Gaming Ban: Will esports giants like JetSynthesys take the lead?

India’s sweeping Promotion and Regulation of Online Gaming Act has taken away the legal shield that kept real money gaming as well as fantasty sports afloat. By outlawing all money-in, money-out formats, the law effectively wipes out nearly 86% of the industry’s revenue base overnight. Yet what looks like an existential blow for fantasy gaming could be a launchpad for others with esports and casual gaming, untouched by the crackdown and openly backed by policymakers. These platforms are now positioned to take center stage in India’s $3.8 billion gaming economy.

JetSynthesys: The biggest gainer?

One of the most strategically placed players in this transition is JetSynthesys, led by Rajan Navani. The Pune-headquartered company has built a portfolio spanning gaming, digital entertainment, and esports, and holds stakes in some of the biggest global and domestic players.

JetSynthesys has partnered with Krafton (maker of BGMI), NordVPN, and several indie studios, while also incubating esports and gaming IPs at home. It operates across segments from casual and midcore titles to competitive esports platforms positioning itself as a bridge between global investors and India’s massive gamer base.

Navani who also sits on the board of the newly established Industry of Creative Technologies (IICT), a public–private body aimed at scaling India’s gaming, AVGC and esports ecosystem, sees the new law as a turning point for India’s gaming ecosystem.

“The bill has clearly separated real-money gaming from casual video gaming and esports. For companies like us, this is a big boost. The government is saying it will promote esports, and that will accelerate growth in jobs, studios, and global investment.”

“India has over 100 million mobile gamers today. Globally, video gaming is a $200 billion industry, but India’s share is still under 1%. With clarity now, this is the time for growth in creative industries, jobs in art, animation, engineering, everything tied to gaming,” he added.

Over the past few years, JetSynthesys has built itself into one of India’s most diversified gaming and digital entertainment firms spanning mobile games, esports, celebrity-led gaming IPs, and investments in global platforms. The company has backed esports tournaments, incubated indie gaming studios, and partnered with international publishers, giving it a stake across the value chain. With clarity now tilting in favour of esports and casual gaming, the vertical now finds itself on the front foot, aligned with both regulatory direction and global investor appetite.

Adding to its momentum, as per the latest financials, JetSynthesys Private Limited generated revenues of Rs261 crore in FY24. Backed by marquee investors including Adar Poonawalla and Sachin Tendulkar, the company is also eyeing the capital markets. As per reports, JetSynthesys may pursue an initial public offering (IPO) within the next three years to fuel its expansion across India and overseas.

The rise of midcore, esports, and influencer-driven gaming

It’s not just about JetSynthesys though, latest numbers from the Lumikai Interactive Media & Gaming Report FY24 show just how strong the non-RMG base has become.

In FY24, India recorded 148 million paying gamers, an increase of 8 million over the previous year. The country’s average revenue per paying user (ARPPU) rose 15% to $22, while one in four gamers made in-game payments, underscoring a rapidly widening monetisation funnel.

Significantly, over 60% of real-money gaming payers also spend on midcore titles, highlighting a strong overlap in user behaviour and suggesting that much of this audience could seamlessly migrate to non-RMG platforms.

This is where companies like JetSynthesys, Krafton, Nazara-backed Nodwin Gaming, and 8Bit Creatives see a major opening. Esports has emerged as one of the fastest-growing segments, with Nodwin running India’s biggest competitive gaming tournaments across titles like BGMI, Valorant, and FIFA, and building broadcast partnerships that mirror mainstream sports leagues. On the influencer side, 8Bit Creatives has cultivated India’s largest esports talent network, managing streamers, creators, and pro players who command millions of followers and sponsorships from consumer brands.

Adding to this perspective, Akshat Rathee, Co-founder and Managing Director of NODWIN Gaming, said, “The government’s intent to recognize and promote esports, as highlighted in the recent bill, is an encouraging step towards building a structured and globally competitive ecosystem. However, for this vision to truly materialize, it is critical that the terminology used in the bill, particularly the distinctions between esports, online gaming, online social gaming, and online money gaming be clearly defined and uniformly understood. This alignment between government intent and regulatory clarity will ensure that India doesn’t just participate in the global esports movement, but establishes itself as one of its leading powerhouses.”

Policy push: Gaming and AVGC get sunrise industry status

This industry-wide shift is being reinforced at the policy level. The government has amplified support for gaming and the AVGC sector, positioning it as a sunrise industry and urging the creation of more “Made in India” original IPs. In his Independence Day speech, the Prime Minister recognized gaming’s potential, stressing minimal government intervention, tailored esports regulations, and a clear distinction from gambling, while also calling for parental support, societal recognition, and games rooted in Indian themes.

Legislative clarity has followed, with real-money gaming and online games defined separately, 28% GST imposed on RMG deposits, and 18% GST on in-app purchases for free-to-play and premium titles. Esports, meanwhile, has been formally recognized as a sport under the Ministry of Youth Affairs. To further accelerate growth, a National AVGC Centre of Excellence is being set up in Mumbai with IIT Bombay, while states like Kerala and Karnataka have already rolled out dedicated AVGC XR policies, with Tamil Nadu expected to follow. These moves are backed by proposals for funding, tax rebates, and centres of excellence, and will culminate in the WAVES Summit in February 2025, aimed at showcasing India’s media and entertainment ecosystem to global investors.

Level playing field set to unlock global capital

“By removing confusion between real money and video gaming, India finally offers a level playing field that will attract global funding and encourage the rise of indie studios,’ said Navani.

With $4.8 billion invested in India’s AVGC sector between 2020 and 2024, $3 billion of it in gaming and interactive media, India’s gaming industry is no longer on the fringes. It is now It is now mainstream, enjoying acceptance across investors, government, academia, policymakers, and media.

“This bill marks a historic turning point for Indian esports. By drawing a clear line between skill-based competitive gaming and betting, it safeguards the integrity of our ecosystem while opening doors for structured growth. Esports is a sport, built on skill, discipline, and years of grind. With government recognition and the right infrastructure, India is now poised to become a global powerhouse in esports and gaming culture,” said Animesh Agarwal, Co-founder and CEO, S8UL.

He added that the focus must now be on developing infrastructure such as arenas, bootcamps, education programs, and scholarships to nurture the next generation of talent whether competing on the world stage or shaping culture as gaming creators.

Globally, countries like South Korea and the US have built billion-dollar esports leagues with stadiums packed to capacity and streaming rights rivaling mainstream sports. India, with its young population, inexpensive mobile data, and 100+ million gamers, is uniquely placed to leapfrog into the big league, if infrastructure and regulatory clarity continue to align.

For advertisers too, the shift is significant. With fantasy and RMG platforms losing visibility, brands are expected to redirect budgets towards esports tournaments, gaming creators, and casual gaming platforms that offer high engagement and young, urban audiences. Industry insiders estimate that this redirection could plug much of the “adex gap” created by the RMG ban.