India’s government introduced a parliamentary bill on Wednesday to ban online gambling, citing concerns over addiction, financial harm, and potential links to money laundering and terrorism financing.

The move could threaten a multi-billion dollar industry that includes online poker platforms to fantasy sports, as well as India’s wildly popular homegrown fantasy cricket apps – some of which sponsor the Indian Premier League (IPL) and the national team.

The bill, tabled in the lower house of the parliament, aims to stop websites or apps from offering games that are “played by a user paying fees or depositing money or other stakes”, with the expectation of winning money.

If passed, the law would impose jail terms or fines on individuals and companies offering online money gaming services.

The bill proposes prison sentences or fines, saying the ban is needed due to the social and financial harm that online money games have on young players.

Lawmakers said the ban was needed due to the industry’s “unchecked expansion”, which the bill said had been linked to “financial fraud, money laundering… and in some cases, the financing of terrorism”.

The legislation also pointed to the social and financial risks for young players.

Industry bodies have strongly opposed the move, warning it could devastate a sector that has drawn major foreign investment.

The All India Gaming Federation and the Federation of Indian Fantasy Sports said on Tuesday that shutting “responsible” Indian platforms would push millions of players toward offshore gambling sites and unregulated operators.

“Instead of protecting people, this bill risks exposing them to fraud, exploitation and unsafe practices,” they said in a letter.