New Delhi, Aug. 25 -- At least five parties are planning to file an appeal against the law that completely banned the multi-billion-dollar industry last week, seeking recourse by citing Article 19 of the Constitution at the Karnataka High Court, three people aware of the matter told Mint.

The online money gaming industry, which generated nearly $3 billion in revenue until the last fiscal, is hoping for a partial strike-down of the law that has already received the President's assent-and only waits for a formal Gazette notification to be brought into effect. Key grounds in its arguments include the constitutionality of the law, as well as parity with real-world equivalent offerings.

Gameskraft Technologies is one of the five companies as...