[Update] Probo, Zupee Pull The Plug On Real Money Gaming

Update | August 21,  2058 hrs

Shortly after Probo, gaming startup Zupee said it has stopped its real money gaming operations. The soonicorn said it has discontinued its “paid games” option, while its other games continue to be live. However, the startup’s website was down at the time of publishing the story while its apps were not available on the Google Play Store. 

“In line with the new Online Gaming Bill 2025, we are discontinuing paid games, but our hugely popular free titles like Ludo Supreme, Ludo Turbo, Snakes & Ladders, and Trump Card Mania will continue to be available for all users for free,” a Zupee spokesperson said in a statement. 

Founded in 2018 by Dilsher Malhi and Siddhant Saurabh,  Zupee is a real money gaming platform that offers games like Ludo Supreme, Snakes & Ladders Plus, among others. 

The startup, which has raised over $120 Mn in funding to date from the likes of WestCap, Z47 and AJ Capital Partners, turned profitable in the fiscal year FY24. It reported a profit of INR 146 Cr in FY24 as against a loss of INR 36 Cr in the previous fiscal year, while its revenue surged 37% to INR 1,123 Cr from INR 823 Cr in FY23.

Original | August 21, 19:00

As the dust settles on the Union government’s swift crackdown on the Indian online real money gaming industry, troubled company Probo has become the first player in the space to officially shut its real money gaming (RMG) operations.

“As unfortunate as it is, we respect the government of India’s latest Online Gaming Bill. In light of this development, Probo has decided to discontinue its real-money gaming operations with immediate effect until further notice. We remain steadfast in our vision to innovate and build information markets from India, for the world,” a company spokesperson said. 

While Probo is better known for its opinion trading platform, it also operated a cricket fantasy platform named Team 11. As per its website, Probo Team 11 had over 3 Cr users, with a promise of INR 25 Lakh daily winnings. The app is no longer available on the Google Play Store. 

The app allowed users to engage in an online-based fantasy cricket, letting them pick their team made up of real players participating in a real cricket competition.  Users could pick players from both teams within the 100-credit limit and earn rewards based on a point system, which had been a staple for “skill-based” fantasy sports apps.

Important to note that Probo made headlines last month when the ED conducted search operations at four premises linked to it in connection with the company’s alleged “illegal gambling/ betting activities across India”. 

The agency seized assets worth INR 284.5 Cr during the searches along with other incriminating documents

Probo was founded by Sachin Gupta and Ashish Garg in 2019 as an opinion trading platform that allows users to trade their opinions on future events across categories, including politics, cricket, and finance, among others.

While its RMG operations have been shut, uncertainty exists over its opinion trading business as well. In June, the Securities and Exchange Board of India (SEBI) issued a public advisory warning investors against engaging with opinion trading platforms. 

Probo’s decision to end its RMG follows the Rajya Sabha passing the ‘Promotion and Regulation of Online Gaming Bill, 2025’ today. The Bill proposes a complete ban on RMG, dealing a crushing blow to the startups in the segment once it comes into effect. 

While presenting the Bill, IT minister Ashwini Vaishnaw said that close to 45 Cr Indians lose money on online gaming platforms each year. “Online games are also used for money laundering and supporting terror activities against India,” he noted.

Important to mention that more than $3 Bn has been invested in the Indian real money gaming space. The ecosystem houses unicorns like Dream11, MPL, and Games24x7 who employ an estimated 2 Lakh employees.