ONLINE BETTING IPL
ED searches offices linked to Fairplay app over 'financial fraud'
The Enforcement Directorate (ED) Thursday said it conducted searches on multiple locations in connection with its probe on an offshore illegal betting application, Fairplay. The said app was allegedly involved in illegal broadcasting of cricket matches, including the Indian Premier League (IPL) and various online betting activities including results of recently concluded Lok Sabha polls.
ED raids portal involved in betting on 2024 poll results, illegal IPL broadcast
The Enforcement Directorate has undertaken raids in Mumbai and Pune as part of a money laundering probe against a website accused of illegal activities. The site in question allegedly engaged in online betting on the 2024 Lok Sabha election results and unauthorized broadcasting of IPL cricket matches.
View: How tech is being a good sport
According to Statista, global sports market revenue was estimated at $487 bn in 2022, sporting goods market at $160 bn in 2023, and sports betting at $242 bn in 2023. Much of this revenue growth is attributed to technology, which ensures deep fan involvement through convenient, interactive and personalised engagement.
Tamannaah Bhatia summoned over alleged IPL streaming on betting app platform
Tamannaah Bhatia summoned by Maharashtra cyber cell for endorsing IPL matches on Fairplay app by Mahadev. She is required to appear on April 29 as a witness. Badshah, Sanjay Dutt, Jacqueline Fernandez also provided statements.
Illegal betting sites start new innings as IPL action picks up
Illegal sports betting sites like Parimatch, and 1XBet target IPL fans with discounts. E-Gaming Federation seeks government ban due to tax pilferage and national security risks. Fraudulent sites expose users to financial fraud.
How Murdoch partner is helping Asia’s richest man Mukesh Ambani build a media empire
Media giant Viacom18, backed by Reliance Industries Ltd., is set to become a powerhouse in India's media and entertainment industry. With a focus on streaming and digital offerings, Viacom18 aims to compete with tech giants like YouTube and Meta Platforms Inc. The company's strategy includes offering ad-supported programming and integrating e-commerce into its platform. Led by media veteran Uday Shankar, Viacom18 is betting big on mobile streaming and digital advertising to drive growth in India's rapidly evolving media landscape.
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How online cricket betting addiction on IPL cost Bengaluru engineer Rs 1.5 crore and his wife's life
A tragic incident unfolds in Bengaluru as a man's online cricket betting debts spiral out of control, leading to his wife's suicide. Allegedly coerced into the risky venture, the man faces harassment from lenders demanding repayment. Despite efforts to settle debts, he remains indebted. Legal action ensues against the lenders, highlighting the devastating consequences of online gambling and the toll it takes on families.
MIB advises social media influencers to avoid promoting betting ads
In an advisory issued on Thursday, the ministry advised online ad intermediaries not to publish such content targeting an Indian audience and social media intermediaries to educate their users against publishing such content.
ED to probe allegations of cricket betting in IPL 2023
It comes after the agency registered a fresh money laundering case based on the predicate offence registered on the complaint made by Viacom 18 group alleging a revenue loss of Rs 100 crore. A predicate offence is mandatory for the ED to probe in a case under the Prevention of Money Laundering Act (PMLA).
FairPlay: Rapper Badshah questioned by Maha police in online betting app case
Indian rapper Badshah has appeared before Maharashtra Police Cyber Cell for promoting online betting company app 'FairPlay.' At least 40 other celebrities including the rapper have been under the lens for allegedly promoting the FairPlay app.
Illegal betting and gambling: Tax authorities losing Rs 2 lakh crore annually, says report
Illegal betting activities related to the Cricket World Cup 2023 in India are causing significant tax losses, with an estimated inflow of Rs 8,20,000 crore ($100 billion) per year. Factors such as digital infrastructure growth and the popularity of athletic events have contributed to this trend. The report suggests strict implementation of the new GST regime, establishing a task force to monitor offshore betting activities, and forcing offshore operators to register in India.
Govt plans stricter rules to deter betting apps; Indian cricket jerseys fly off ecommerce shelves
To curtail the spread of illegal online gambling and betting via offshore platforms in the country, the Centre is planning to tighten the rules, especially on UPI payments. This and more in today’s ETtech Top 5.
Egaming cos trim World Cup spends; Peak XV, Flipkart’s new bets
The online gaming industry, ubiquitous during major sports events, is low on enthusiasm ahead of the ICC Men’s Cricket World Cup, burdened as it is with a 28% tax levy. This and more in today’s ETtech Morning Dispatch.
Tata chief puts profits first for Neu; Zerodha cofounder Nikhil Kamath's latest bet
Black is beautiful and that’s the colour Tata Sons chairman N Chandrasekaran wants the salt-to-software conglomerate’s digital arm to focus on. ‘Chandra’ has ordered top leaders at Tata Neu to forget the existence of all else for the time being and focus solely and urgently on profitable growth, sources have told ET. This and more in today’s ETtech Morning Dispatch.
Health care, generative AI among major bets, in talks with Indian telcos for OpenRAN: Rakuten India CEO
From around 100 employees in 2016, to housing 2000 people in its largest office outside Tokyo, the Indian arm of Rakuten, the Japanese technology conglomerate has been scaling up its presence in India with bets across fintech, content streaming, analytics, healthcare and telecom, CEO Sunil Gopinath says, in a freewheeling chat with ET’s Subhrojit Mallick.
For Disney, streaming losses and TV's decline are a one-two punch
Disney+ lost 11.7 million subscribers in Q2 2021 due to the low-priced version in India. Excluding India, Disney+ gained 800,000 subscribers primarily overseas, bringing total losses for the streaming division to over $11bn since 2019. Disney's CEO, Bob Iger, has been actively focusing on creating profitability within Disney+.
Regulatory tech companies fear 25% knock-on hit from gaming GST
A 28% GST on gaming will push up operational costs for many platforms, which will be passed on to users. While this might not get people to move away from this sector fully, there is bound to be an impact on the amount of money being bet through these platforms, experts said.
Fantasy gaming apps' revenue jump to Rs 2,800 crore during IPL 2023 amid debate of chance and skill
The Indian Premier League (IPL) season generated a gross gaming revenue of approximately Rs 2,800 crore, with 61 million users participating in fantasy gaming, according to Redseer's analysis. This represents a 24% increase from the previous year's revenue, with a compound annual growth rate (CAGR) of 30% since IPL 2019.
Mumbai Indians bets big on online merchandise sales
"From a business perspective, getting customers to purchase items on MI Shop is our next growth story," said an executive. "Last year, we began selling fan merchandise directly through MI Shop. Earlier, we were selling merchandise only through third-party platforms, but now it's both," he added.
Exclusive: Betting, gaming apps Betway, Lotus365, Fun88 continue operations, ads despite blanket ban
Platforms that advertise banned apps could suffer severe penalties under the IT Rules including “loss of intermediary status and potential blocking of websites, criminal prosecution under state gaming laws and action under the Consumer Protection Act,” an expert said.
ETtech Scoop: Tiger Global in talks to invest in Rajasthan Royals, valuing it at $650 million
Rajasthan Royals’ parent entity Emerging Media, is owned by UK-based Manoj Badale who holds more than 60% in the franchise and had bagged the rights in 2008.
Scoop: Tiger Global’s big bet on IPL; Binny Bansal eyes stake in volleyball team Bengaluru Torpedoes
Happy Monday. Global funds and individual investors are all lining up funds for professional sports clubs, a new and emerging trend that we are capturing through two important stories in today's packed and rather sporty edition of ETtech's Morning Dispatch.
IPL: How India became home to the biggest, baddest cricketing league in the world
In its 15th year, the tournament is raking in incredibly large amounts of money, recently adding a $6 billion broadcast deal to its kitty, one of the many deals that has taken the league’s valuation to $10.9 billion, effectively making it a decacorn, a startup term to indicate a company valued at over $10 billion. The latest valuation makes the cricket league the second-most valuable sporting league in the world, slotting in between America’s National Football League (NFL), valued at $16 billion, and Major League Baseball, valued at $10.7 billion.
ETtech Exclusive: Ads of betting, gambling sites still in play on social media
Such companies are still running promotional content on platforms via influencers, celebs in violation of I&B ministry's directive.
MeitY’s new online gaming rules explained and other top stories this week
The Ministry of Electronics & Information Technology (MeitY) will notify at least three self regulatory organisations (SROs), which will decide what game is permissible on the Indian internet, and what is not.
Government releases norms for online gaming, prohibits games involving betting
The minister said that the SROs will be denotified if they don't follow the rules. When asked about some apps that promise monetary rewards on the outcome of IPL cricket matches, the minister said that real money gaming is permitted but it will become non-permissible when money is put on the outcome of the game and any SRO allowing such games will be violating the rules.
Era of franchise leagues: Four months in 2023, the IPL is the eighth franchise event of the year
The Indian Premier League (IPL), with 74 matches in less than two months and a broadcast rights sale of INR 48,390 crore, is now comparable to top American sports codes and the English Premier League. The tournament has become a summer phenomenon in India, attracting demand for tickets and passes despite a saturated cricket calendar. Manufacturers and broadcasters have launched campaigns and offerings that attempt to reproduce the stadium atmosphere. With franchises owned by IPL team owners emerging in different regions, cricket administrators face questions about the league’s unchecked growth and compound effects on the rest of the sport.
CBI books Delhi-based company for connections with international online betting platform Dafabet
The CBI had conducted a preliminary enquiry against the company based in New Delhi's Karol Bagh and its directors Yogesh Kumar and Rakesh Prasad Gupta, which revealed their alleged connections with Dafasports and Dafabet, they said.
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