Online Gambling

The Enforcement Directorate said on Tuesday it has undertaken fresh searches in a money laundering case against a website that allegedly indulged in online betting on 2024 Lok Sabha election results apart from an illegal broadcast of IPL cricket matches. Cash, bank deposits and silver bars worth about Rs 4 crore were seized along with various other "incriminating" documents, digital devices and immovable property-related documents during the raids conducted on October 25 in Mumbai and in Kutch in Gujarat, the ED said in a statement. The action was taken against people providing technical and financial management support to the website named "Fairplay", which was allegedly involved in illegal activities. The money laundering case stems from an FIR of the Mumbai police cyber cell that was filed on the complaint of Viacom18 Media Pvt Limited against Fairplay Sport LLC and others for causing a loss of revenue of more than Rs 100 crore. The federal agency said its probe shows that Krish

MPL's India revenues increased by more than 35 per cent to roughly $88 million for FY24

The 80,000 sq. ft GCC in Hyderabad will host over 700 employees and focus on data engineering, game integrity, and other key functions

The gaming unicorn is investing in product enhancements to boost user engagement, and is looking to cross-monetize its offerings

Illegal online betting and gambling companies act as channels for money laundering and terrorist financing, said a report by Rashtriya Raksha Universty's The Security and Scientific Technical Research Association. IT Rules 2021 differentiates between permissible online real money gaming and illegal betting and gambling practices. Yet, the report suggested the need for a registration mechanism to whitelist legitimate online real money gaming platforms that operate in compliance with laws of India. "Illegal online gambling and betting applications expose Indian digital nagriks to several security risks like cybersecurity attacks and unsafe online environments. They have also emerged as a threat to India's national security because illegal online betting and gambling websites act as channels for money laundering and terrorist financing," The Security and Scientific Technical Research Association (SASTRA) report said. It said that the current legal and regulatory framework doesn't ...

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

Gaming company Nazara Technologies will acquire intellectual property rights pertaining to Ultimate Teen Patti from Games24x7 for Rs 10 crore, the company said in a regulatory filing. Launched in 2015, Ultimate Teen Patti (UTP) is a free casual card game for entertainment purposes only and does not offer any real money to the players. "Next Wave Multimedia Private Limited, a subsidiary of the company, at their meeting held today i.e. on April 04, 2024, has approved the acquisition of all the Intellectual Property rights pertaining to the 'UTP - Ultimate Teen Patti' casual freemium card game software and associated trademarks," the filing said. The acquisition will be done by by way of assignment from U Games Private Limited, the subsidiary of Play Games24x7 Private Limited for an aggregate consideration of Rs 10 crore inclusive of applicable taxes, the filing said. Out of the total aggregate consideration of Rs 10 crore inclusive of applicable taxes, if any, as per the IP assignme

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 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

Authorities in Dubai have detained one of the masterminds behind the scam, Ravi Uppal and will be deported to India soon

The Centre has found 114 illegal betting and gambling platforms operating in the country. Such platforms are taking in UPI payments through proxy bank accounts

Lok Sabha on Friday approved amendments to the Central and Integrated GST laws to levy 28 per cent tax on the full face value of bets in online gaming, casinos and horse race clubs. Finance Minister Nirmala Sitharaman introduced bills in the House on Friday, the last day of monsoon session of Parliament, amid opposition protests over suspension of Congress leader Adhir Ranjan Chowdhury. The Central Goods and Services Tax (Amendment) Bill, 2023, and The Integrated Goods and Services Tax (Amendment) Bill, 2023, were passed by the Lok Sabha by a voice vote, without a debate. States will now get the amendments passed in the state GST laws in their respective assemblies. The amendments pertain to insertion of a provision in the Schedule III of the CGST Act, 2017, to provide clarity on the taxation of supplies in casinos, horse racing and online gaming. The amendment in IGST Act relates to inserting a provision to impose GST liability on online money gaming provided by offshore entitie

Union minister Rajeev Chandrasekhar on Wednesday said some gaming companies "gamed the system", masqueraded as gaming companies to run gambling businesses or did not pay taxes at all in the past. In his comments at Express Adda Live event amid a row over the GST Council's decision to charge 28 per cent tax on online gaming, the Minister of State for Electronics and Information Technology reiterated that he will pitch for lowering the GST on permissible online gaming and has spoken to finance minister Nirmala Sitharaman about the same. Denying that the GST decision to be a "body blow" for the sector as it is made out to be, the entrepreneur-turned politician said there have been "bad actors" in online gaming and states who voted to levy the high GST are conditioned based on the instances that they see. "For all of the characterization of body blow, we are upset (with the GST Council decision), there have been people who have gamed the system as gaming companies," he said. "Some of .

As per the new regulations introduced in April, the government will approve the formation of three SROs responsible for certifying online games in India

Fantasy Sports platforms clocked a gross gaming revenue of Rs 2,800 crore during the IPL 2023 season, market research and analysis firm Redseer Strategy Consultants said on Tuesday. According to Redseer's analysis, Fantasy sports gross gaming revenue grew by 24 per cent from Rs 2,250 crore in IPL 2022, and the market has grown at a compounded annual growth rate (CAGR) of 30 per cent since IPL season 2019. "IPL 2023 witnessed revenue of Rs 2,800 crore with about 61 million users participating on Fantasy Gaming Platforms," the report said. Redseer said the top three Platforms captured about 96 per cent of the market share during the IPL 2023 season. "Platforms had an Average Revenue Per User (ARPU) of about Rs 458 during IPL 2023," the report said. The Redseer's analysis shows that the IPL 2023 had a strong user acquisition engine, with 35 per cent of new users playing for the first time on the platforms. The influx of new users led to an 11 per cent increase in cash users during t

The Centre on Tuesday asked state governments to crack down on outdoor advertisements of gambling and betting platforms. In a letter to chief secretaries of states and Union territories, Information and Broadcasting secretary Apurva Chandra asked them to take "appropriate action" to curb outdoor advertisements of gambling betting platforms that are found on hoardings, banners and auto-rickshaws. The Ministry of Information and Broadcasting had issued advisories to private television channels, digital news publishers and OTT platforms to refrain from publishing and broadcasting advertisements of such platforms. Advertisements of gambling and betting platforms had appeared in a section of the media -- print, digital and television -- which prompted the government to issue advisories.

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

Online gaming regulations need clarity

This comes a day after the Bill passed by the Legislative Assembly was given the go ahead by the state Governor, R.N. Ravi

This was the second time the bill was placed before the governor. In the first on March 8, he had returned it, asserting that the state had no 'legislative competence' to frame the bill