India, Jan. 13 -- 2025 has been nothing short of a judgement year for India's real-money gaming (RMG) industry. With sweeping regulatory changes coming into force, several startups, including gaming unicorns, were forced pause their core RMG operations, while others attempted hurried pivots.

What unfolded at WinZO, once hailed as the poster child of India's gaming startup ecosystem, proved far more unsettling.

After the Promotion and Regulation of Online Gaming Act (PROGA) imposed a de facto ban on RMG, WinZO announced a strategic pivot. The company said it was entering the US market to tap one of the world's most 'mature and lucrative gaming ecosystems', leveraging what it described as its 'plug-and-launch' distribution model.

Within ...