On 21 August 2025, the Indian Parliament passed the Promotion and Regulation of Online Gaming Bill, 2025 (the "Bill"). This groundbreaking Bill creates a clear regulatory divide: esports and online social/educational games are to be encouraged, whilst online money games, whether based on skill, chance or a mix of both, are to be banned outright. The timing of this is notably striking. This is because merely two years ago in October 2023, India changed its gaming tax regime, imposing a 28% Goods and Services Tax ("GST") on deposits and 30% tax on net winnings. These were seen as a way to legitimise and cash in on the online gaming boom, thus generating revenue for the government. The period that followed further saw the introduction of compliance mechanisms and recalibration of investor valuations. The Indian courts were also grappling with the "skill versus chance" classification issue, which had given legitimacy and legality to games like Rummy, fantasy sports, like Dream XI, and poker. Yet within two years, Parliament has gone from regulation to outright prohibition, something which has effectively dismantled the legal and commercial foundations of what was touted to be a highly lucrative industry.