Games24x7 vs Nazara Technologies
Nazara Technologies holds the stronger position because its casual gaming and esports business kept growing even as Games24x7's entire real-money rummy and fantasy sports operation was shut down by India's 2025 online gaming ban.
Games24x7
Indian real-money rummy and fantasy sports operator behind RummyCircle, My11Circle
Nazara Technologies
Indian gaming holding company: casual games, esports events, licensed kids apps
Dimension by dimension
| Dimension | Games24x7 | Nazara Technologies |
|---|---|---|
| Staying power of the core product | RummyCircle and My11Circle, the two products the company was built on, were shut down nationwide by a 2025 government ban. | Casual games, esports, and licensed cricket and kids IP still generated revenue growth in FY26 despite outside pressure. |
| Exposure to AI | AI only partly touches Games24x7's rummy and fantasy sports model, since regulation is the bigger threat. | AI is likely to absorb parts of Nazara's casual gaming catalog over time. |
| How easily a giant could copy them | A large platform could copy the rummy or fantasy sports format, though it would face the same regulatory ban. | Global publishers like King, Zynga, and Voodoo could replicate Nazara's casual titles. |
| Pressure from rivals or regulation | Faces heavier pressure than Nazara, driven not by competitors but by the 2025 government ban that shut down its core rummy and fantasy sports business. | Faces competitive pressure from global casual publishers and from Krafton's BGMI dominance in India, but this pressure is competitive rather than existential. |
| Financial footing | Most available numbers date to FY23, roughly 1,988 crore rupees in revenue, before the ban disrupted the core business. | FY26 revenue rose to about 220 million dollars, up 12.6 to 13 percent, with EBITDA up 66 percent and profit up about 61 percent. |
| Defensibility of the business | Reflects a single-format business now stripped of its main revenue source after the 2025 ban, leaving it less defensible than Nazara. | Reflects some diversification across gaming segments and licensed IP, giving it more resilience than a single-format business. |
Questions people ask
- Is Nazara Technologies better positioned than Games24x7?
- Yes, based on what is known here. Nazara kept growing revenue and profit through FY26, while Games24x7's core rummy and fantasy sports products were shut down by India's 2025 online gaming ban.
- Did the India online gaming ban affect Nazara or Games24x7?
- It hit Games24x7 directly, shutting down RummyCircle and My11Circle alongside other real-money gaming platforms. Nazara's casual gaming, esports, and licensed IP business was not part of that ban.
- Which company is more exposed to AI, Nazara or Games24x7?
- Nazara is rated as likely to have its products absorbed by AI, while Games24x7 is rated only partly exposed, since regulation rather than AI is its bigger threat.
- How do Nazara and Games24x7 make money?
- Nazara earns from casual mobile games, esports, and licensed cricket and kids content. Games24x7 earned from real-money rummy and fantasy sports through RummyCircle and My11Circle, though that business was shut down by regulation.
- Could a big tech company copy either business?
- Both are rated likely to be copied by a larger player. Nazara's casual games could be replicated by global publishers, and Games24x7's rummy or fantasy sports format could be copied too, though any copycat would face the same regulatory ban in India.
Other comparisons with these companies