Gambling Industry

Globally, growing number of parliamentarians are worried about legitimised gambling via stock exchanges which has social and financial implications, said CJ George, founder & MD, Geojit Financial

The special investigation team of Mumbai cyber cell has detained actor Sahil Khan from Chhattisgarh in connection with the Mahadev betting app case, an official said on Sunday. The actor was apprehended from Jagdalpur in Chhattisgarh on Saturday after the Bombay High Court rejected his pre-arrest bail plea, he said. Khan was recently questioned by the SIT in connection with the case. The SIT has been conducting a probe into the alleged illegal transactions between certain financial and real estate firms in the state and the promoters of the controversial Mahadev betting app. The size of the scam is about Rs 15,000 crore, as per the first information report (FIR) registered by the police in the case. An investigation is underway against Khan and 31 other individuals. The probe involves examining their bank accounts, mobile phones, laptops, and all technical equipment, according to the police. So far, one person has been arrested in the case and further investigation is underway, t

The Enforcement Directorate (ED) on Friday said it has made a fresh and the ninth arrest in connection with its money-laundering probe into the alleged illegal operations of the Mahadev online gaming and betting application that purportedly involve high-ranking politicians and bureaucrats from Chhattisgarh. Nitish Diwan was taken into custody under the Prevention of Money Laundering Act (PMLA) in Raipur on Thursday and a special court sent him to the ED's custody till February 24, the federal agency said in a statement. This is the ninth arrest in the case by the ED. It earlier arrested Nitin Tibrewal, a resident of Kolkata, Raipur-based Amit Agrawal, alleged cash courier Asim Das, police constable Bheem Singh Yadav, Assistant Sub-Inspector Chandrabhushan Verma, alleged "hawala" operator brothers Anil and Sunil Dammani and a man identified as Satish Chandrakar. "Nitish Diwan was working at the highest level of Mahadev Online Book (MOB) in the UAE. He was close to the promoters of th

The National Company Law Appellate Tribunal on Wednesday stayed the NCLT Mumbai bench order to initiate a corporate Insolvency Resolution Process (CIRP) against Sporta Technologies, which operates the fantasy sports platform Dream 11. However, it has also directed the Interim Resolution Professional (IRP), appointed by the National Company Law Tribunal (NCLT) after suspending the board of Dream 11, not to take any further steps till the next date of hearing, scheduled for February 23. A three-member bench of the appellate tribunal also issued notice to the IRP of Sporta Technologies and Resolution Professional of Reward Business Solution, directing them to file a reply within a week. "List this Appeal on 23.02.2024," the National Company Law Appellate Tribunal (NCLAT) order said, adding that "In the meantime, the order impugned shall remain stayed. No steps, till the next date shall be taken by the IRP in the CIRP". NCLAT directions came over an urgent petition moved by Dream11 ...

The Sauber Formula 1 team says it is not concerned by a report that it could potentially face a fine in Switzerland over its sponsorship deal with online gambling company Stake. Swiss broadcaster SRF reported Tuesday that the national gambling regulator had opened proceedings against Sauber. The team is based in Switzerland, where gambling advertising by foreign companies is restricted. SRF reported a fine of up to 500,000 Swiss francs (USD 573,000) was possible. In an e-mailed statement to The Associated Press, the regulator, known as the ESBK, said it would not comment on any proceedings. It said Stake's online gambling website was not approved to operate in Switzerland and had been on a blocked list since 2021. "Sauber Motorsport AG have always complied and continue to comply with all existing regulations, both Swiss and of whichever country we race in," Sauber said in an e-mailed statement Wednesday. "The report of an ongoing investigation by the Swiss Authorities does not con

The government in October imposed a 28% tax on funds that online gaming companies collect from their customers for every bet, shocking a nascent $1.5 billion industry that is backed by global investor

Two entities -- Bofa Securities Europe and Societe Generale -- on Monday offloaded shares of Delta Corp Ltd for Rs 56 crore through open market transactions. Following the sale, shares of Delta Corp tumbled 8.18 per cent to close at Rs 128.55 apiece on the NSE. According to the bulk deal data available with the National Stock Exchange (NSE), Bofa Securities Europe SA sold 30.08 lakh shares and Societe Generale disposed of 13.58 lakh shares of Delta Corp Ltd. The shares were offloaded in the price range of Rs 127.97-128.48 apiece, taking the combined transaction value to Rs 55.94 crore. Meanwhile, Delta Corp said on Saturday its subsidiary, Deltatech Gaming Ltd, received a Goods and Services Tax (GST) notice for payment of Rs 6,384 crore, owing to tax shortfall taking the overall tax demand on the firm to over Rs 23,000 crore.

These advertisements involve high-profile celebrities apart from popular social-media influencers who have millions of followers

The draft rules released earlier this month proposed the formation of self-regulatory organizations

The $2 billion online gaming industry in India, while grappling with these issues, the online gaming industry should be treated as entertainment and not gambling, as it comes under the games of skill

ritish gambling firm Entain is doubling investment in its game development studios, as it steps up its focus on online betting after closing hundreds of high street betting shops

The state government has to take a call on whether to give legal status to the gambling industry