Fluzter stops real junglee operations in India -

Flutter Entertainment confirmed that he would close Junglee’s game operations in India following legislative changes in the country.

The Parliament of India has voted to adopt the promotion and regulation of the online games bill, which means that money games, including skill games, have been prohibited.

Flutter CEO Peter Jackson said that he was “extremely disappointed” by development, while the online games of coincidence criticized the “exceptionally short time” of the bill presented in the presidential consent two days later.

Overall, the update represents a threat to the wider fantastic game sector, the government of Prime Minister Narendra Modi taking measures due to the risk of financial loss for users.

Flutter detailed that Junglee had stopped its real activity, with more than 1,100 workers employed by the subsidiary.

The parent company of Paddy Power and Betfair announced a series of job cuts in the United Kingdom in June, and there will be concerns of the impact of the new law in India on Junglee.

The change of law in India will conduct users to the black market, explains Flutter Chief

Flutter added that its Indian operations had to record around $ 200 million in revenues and $ 50 million in profits on the EBITDA adjusted this year, but no final forecast was provided after the Junglee update.

The CEO of Jackson said: “I am extremely disappointed with sudden changes in the regulatory landscape in India.

“In the past four years, Junglee has invested considerably in its local market, creating a workforce of more than 1,100 employees to offer innovative play products based on skills to Indian customers. Center for this was a strategy that favors consumer protections and responsible games.

He continued: “We believe that this change will lead to customers to the unregulated market, offering protections limited to consumers and providing no contribution to the local economy. We believe in regulatory executives who put customers first, and evaluate the options to restore games based on skills on the Indian market. ”

As part of this, Flutter has promised to consult other parties to strengthen support to return the 70-year constitutional protections for skills-based games, but this seems unlikely without a U-turn of the Modi administration.

Image credit: Flutter Entertainment / Canva

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