India's Gaming Shifts From Volume to Value as Non-RMG Takes Center Stage: Report The report highlighted that the country remains a paradox, ranking among the highest in downloads but trailing in monetization. That paradox has also become its greatest potential, powered by a young, aspirational player base that is engaging more deeply, spending more widely, and making gaming a cultural mainstay.

India, with its 420 million player pool, is yet to unlock its full potential, according to a report by Lightbox.

The report highlighted that the country remains a paradox, ranking among the highest in downloads but trailing in monetization. That paradox has also become its greatest potential, powered by a young, aspirational player base that is engaging more deeply, spending more widely, and making gaming a cultural mainstay.

Sandeep Murthy, Managing Partner at Lightbox, said that the Indian gaming industry is no longer a question of scale, with multi-faceted value creation in progress.

"India can leapfrog from a volume-driven market to a driven gaming giant. With policy clarifications, India's young, mobile-first, and multi-lingual gamers, emerging monetization avenues through in-app purchases, subscriptions, and ads, the opportunity is huge," said Murthy.

The report released by the firm says that the global gaming market is estimated at USD 177.9 billion in 2024, projected to reach USD 198 billion by 2027. More than 3.42 billion people play games worldwide. China, India, and the US are the largest markets; however, in terms of ARPUs, the US leads with USD 215, China at USD 68, and India at just USD 3.03, underscoring the headroom for growth.

"Our poll with Rooter reveals that almost three-quarters of gamers are already spending in non-RMG, both short and long session cohorts, with over 30 per cent spending INR 1,000 per month. If provided with the right value, content, and community, Indian gamers will pay. We firmly believe that India can shift from being a volume story to a value story, fuelled by culturally relevant, long-lasting, and monetizable gaming experiences," added Murthy.

The Promotion and Regulation of Online Gaming Act, 2025, banned real-money gaming (RMG), prohibiting its advertising, payment channels, and imposing strict penalties. The law cemented the regulatory risks surrounding RMG while simultaneously giving legitimacy and momentum to non-RMG titles. Before its enactment, RMG made up nearly 83–86 per cent of India's gaming revenues. Today, however, categories like casual, mid-core, esports, and community-driven games are emerging as the fastest-growing segment in the market.

Among public gaming companies, Nazara stands out as a case where they are explicitly proclaiming minimal to zero dependence on RMG in their consolidated financials, a strong support for the shift toward non-RMG models.

In a regulatory filing, Nazara stated that "real-money gaming contributes nothing to its revenues or EBITDA" in the first quarter of FY26. The same filing clarifies that Nazara's only exposure to RMG is via a 46.07 per cent stake in Moonshine Technologies, the parent company of PokerBaazi, but since Nazara does not consolidate Moonshine's revenues, they do not impact Nazara's reported operating metrics.

In that disclosure, Nazara also said it "does not expect any material adverse impact on its operating financial performance" from the new Online Gaming Bill.

The report also identified multiple growth drivers for India's non-RMG sector, such as hyper-localisation and culturally resonant content: approximately 75 per cent of Indian users prefer Hindi or other regional languages Game-Based Learning (GBL).