India, Dec. 8 -- One could say that 2025 marked the final act of the real money gaming saga with a bitter ending for startups. The RMG story started turning sour in 2023, when the first online gaming rules were introduced and later the clarification on 28% GST on real money gaming proceeds served to kill any momentum that was seen by gaming giants.

After two years of legal challenges and debate, the ban on real money gaming in 2025 was ultimate and final. It triggered the collapse of giants such as Dream11, WinZO, Hike, MPL, Gameskraft, Games24x7, and Nazara-backed Pokerbaazi, among others.

The abrupt ban, which came into effect in October 2025, set off widespread layoffs and the shutdowns of numerous startups. Despite pivoting, the lar...