India, Nov. 20 -- Nazara is recovering from one of the most bruising quarters in its history.

The Mumbai-based listed gaming major reported a loss of INR 34 Cr in the second quarter (Q2) of the financial year 2025-26 (FY26), after it wrote off nearly INR 1,200 Cr worth of investments in PokerBaazi and Freaks4U, thanks to the real-money gaming (RMG) ban in India and its sudden collapse in Europe due to the 'esports winter' in the region.

Nazara, which had a 47.7% stake in Moonshine Technology, the parent company of online poker platform PokerBaazi, had it coming when the Indian government dropped the bomb on the industry in the form of the Promotion and Regulation of Online Gaming Act, 2025, prohibiting all forms of online money games, r...