Taxing the online gaming industry on par with gambling will stifle growth: Winzo

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India approves 28% tax on online gaming, horse racing, and casinos; shares of gambling firms slide after decision

The Goods and Services Tax (GST) Council in India has passed a decision to levy a maximum 28% tax on the full face value of bets in online gaming, casinos, and horse racing. The decision was announced at the 50th Council meeting by Union Finance Minister Nirmala Sitharaman. Online gaming companies will now be required to pay a 28% tax on the entire…

Law ・ 13 July 2023

Qrius

How the Casino Industry Is Spreading in India

The Indian gaming industry has been booming for years, with the number of players from 2013 to 2018. The country's population of over 1.417 billion people is the largest in the world and has made it a lucrative market for casino operators to enter. Several online casino trends are driving the surge while improving the gaming experience for Indian…

Industry ・ 22 December 2022

Casino Guru

YouGov survey finds prevalent negativity towards online gambling

YouGov has conducted an extensive study across 18 markets entitled " Global Gambling: The Consumer view in the gambling debate " which focuses on understanding attitudes towards gambling in some of the world's biggest markets out there, including the United States, United Kingdom, Singapore, the Nordics, and other interesting locations with a…

Sports ・ 15 September 2022

Hub News

IAMAI Joins Online Gaming Industry Bodies in Warnings against Proposed GST Hike on Online Gaming

The Internet and Mobile Association of India (IAMAI) has issued an open letter urging the Central Government and the GST Council to preserve the status quo regarding Goods and Services Tax levy on online gaming. Currently, online gaming companies are charged 18 percent GST over their Gross Gaming Revenue (GGR) leaving the Contest Entry Fees (CEF)…

Industry ・ 28 July 2022

Wild Casino

$5,000 Welcome Bonus

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Newswires

Gambling Market Trends Include Advanced Technology For An Improved Customer Experience

Gambling Market 2022 - Opportunities And Strategies - Forecast To 2030 The Business Research Company's Gambling Market 2022 - Opportunities And Strategies - Global Forecast To 2030 LONDON, GREATER LONDON, UK, July 4, 2022 / EINPresswire.com / -- The adoption of augmented and virtual reality is a popular trend shaping the gambling market outlook.…

Industry ・ 04 July 2022

Brand Equity

Online Gaming: Taxing online gaming industry on par with gambling will stifle growth: Winzo

Indian gaming ecosystem is expected to have 10 unicorns and 5 decacorns in the next five years but high tax on entire online gaming industry at par with gambling will stifle growth, online gaming company Winzo said on Friday. The GST Council on Wednesday deferred its decision on levying a 28% tax on casinos, online gaming, horse racing and lottery…

Law ・ 01 July 2022

BW Businessworld

Taxing Online Gaming Industry On Par With Gambling Will Stifle Growth Winzo

Winzo believes 28 per cent tax on gaming will have serious implications on development of the sector 1626067912_Pw4IEb_gaming.png The GST Council on Wednesday deferred its decision on levying a 28 per cent tax on casinos, online gaming, horse racing, and lottery pending more consultations with stakeholders. "We at WinZO believe that India will…

Law ・ 01 July 2022

The Edinburgh Reporter

The online gambling industry is to reach $565 billion

According to an analysis from Playtech, the online gambling industry is believed to reach a value of $565 billion by 2025. It is expected to grow by more than 10% annually over the next five years, reaching $565 billion by 2025. This growth will come from Asia, particularly India and China; however, North America's share could still increase…

Industry ・ 31 May 2022

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Outlook

28 Percent GST On Online Gaming? Industry Reckons May 18 Could Be 'Doomsday'

May 18 could be D-Day for the online gaming sector. More specifically, for the real money gaming domain that operates in India in various "skill-based" forms like fantasy cricket, rummy, poker, roulette, ludo, and even snakes and ladders! () For years, the Centre has deflected the issue of gambling/betting to the states under whom the matter lies…

Industry ・ 17 May 2022

The Sentinel

India to take a biggest stake in the global casino market

The online real-money gaming sector keeps growing at a fast pace year after year. According to research on the online gambling market by IMARC Group, the global online gambling market hit a value of USD 72.3 Billion in 2021. The report further predicts that the industry will reach USD 131.4 Billion by 2027 and will experience a 9.96% CAGR between…

Industry ・ 11 May 2022

Mumbai Live

All India Gaming Federation are in conflict with Tamil Nadu over gambling debacle

India is at a crossroads when it comes to online skill gaming throughout the country. And the result of an ongoing appeal by the state of Tamil Nadu to the Indian Supreme Court, could change the gambling landscape in India forever. The All India Gaming Federation (AIFG) and several major gaming platforms have banded together to implore restrictive…

Law ・ 10 March 2022

APN News

Why the Popularity of Online Gambling is on the Rise in India

Gambling has been a part of Indian history and culture for a long time. Indians love to play card games and bet on sports and this is why today, online casinos and sportsbooks are gaining more popularity in the country. Indians love to play games like poker and blackjack but now that online casinos know how big the market is in the country, they've…

Law ・ 16 February 2022

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Indian Web2

India Will Soon Become the Biggest Blockchain Gambling Market in the World

India continues to remain a developing and emerging country in the world, despite the fact that it is the second-most populous nation in the world that has a population of over 1 billion people. Indeed, those conditions certainly make the Asian country one that provides plenty of opportunity for a host of businesses and market sectors in…

Industry ・ 14 February 2022

Android Headlines

The Rise of Mobile Players in Online Casinos

Without any doubt, smartphone technology is one of the most impactful innovations to date. There is hardly a sector that has not felt the impact of the technology since it was invented many years ago. More so, it played a crucial role in the massive turbulence that rocked the world in 2020. This article will explore how it continues to be the…

Covid ・ 07 October 2021

The Citizen

India’s Attitude to Online Gaming

The online gaming industry across India is growing at an extraordinary rate. As of 2021, the industry is valued at around $900 million. But projections estimate its value will rise to a phenomenal $112 billion by 2025. This would suggest an overhaul of existing online gaming regulations is required, especially for online gambling activities.The…

Industry ・ 04 October 2021

The Free Press Journal

Regulations affecting gambling industry's growth in India: All you need to know

The overall gaming industry in India is expected to grow exponentially in the upcoming years. The gambling sector also plays a major role in the expansion of the overall gaming industry in the country. When we take a look at the factors that will affect the growth of this sector, we will notice that changes in the regulations are also a major…

Industry ・ 03 September 2021

The News Minute

Online Gambling Growth in India Shows Need for Progressive Law

Based on the most recent data, the Internet users in India amount to over 560 people. India's online gambling industry is on the rise. Currently, its value is $930 million and according to projections, it will grow to over $112 billion in 2025. Many factors propel the expansion of India's gambling market. One of them is that India has one of the…

Industry ・ 02 September 2021

Forbes

Korean Gaming Giant Netmarble Buys Hong Kong Casino App To Further Global Expansion

Netmarble has agreed to buy Hong Kong-based social casino game company SpinX Games for $2.19 billion in a deal that will expand the South Korean gaming giant's business outside its home market amid a surge in gaming during the pandemic. The Seoul-based company says the deal will let the company "continue its global expansion by adding a new genre…

Mobile ・ 06 August 2021

The Boca Raton Tribune

Online Casino Industry Not Trivial Stats

The online gambling industry reached a market cap of $66.67 billion in 2020 and is projected to grow to $100 billion by 2026. This shows that online casinos are a vital part of the gambling industry and have played a pivotal role in its steady growth in recent times. Despite the popularity of online casinos, the Play Live casino review depicts that…

Industry ・ 05 August 2021

Nikkei Asia

Netmarble to acquire casino game maker SpinX for $2.2bn -Nikkei Asia

SEOUL -- Online game developer Netmarble has agreed to acquire Hong Kong-based casino game company SpinX Games for $2.2 billion, in what is being described as the biggest overseas merger and acquisition deal by a South Korean game company. Netmarble said Monday that it had agreed to buy 100% of Leonardo Interactive Holdings, the parent of SpinX, to…

Games ・ 03 August 2021

Gulte

The Rise of Online Gaming in India During the Pandemic

Right now, the online gaming industry in India is expected to have a compound annual growth rate (CAGR) of 40% to $2.8 billion by 2022. That's up from the $1.1 billion numbers that it generated back in 2019. All of this data was gathered and analyzed by Deloitte India. What the research also found is that a lot of the rise of the online gaming…

Covid ・ 07 July 2021

IndiaWest Journal

Call For Regulating Online Gambling in India is Getting Stronger

India is one of the countries with the most population and this is why it always has a great potential to be the next biggest market of many industries including online gambling. There are reports that India is being eyed by many UK gambling companies as regulations for online gambling in the UK are getting stricter. With that, more and more…

Gaming Authorities ・ 20 June 2021

KNN India

All India Gaming Federation dubs Karnataka restrictions on online gambling as regressive

All India Gaming Federation dubs Karnataka restrictions on online gambling as regressive New Delhi, Oct 6 (KNN) The Government of Karnataka tabled the Karnataka Police (Amendment) Bill, 1963, in the Legislative Assembly on September 17, and the same was passed by the assembly on September 21. The bill seeks to prohibit gambling in the state,…

Rummy Games ・ 19 October 2021

Mumbai Live

The Future of the Indian Gambling Industry Is Looking Bright

India is home to 1.39 billion people, and more than 560 million of them are regular internet users. This makes the country the second-biggest online market worldwide, coming in behind China only. It makes sense India has witnessed a rise in remote gambling in recent years as more and more locals decide to take their betting action online. Despite…

Industry ・ 03 June 2021

Insider Monkey

Global Growth: Online Gambling Revenues Worldwide

Online gambling has become a major industry worldwide, with revenues projected to reach $100.9 billion by 2024. Technological advancements, regulatory changes, and diverse game offerings drive the growth of the online gambling market. The increasing use of mobile phones and the rise in internet penetration among users for playing online games are…

Industry ・ 28 May 2024