By BetterPokerNews Editorial Team | October 16, 2025
In what could be the biggest financial blow to India’s real-money gaming sector yet, Delta Corp Ltd, the country’s largest listed casino and gaming company, has reported a massive write-off of nearly ₹460 crore following the enactment of the Promotion and Regulation of Online Gaming Act (PROGA) 2025. The new law, which bans all online games involving real-money stakes, has effectively erased the value of Delta’s investments in the online poker, rummy, and fantasy gaming space.
Further read Breaking the Game: The Devastating Impact of India’s 2025 Online Gaming Ban
A Landmark Law Reshapes India’s Online Gaming Industry
The Online Gaming Act 2025, passed by Parliament and signed into law on August 22, prohibits all online games that involve wagering or real-money stakes — a sweeping measure that has paralyzed the once-booming real money gaming industry.
For years, India’s digital gaming ecosystem had thrived, driven by poker, rummy, and fantasy platforms such as Adda52, Dream11, Games24x7, MPL, and Zupee. These companies together represented an estimated ₹1.8 lakh crore annual market. Now, with the new restrictions in force, most have ceased operations or suspended their real-money verticals.
Delta Corp’s Financial Shock: A ₹460 Crore Write-Down
Delta Corp’s financial results for the quarter and half-year ended September 30, 2025, revealed the staggering impact. The company reported:
- ₹378.34 crore write-down on a standalone basis.
- ₹459.52 crore total loss on a consolidated level.
The company’s financial note read:
“The enactment of the Online Gaming Act has resulted in a complete cessation of revenue from these entities, leading to a full reduction in their fair value.”
Delta’s auditors, Walker Chandiok & Co LLP, highlighted the event in their review report, confirming that while the accounting treatment was correct, the markdown represented a “significant non-cash erosion” of the company’s net worth.
Adda52’s Exit: From Gain to Zero Value
Delta Corp had earlier diversified into the online gaming segment through Deltatech Gaming Ltd, known to most poker players as Adda52 — once India’s largest online poker platform.
In early 2025, Delta sold 51% of its stake in Deltatech, recording a one-time gain of ₹130.49 crore. However, the remaining 49% holding has now been completely written down to zero under the new regulatory framework.
This move effectively signals Delta Corp’s exit from the online gaming market, ending its decade-long presence in India’s poker and rummy ecosystem.
Core Casino Operations Remain Stable — For Now
While the digital arm faces collapse, Delta Corp’s core casino and hospitality businesses in Goa and Sikkim remain operational.
The company reported ₹122.74 crore in gaming revenue for the September quarter — down from ₹136.06 crore a year earlier.
However, the heavy write-offs dragged the company into a consolidated loss of ₹396.15 crore for the quarter, despite operational profitability.
Its EBITDA margins also slipped sharply from 26.7% to 21.7%, mainly due to the 40% GST applied to casino chip sales, a tax that is expected to further dent earnings in upcoming quarters.
Regulatory Woes Continue: ₹28,000 Crore GST Dispute
As if the online gaming loss wasn’t enough, Delta Corp remains under scrutiny for alleged short payment of Goods and Services Tax (GST) amounting to over ₹28,000 crore across group entities.
The company has called the retrospective tax claim “confiscatory” and challenged it before the Supreme Court of India, which has reserved its judgment.
Even with this legal uncertainty, Delta has not recognized any deferred tax assets from its investment write-offs, citing “uncertainty of future capital gains” to offset these losses.
Broader Impact on India’s Poker and RMG Industry
The enactment of PROGA 2025 has sent shockwaves across the online poker India and real money gaming sectors.
Within 60 days of the law passing, the industry reportedly lost:
- ₹7,440 crore in player deposits,
- ₹2,082 crore in government tax revenue, and
- 6,500+ jobs due to sudden shutdowns.
While major platforms like Adda52, MPL, and Gameskraft have ceased operations, illegal and offshore apps such as Stake and Jumbo Fantasy reportedly continue to operate on platforms like Apple’s App Store, raising questions about enforcement.
Industry Outlook: “A Policy Earthquake”
Analysts describe the Online Gaming Act as a “policy earthquake” that has reshaped India’s gaming economy overnight.
A senior gaming policy expert told BetterPokerNews:
“This is not a correction — it’s a collapse. Delta’s losses are symbolic of the wider destruction in investor confidence. The poker and fantasy sectors may never fully recover without a structured licensing system.”
Meanwhile, many operators are considering relocation to international jurisdictions such as the Philippines, Malta, or Curacao — all of which have established licensing regimes for online poker and casino gaming.
What Lies Ahead for Delta Corp?
Delta’s immediate survival rests on its Goa and Sikkim casinos, hospitality ventures, and potential expansion into international gaming markets.
While the company’s total income for the quarter remained flat at ₹183 crore, the recurring regulatory shocks — from GST to PROGA — have tested investor patience.
In the stock market, Delta’s share price has seen a 35% annual decline, mirroring investor concerns about the long-term sustainability of gaming operations in India’s changing regulatory climate.
Conclusion: A Turning Point for India’s Gaming Landscape
Delta Corp’s ₹460 crore write-down marks the end of an era for India’s real-money online gaming industry. The Promotion and Regulation of Online Gaming Act, 2025, has not only halted revenue streams but also triggered a domino effect that may take years to stabilize.
As of now, India’s poker players, developers, and investors find themselves in limbo — waiting for clarity, hoping for reform, and witnessing the unraveling of a once-thriving digital gaming economy.
FAQ
Q1: What caused Delta Corp’s ₹460 crore write-down?
The Promotion and Regulation of Online Gaming Act, 2025, banned all real-money gaming activities, forcing Delta to mark its online investments, including Adda52, down to zero.
Q2: Is Delta Corp still operating casinos?
Yes. Its physical casinos in Goa and Sikkim continue to function and remain unaffected by the new law.
Q3: What is Delta’s legal dispute with the government?
The company is contesting a ₹28,000 crore GST demand for alleged tax shortfalls between 2017 and 2022, currently pending before the Supreme Court.
Q4: What does the Online Gaming Act ban cover?
It bans all online games involving real-money stakes — including poker, rummy, and fantasy contests — effectively ending India’s regulated RMG ecosystem.
Sources
- Storyboard18 – Delta Corp Q2 Report, Oct 15, 2025
- ScanX News – Delta Corp Financial Update, Oct 15, 2025
- [BetterPokerNews Research Desk Analysis]
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