moonshine Technologies earlier this month. The charge led to a quarterly loss of Rs 33.9 ($3.8m), the company’s first loss since its 2021 IPO.