Dublin-based online betting company Flutter said it has shut down its money-based online games in India following a legal change last week that banned such offerings.

Chief executive Peter Jackson said he was “extremely disappointed” at the law, passed by India’s parliament last Thursday.

The law bans online games played with money, regardless of whether they are based on skill or chance, threatening the future of the popular online fantasy gaming sector.

Real-money gaming

Domestic real-money gaming companies including Dream Sports, Gameskraft, Mobile Premier League and Zupee also said they had begun suspending games involving real money on their platforms.

Zupee, which focuses on board games, said it has suspended all paid games on the platform but other than that remains “fully operational” with games such as Ludo and Snakes & Ladders.

The government pushed the bill forward, saying online money-based gaming has led to addiction, financial loss and crime.

Flutter said it halted real-money gaming operations by its Junglee subsidiary. Jackson said the company has invested significantly in Junglee over the past four years and that it employs 1,100 people.

“Central to this has been a strategy which prioritises consumer protections and responsible gaming,” Jackson said.

Popular sector

Flutter said in a statement that its Indian operations had been expected to contribute about $200 million (£150m) in earnings on an Adjusted EBITDA basis this year, with about 50 percent of that delivered in the second half of the year, but it did not present updated expectations.

Flutter, one of the world’s largest sports and online casino businesses, said it is evaluating its options with regard to restoring its business in India.

Jackson said the company believes the law will drive customers to the unregulated market with “limited consumer protections” and no contribution to the local economy.