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Casino Bookmyshow – PokerStars’ parent company Flutter has acquired a 50.1% majority stake in Indian rummy operator Junglee Rummy for $66.2 million.
In its financial report, Flutter writes that in its December 2020 forecast, Junglee Rummy, one of the top three rummy operators in India, will generate $69.7 Mn in annual revenue.
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Junglee Rummy is a flagship product of Junglee Games founded by Ankush Gera in 2012 with its headquarters in San Francisco.
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Flutter Entertainment, the parent company of poker giant PokerStars, has acquired a 50.1% majority stake in Indian rummy operator Junglee Rummy for $66.2 million. Details of the acquisition are disclosed in Flutter Entertainment’s annual financial report for fiscal year 2020.
In its financial report, Flutter writes that based on its forecast for December 2020, Junglee Rummy, the most active online rummy game in India, will generate $69.7 Mn in annual revenue. In addition, Flutter will seek to increase its stake in the company to 100% by 2025.
“The team sees great opportunities to further develop the Junglee brand, including the Junglee brand, which leverages the team’s expertise in this area,” Flutter’s report said.
Junglee Rummy is a flagship product of Junglee Games, an Indian gaming company founded in 2012 by San Francisco-based Ankush Gera. The company claims to have 50 million users. Some of Junglee Games’ titles include the Eatme.io mobile game; Daily fantasy cricket game Howzat and Indian skill-based card game with poker influence.
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According to Crunchbase data, Junglee Games raised two rounds of funding totaling $3.5 Mn before the latest investment.
Junglee Rummy has been contacted for a statement regarding the acquisition. We will update this story when we receive a response.
PokerStars is a giant in the online card game space, often touted as the largest real money online poker site in the world.
In 2018, the company partnered with Sachiko Gaming to launch the PokerStars site in India. Meanwhile, Sachiko Gaming CEO Ankur Dewani said the company will invest INR 20-30 Cr to build brand awareness and expand the category in India.
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“Currently there are 4-5 million poker players in India and the market has huge growth potential,” he said.
In 2019, Junglee Games founder Ankush Gera said the company has doubled its revenue and earnings every year since launch. It is looking for 80% to 100% year-on-year (YoY) growth. By FY20, Gera said the company will generate $600 million in revenue from its platform. Information on the company’s financial performance is not available.
Gera says the Supreme Court’s 2015 decision, which declared rummy for betting as a game of skill, gave his company the direction it needed to pursue growth opportunities in India.
Fast forward to the current year, and skill-based card games are facing the scrutiny of public interest lawsuits alleging that real-money online games pose a threat to youth gambling addiction in many areas. It even encourages them to commit suicide. Court petitions to ban real money online card games in recent years Telangana cracked down on real money games in 2018, while Andhra Pradesh and Tamil Nadu banned the same last year.
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In a notification dated February 23, the Kerala government issued a notification banning online rummy for betting and amended the state’s gaming rules. The share sale comes amid growing regulatory challenges in the Indian gaming market.
Supreme Court decisions from the 1960s held that games such as poker and rummy involve significant ‘skill’ that overcomes a major element of ‘chance’, so both games are exempt because they are skill-based card games. Anti-gambling law when playing on poles.
However, since gambling is a federal subject, different states have enacted their own laws, some of which have completely banned all real money online card games. Apart from the southern states mentioned above, Odisha prohibits playing card games with stakes.
According to a Plus report; Behind India’s $1.2 Billion Opportunity India’s mobile gaming market with 326 million mobile gamers is a $1.2 Bn market opportunity by the end of -2020, according to a Plus report. With this market size, India will end 2020 in sixth place globally and among the top five markets for mobile games on a user basis.
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In addition, The market is expected to grow at a CAGR of 6.1% and reach a market size of $1.6 billion by 2025.
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