The Bill, which moves next to the Rajya Sabha, imposes a complete ban on real money games based on skill, chance or both. Such games cannot be offered, advertised or promoted, and banks will be barred from processing related payments. Offenders could face up to three years’ imprisonment and fines of Rs 1 crore, with harsher penalties for repeat violations.

In a clarification on Wednesday (20 August 2025), Nazara said it has no direct exposure to the real money gaming (RMG) segment, with RMG contributing nil to revenue and EBITDA in Q1 FY26. Its only indirect exposure is a 46.07% stake in Moonshine Technologies, operator of PokerBaazi, which is not consolidated in Nazara's financial statements. The company said Moonshine's contribution to Q1 profit after tax was negative, and it does not expect any material financial impact from the Bill.

Nazara has invested Rs 805 crore in Moonshine through cash and stock, along with Rs 255 crore in compulsory convertible shares, but reiterated that this stake does not affect its reported results.

Nazara is India’s only publicly listed gaming company with businesses spanning Kiddopia, Animal Jam, World Cricket Championship, Sportskeeda, Curve Games, Fusebox Games, Funky Monkeys, Smaash Entertainment and ad-tech unit Datawrkz. With operations across India, North America and other markets, it is building a global gaming platform with strong IP and publishing capabilities.

On a consolidated basis, Nazara Technologies posted a sharp growth in Q1FY26 with revenues of Rs 498.8 crore (+99% YoY) and EBITDA of Rs 47.4 crore (+90% YoY). The core gaming business achieved a 24.4% EBITDA margin, reflecting strong execution of its IP-led gaming strategy. PAT in Q1FY26 was Rs 51.3 crore, marking a 118% YoY increase and underlining the company’s continued ability to generate sustainable profits even as it invests for growth.