Mobile Premier League to cut staff by 60% after India bans paid gaming
Indian online gaming platform Mobile Premier League will terminate around 60% of its employees due to India’s newly introduced ban on paid games, according to Reuters.
Mobile Premier League, which Pitchbook valued at US$2.3 billion in 2021, will lay off roughly 300 of its 500 staff based in India, a company source told the news agency.
The workforce cuts will affect the marketing, finance, engineering, operations, and legal departments.
The government of Prime Minister Narendra Modi introduced the law on paid online gaming last month to mitigate addiction and financial risks, particularly among young people.
The government said that online paid games such as fantasy cricket, rummy, and poker made people vulnerable to these risks.
In an internal email, Mobile Premier League Chief Executive Sai Srinivas said, “With a heavy heart, we have decided that we will be downsizing our India Team significantly. We are committed to providing those impacted with every possible support during this transition period… India accounted for 50% of M-League’s revenues, and this change would mean that we would no longer be making any revenue from India in the near future.”
Following the ban, fantasy sports operator Dream11 said its revenues dropped by 95% overnight, while gaming platform A23 has filed the first legal challenge against the ban last week.
Dig deeper
Charlotte Capewell brings her passion for storytelling and expertise in writing, researching, and the gambling industry to every article she writes. Her specialties include the US gambling industry, regulator legislation, igaming, and more.
Verticals:
Sectors:
Topics:
