The analyst said Delta Corp faces the biggest hit from the new gaming ban due to its heavy reliance on India, while Nazara is cushioned by its overseas revenue base.
India has approved the Online Gaming Bill, 2025, banning all real-money online games, including fantasy sports, poker, and rummy.
The law prohibits advertising of such platforms, blocks payments through banks and intermediaries, and imposes penalties of up to three years in jail or fines of 1 crore rupees for operators.
Advertisers face up to two years in jail or fines of 50 lakh rupees. E-sports and social games will be regulated separately, with subscriptions allowed but no wagers.
Delta Corp Faces Revenue Risk
SEBI-registered analyst Mayank Singh Chandel said Delta Corp faces the biggest hit as almost all of its revenue comes from India. However, its offline casino presence may benefit from the online ban.
He advised avoiding fresh entry until the stock shows strength above the 200 exponential moving average (EMA).
On Stocktwits, retail sentiment for Delta Corp was ‘neutral’ amid ‘normal’ message volume.
Delta Corp’s stock has declined 18.2% so far in 2025.
Nazara Tech Holds Up Better
Chandel noted that Nazara Technologies faces no significant financial impact since it has minimal exposure to online gaming in India.
He highlighted that over 50% of Nazara’s revenue in FY25 came from the U.S.. In the first quarter, more than 90% was generated outside India, adding it is better to just watch the stock for now before taking any decision.
On Stocktwits, retail sentiment for Nazara was ‘bullish’ amid ‘high’ message volume.
Nazara’s stock has risen 11.8% so far in 2025.
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