Layoffs news: Mobile Premier League to cut 60% jobs after govt ban on real money games, says report

New Delhi (Reuters) -Hint Online Game Application Premier-League-League-League-Business-Lounge-Lounge-Lounge-11749265321879.html “Data-vans-Page-Type =” Stories = “Manual” Data-Vars-Anor-Text = “Mobile” Data-Vars-Anor-Text = “Mobile Premier League”> Mobile Lig-Sack Sack (Mobile League ”> Mobile League Sac (Will Sack). As part of the government’s wage games, a new company said to a new law.

This month, Prime Minister Narendra Modi banned the online paid games, especially stating the risks of financial and addiction among young people, and led to the closure of many game applications offering paid fantasy jacks, Greek and poker games.

The law shocked a Indian industry, which was adjusted by venture capital companies such as Tiger Global and Peak XV Partners by 2029, which was set at $ 3.6 billion. MPL and opponent Dream11 have become popular in recent years by offering paid fantasy cricket games that allow winners to receive financial prizes.

The industry says the games are based on skills and therefore do not gamble, which is already very restricted in India.

MPL, while focusing on free games and strengthens its business in the US market, the company’s source will leave approximately 300 of 500 Indian personnel on Sunday in marketing, finance, operation, engineering and legal departments.

In an internal personnel seen by Reuters on Sunday, E -Post, MPL CEO Sai Srinivas wrote that we would significantly reduce our Indian team with a heavy heart ”. He did not specify the number of business cuts in E -Post.

“We are determined to provide those affected by every possible support during this transition period … India made up 50% of M-League’s revenues, and this change means that we can no longer earn any income from India in the near future.”

MPL refused to comment on Reuters’ queries.

According to Pitchbook data, MPL, previously supported by Peak XV Partners known as Sequoia Capital India, is worth $ 2.3 billion in 2021. There are also free playing in Europe and paid games in the United States and Brazil.

The company’s source said last year that the Indian income of MPL was about 100 million dollars. MPL’s opponent, Dream11, worth $ 8 billion, also stopped the fantasy jack offer. Many other applications that offer paid poker and rummy card games have stopped.

First, the Indian game company A23 challenged the government’s ban last week, but MPL and Dream11 decided not to follow legal challenges.

(Reporting by Aditya Kalra; Editing by Jamie Freed)