Online skill-based gaming industry has made a case for retaining the service under 18 per cent GST slab instead of putting it into the highest 28 per cent tax rate category, saying the move will badly hit the $2.2-billion sector. The increase in taxation would not only have catastrophic impact on the industry but also encourage offshore operators who would circumvent Indian tax jurisdiction by hosting games in some other country, Games24x7 Co-CEO Trivikraman Thampy said. "It would be a triple whammy -- the industry loses out, the government loses out on tax revenue and players loses out as they would be exposed to unscrupulous operators," he said.
Online gaming companies will not be allowed to engage in betting on the outcome of games under the principle laid in draft rules, Minister of State for Electronics and IT Rajeev Chandrasekhar said on Monday. The minister said that as of now, all permissible online gaming will need to be registered with a self-regulatory organisation that will be accountable to the online gaming rules.
More than 6,000 URLs, accounts or websites were blocked in 2021, Parliament was informed on Wednesday.
Gambling is a multi-billion dollar industry spread across the world.
Two Indian founders of the world's largest online casino 'PartyGaming' have lost a fortune estimated at over $1 billion in a matter of days, after the company's shares plunged in response to a US government crackdown on Internet gambling.
'More investors now view the stock market as a valuable opportunity, though many still seek quick gains, leading to a rise in futures and options trading.'
The present legislative framework on betting and gambling in India is sketchy, at best.
From stunning animal portraits to captivating glimpses of behaviour in their natural habitat, the World Nature Photography Awards contest showcases the intricate relationship between animals, plants, fungi, and humans.
Amid the debate over the release of Bilkis Bano case convicts, the Madhya Pradesh government's proposed new policy provides for a life sentence till death for those held guilty for offences like gangrape and terrorist acts.
'If a gaming regulator is able to save even a single player's life or is able to just enforce the existing laws of the land, it works,' says cyber policy expert Prashant Mali.
Share prices of Nestle India, Asian Paints, Bandhan Bank, Tata Technologies, AU Small Finance Bank and Avenue Supermarts, all a part of the BSE 500 index, have hit their respective 52-week lows on the BSE in Thursday's intra-day trade after a sharp correction in the equity markets.
rediffGURU Patrick Dsouza, founder of Patrick100 offers advice on how to optimise your preparation for CAT 2025.
'The governor was a senior IPS officer who should know the Constitution.'
The freedom of press can not be used to violate a person's 'inherent' right to reputation and investigative journalism does not enjoy any special protection, the Bombay high court has said while asking a journalist to remove online articles and videos targeting a businessman.
After a nationwide crackdown on telephone sex lines and online gambling sites, China has now banned fortune-telling advertisements.
Online lotteries mushroomed in India in the mid-90s
A huge controversy erupted after the Pakistan Super League (PSL) franchises flouted strict Islamic laws by promoting surrogate advertisements of off-shore online betting platforms.
People in full-time jobs should especially avoid intraday trading as it results in loss of focus and affects performance.
Even as the gaming industry battles multiple regulations in different Indian states, it has received more than double the amount of investment this year compared to 2020. Industry watchers attribute this to the growing popularity of gaming, spurred by the pandemic, and the innovative business models gaming firms have built. According to data from industry tracker Venture Intelligence, investment in India's gaming sector in 2021 has more than doubled to $794 million, as against a total investment of $339 million last year. In 2019, this number was $176 million. Marquee investors such as Tiger Global (Dream11), Sequoia Capital India (Mobile Premier League), WinZO (Griffin Capital Partners), Tencent (Dream11) and Matrix Partners (Zupee) have pumped money into the sector.
Luis Suarez risks losing lucrative commercial deals following his bite on a World Cup opponent, with poker brand 888 saying on Wednesday it was reviewing its sponsorship agreement with the Uruguayan.
England head coach Brendon McCullum's appearance in online betting advertisements has landed him in a fix with ECB probing if it is in breach of the governing body's anti-corruption rules.
'This year's detection of frauds and probable recovery will be mainly driven by several compliance measures put in place, and amendments made to the GST regime to plug revenue leakages particularly in new-edge sectors.'
The Tamil Nadu assembly on Monday adopted a resolution to urge the Centre and the President to fix a timeframe for state governors to approve bills adopted by the respective houses.
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
The Centre on Monday issued advisories to news websites, OTT platforms and private satellite channels asking them to refrain from carrying advertisements of offshore betting sites. "...the private satellite television channels are strongly advised to refrain advertisements of online offshore betting platforms and/or their surrogate news websites or any such product/service depicting these platforms in a surrogate manner," the ministry of information and broadcasting advisory said. It also warned private satellite television channels of penal action under applicable laws for violation of the advisory.
Mumbai-based BabyChakra is among the four start-ups Google has shortlisted from India for the fifth batch of its mentorship programme
Are "dubious" new categories and "shady" new brands, financed and funded by avaricious investors trying to change the contours of the Indian marketplace forever, asks Sandeep Goyal?
By agreeing to form the government in New Delhi, Arvind Kejriwal has taken a gamble where his reputation has been put on mortgage. Rediff.com's Sheela Bhatt looks at the road ahead for Kejriwal and his Aam Aadmi Party.
Granada and Bilbao complete match suspended after supporter's death
These games of skill with a large social component have managed the transition to a new online avatar.
E-sports experts say the burgeoning sector will not be affected by the Goods and Services Tax (GST) Council's recent decision to levy a blanket 28 per cent tax on online gaming, which is being viewed by the industry as a death blow to gaming companies.
Tamil Nadu Governor R N Ravi on Thursday staged an unprecedented walkout from the state assembly following a face-off with Chief Minister M K Stalin over the former's customary address to members of the house in its first session of the year.
With the restart of economic activity, fraudsters have shifted their focus to target unsuspecting people from travel and leisure, communities (online forums) and logistics sectors, a report said.
Paytm said the global tech giant's move was hypocritical as Google, too, regularly runs similar scratch card campaigns in India under its Google Pay app.
Terror outfits, particularly al-Qaeda, are using gambling websites to launder money and train potential terrorists in Britain without them having to risk travelling to camps in Pakistan, a media report said today.
Investors, including large corporations, view them as a potential hedge against uncertainty, and mainstream investment banks too are jumping into the game.
The police have almost no way of tracking the $200 billion plus money flowing online during this World Cup.
