Chennai, April 9 -- "Before the real money gaming ban, 95% of our revenue came from Dream11, and 100% of the profits. Now, we are just using yesteryear profits as cash," says Harsh Jain, chief executive of Dream Sports.

Six months since the government ban took effect in October last year, the companies that once collectively handled thousands of crores in transactions are in disarray. Many have shut down, some are dealing with ongoing enforcement actions, and a handful have pivoted, attempting to rebuild across categories such as stockbroking, microdramas and free-to-play games. But so far, none has matched what was lost.

India's gaming industry was estimated to be worth around $6 billion in 2024-25, according to consulting firm Redseer...