New Delhi, Sept. 18 -- Online gaming firm Gameskraft announced on Thursday that it is laying off 120 employees as it grapples with the fallout from the recently passed Online Gaming Bill, 2025.

"The current regulatory landscape has made us completely stop our business and has left us with no choice but to initiate a company-wide restructuring," Gameskraft said in a statement.

The Promotion and Regulation of Online Gaming Bill - which President Murmu gave assent to, in August - prohibits all online money-gaming platforms, with facilitators facing up to three years in jail and fines of up to Rs.1 crore. Even promoting these platforms through advertisements can lead to two years' imprisonment and penalties of up to Rs.50 lakh.

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