According to the company, the loss was largely due to a $556 million non-cash impairment tied to its forced withdrawal from India’s real-money gaming market.

In the Asia-Pacific region, Flutter’s revenue dropped 12% to $363 million. iGaming revenue declined 35%, while sports betting fell 9%, reflecting both the India shutdown and softer sports results in Australia.

India’s sweeping Promotion and Regulation of Online Gaming Act, enacted in August 2025, effectively banned online real-money games including fantasy sports and card-based platforms. After the law took effect, Flutter and its Junglee brand ceased all operations in India. Operators now face up to three years in prison or significant financial penalties for offering or facilitating online wagering, including through advertising or payment services.

India’s online gaming market reached $3.8 billion in 2024 — up 23% year-on-year — despite a 28% tax on online games. While smaller than Europe’s ~$15 billion or the U.S.’s ~$13–14 billion markets, India remains one of Asia’s fastest-growing and a major driver of regional iGaming expansion.

Why It Matters

Flutter’s losses highlight how sudden regulatory shifts in emerging markets can rapidly erode enterprise value — a clear warning sign for online gaming and crypto-gaming companies operating in volatile jurisdictions.