Nazara may write down PokerBaazi stake amid looming online betting ban

Nazara Technologies Ltd's investment in PokerBaazi stands to be written down or provisioned for now, Chief Executive Officer Nitish Mittersain said on Thursday

By Alex Gabriel Simon

 

India’s only listed gaming firm may write down the value of its investment in a popular poker game as a ban on online betting apps looks imminent in the country. 

Nazara Technologies Ltd’s investment in PokerBaazi stands to be written down or provisioned for now, Chief Executive Officer Nitish Mittersain said in a phone conversation Thursday. “It’s still early days, and I’ll have to sit with my auditors, but we tend to be conservative in our accounting.”  

 

Nazara owns a 46.1 per cent stake in Moonshine Technologies Pvt., which operates the poker platform. The firm sees no impact on its revenue or Ebitda since Moonshine’s revenue is not consolidated in the company’s financial statements.

 

Shares fall as much as 11 per cent, extending the previous day’s decline.