This report explores the vulnerabilities within India’s online gaming ecosystem, with a focus on the risks of money laundering, including illegal operators, in-game assets & currencies, cryptocurrencies, and offshore betting platforms, which pose significant challenges to financial integrity. It reviews the current regulatory landscape, emphasizing the urgent need for enhanced oversight, stronger KYC practices, and improved AML systems by financial institutions. Through extensive stakeholder consultations, the report also provides actionable recommendations aimed at strengthening regulatory frameworks, enhancing international cooperation, and ensuring a secure and transparent gaming environment for all stakeholders.