According to news reports, PokerStars parent company Flutter Entertainment has acquired a majority stake of 50.1% in Junglee Rummy for USD 66.2 million. Junglee Rummy is one of India’s top rummy operators.
The financial report states that Junglee Rummy is projected to generate annual gross revenue of USD 69.7 million. Flutter is also further looking to increase its stakes in the company to 100% by the year 2025. “The group sees a good potential to further develop Junglee Rummy’s product offering, including its recently launched daily fantasy sports product, leveraging the group’s capabilities in this area,” read the report.
A flagship product of Junglee Games, Junglee Rummy is an online rummy platform founded by Ankush Gera in 2012. The company is based in San Francisco and is reported to have a user base of 50 million. Other titles in the roster are Eatme.io, Howzat and Junglee Teenpatti.
In 2015, the Supreme Court declared rummy to be a game of skill, thereby opening doors for the company to pursue growth opportunities in India. However, due to the rising public scrutiny over online rummy, many operators in the country are facing legal troubles.
Recently, the government of Kerala issued a notification banning online rummy games in the state. The Kerala Gaming Act was also amended to include online rummy in its list of illegal games. The state governments in India have the final authority to decide whether or not to allow online rummy among other games. The online rummy operators have called for a unified regulatory system for the industry, state the news reports.