Gaming Companies in India Record Significant Writedowns Amid Real-Money Gaming Ban
TL;DR
Gaming firms in India reported major asset writedowns due to the real-money gaming ban, including Flutter's $556M impairment and Nazara's ₹914.7 crore loss. The ban caused transaction declines and increased losses for payment companies like Mobikwik.
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Gaming companies have reported significant writedowns on India-linked assets in Q3 earnings, citing the impact of India's real-money gaming ban. Flutter Entertainment booked a $556 million impairment, while Clairvest Group wrote off its investment in Head Digital Works. Nazara Technologies recorded a ₹914.7 crore impairment on its investment in Moonshine Technologies. Domestic companies Delta Corp and Paytm also saw impairments, with Delta Corp writing down the value of its investments to zero. The ban has led to a sharp decline in gaming transactions, with payment firms such as Mobikwik reporting an 8-fold increase in net loss.
