The funds from this round will be utilised to forge partnerships with creators, develop innovative tools across AI and AR (augmented reality)
A study by the Electronic Gaming Foundation in consultancy with the Indian Statistical Institute (ISI) has found that, despite a high tax rate, the players are optimistic about the potential of the online skill gaming industry in India. Skill gaming is a game in which the outcome is impacted by the player's skill and not chance or luck. The study, titled "Unveiling the Potential and Scope of the Online Skill Gaming Industry", comes at a time when the sector is facing taxation similar to sin goods at 28 per cent, which has called into question the survival of many entities, mainly the smaller ones. The survey, advised by two ISI professors, Diganta Mukherjee and Subhamoy Maitra, surveyed 4,644 engineering students and professionals across five states - Andhra Pradesh, Telangana, Kerala, Karnataka, and Tamil Nadu - to explore their perceptions, aspirations, and preferences regarding the online skill gaming sector. The study found that the majority of respondents are optimistic about
The gaming industry opposes 28 per cent tax on fresh bets even prospectively as it will increase the burden by 400 per cent, which is neither fair nor sustainable
A survey by the Indian Statistical Institute, Kolkata found an increasing interest from students to pursue a career in the gaming industry, underscoring the potential in India's gaming sector
The series encompass G1, G2 and G3, and a Snapdragon G3x Gen 2 Platform as the newest enthusiast-class processor
From action-packed shooter games to challenging technique games, as innovation advances and game developers continue to make new content, future looks exhilarating
Singapore-based gaming startup Ampverse plans to set up a gaming studio in India and scale up its local team, a senior company official said. Ampverse Co-founder and Chief Strategy Officer Charlie Baillie told PTI that the company will operate through a joint venture formed with DMI Finance. "Content is a big part of our business. We will be investing in the studio and other capabilities as the month goes by. It will be set-up before the end of season 1 (of College Rivals esports tournament) which is in February. College Rival is the first IP. Beyond that we are looking at original content IPs and other esports format IPs while we will continue to grow College Rival," Baillie said. He was speaking on the sidelines of the launch of esports tournament College Rivals. "We expect over 80,000 students to participate in season 1 of College Rival. The platform will also work as a talent search platform. It will help us screen the best gamers," Baillie said. Ampverse DMI will have a gamin
On July 11, the GST council stated that no distinction would be made between games of chance and games of skill and that 28 per cent would be imposed on the full face value of bets
Kavin Bharti Mittal-founded Hike, which owns Rush Gaming Universe, has laid off about 55 people - more than one-fifth of its total workforce to absorb the impact of the GST hike on online gaming, a top company official said on Thursday. The development comes within a week of gaming unicorn Mobile Premier League (MPL) laying off about half of its India team or close to 350 people to cut down cost burden due to the increase in GST to 28 per cent. "About 55 people, out of which 24 are non-full-time employees. Closer to 22 per cent. Business is in the best shape ever but this 400 per cent increase in GST is a bazooka pointed at us. We'll need to absorb some of it and as a result the reduction in workforce at Hike/Rush," Hike Founder and CEO Kavin Bharti Mittal said. The entire team of Hike is engaged in the development of Web 3 gaming platform Rush Gaming Universe'. Investors in Hike include Tencent, Foxconn, Bharti Group, Tribe Capital, Polygon, Flipkart co-founder Binny Bansal, seri
GST Council has decided to go ahead with a 28% tax on full face value of online gaming. Know here how the new rule will impact the players and the companies, and by how much will their outgo increase
Revenue estimates based on the turnover of the gaming industry
Small companies that are into online real money-based gaming will not be able to survive due to the high Goods and Services Tax of 28 per cent, industry body All India Gaming Federation said on Wednesday. Finance Minister Nirmala Sitharaman has announced that a 28 per cent GST on the full face value of bets placed on online games will be implemented from October 1. "We believe the decision by the GST Council of valuation on deposits will severely impact the online gaming sector and result in a situation where a majority of players, including the MSMEs will no longer be able to survive in the face of the increased tax liability of 400 per cent," AIGF said in a statement. The industry body said that only established and well entrenched skill gaming companies may be able to scrape through this change by using their existing capital reserves to counter the effects of substantially increased tax liability. "However, even their revenues and valuations will significantly fall. Additionall
The decision to impose a 28 per cent tax on the full face value of bets placed on online games will be implemented from October 1 even though there was demand for a review from states like Delhi and Goa, finance minister Nirmala Sitharaman said on Wednesday. The GST Council -- the highest decision making body of the new indirect tax regime that comprises Union finance minister and representatives of all states -- discussed the language of amendments that will be needed to enabling taxing online gaming, she said after the panel meeting. The panel had at its last meeting decided to levy a 28 per cent GST on full face value of bets placed and Wednesday's meeting was to deliberate on the tax law changes that would be required to implement it. Sitharaman said Delhi finance minister opposed the levy of the tax on online gaming while Goa and Sikkim wanted the levy on GGR (gross gaming revenue) and not on face value. Sitharaman, however, said other states ranging from Karnataka to Gujarat,
In the recently concluded quarter, Nazara's revenue from operations climbed 14 per cent YoY to Rs 254.4 crore. However, a sequential decline of 12 per cent was seen from Rs 289.32 crore in Q4FY23
AIGF pointed out that while certain companies across formats that offer large tournaments may scrape through, even their revenues will be substantially affected
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Since Union Finance Minister Nirmala Sitharaman announced the plan for the tax on July 11, the online gaming industry has asked the government to review the decision
The development has come in the wake of a recent government decision that imposed a 28% GST on the full-face value of the placed bets
From San Francisco to Tokyo and Hong Kong, the plethora of companies that power the digital entertainment sphere are responding to decades of escalating costs
Industry executives said that repetitive taxation could lead to a 50-60 per cent indirect tax burden on gamers