REAL MONEY GAMING
How Microsoft's Satya Nadella became tech's steely-eyed AI gambler
Nadella, Microsoft's CEO, had his eyes on a Silicon Valley startup called Inflection AI. The company's CEO, Mustafa Suleyman, was one of the founders of the pioneering artificial intelligence company DeepMind.
Retro tax waiver set to ease gaming companies Rs 1 lakh core tax pain
The Goods and Services Tax (GST) council's recommendation to allow the government to overrule retrospective tax demands could resolve pending indirect tax cases worth ₹1 lakh crore against companies in India's cash-rich real money gaming (RMG) sector.
Google extends pilot for real money games; AIGF dubs it arbitrary, anti-competitive
In September 2022, Google launched a limited trial program on its app store. This pilot allowed a small number of daily fantasy sports and rummy games to be available for download. The program lasted for one year, and while Google stopped accepting new applications after that period, existing participants were granted a grace period.
Games 24x7 posts 70% rise in FY23 operating revenue, trims loss
Games24x7's operating revenue grew by over 70% to Rs 1,988 crore in FY23. The firm's loss narrowed by nearly 30% to Rs 199 crore. It runs platforms like RummyCircle and My11Circle.
Double whammy coming for already struggling real gaming companies
Real money gaming companies like Dream11, Games24X7, and Mobile Premier League (MPL) face cost pressures with Google introducing service fees on Playstore listings from July 1.
TN law to place time, user curbs on all online games
Tamil Nadu is considering a law to regulate online and real money games, with restrictions on playtime and usage, mirroring the central government's approach. This is being spearheaded by Tamil Nadu Online Gaming Authority (TNOGA); a five-member regulatory authority formed in August 2023.
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GameStop soars as 'Roaring Kitty' reveals $116 million bet in Reddit post
It was Gill's first post in three years from his Reddit account, where screenshots of his bullish GameStop trades triggered a rush of demand in 2021 for "meme stocks" - often companies with weak fundamentals that gained a cult-like following through social media hype among retail traders.
Leave gaming to the real mai-baap
Gaming is a significant industry in India, with around 57 million active gamers, the second-largest globally after China. Children, youngsters, and women form a significant part of this user base, enabled by increased broadband penetration, smartphone adoption, and local content creation. However, the government is considering imposing time and spending limits on gamers to address gaming addiction, sparking concerns about state overreach. Instead, the focus should be on raising awareness about screen time and letting parents make informed choices, rather than intrusive regulations.
Govt eyes time, spend curbs to tackle gaming addiction
The government is leaning towards imposing time limits as opposed to certifying games as permissible or non-permissible through self-regulatory organisations (SRO), an official at the IT ministry said.
Nazara Technologies reports 43% increase in profit after tax at Rs 17 crore in Q4
Nazara Technologies reported a 43% increase in profit after tax to Rs 17 crore for Q4 FY24. Operating revenue for March fell 8% to Rs 266 crore. FY24 PAT from operations grew to Rs 89 crore. Founder Nitish Mittersain is optimistic about accelerated growth in revenue and EBITDA in FY25.
States, Trai jump into the fray to regulate online gaming
MeitY's self-regulatory proposal for online gaming led to state laws in Tamil Nadu and Karnataka. Trai consulted on National Broadcasting Policy 2024. Challenges include defining skill-based gaming versus gambling and regulatory clarity in the online gaming industry.
ED seizes Rs 90 crore funds kept in Binance, ZebPay, WazirX wallets
Enforcement Directorate seized Rs 90 crore from cryptocurrency wallets in a money laundering probe connected to the 'E-Nugget' online gaming scam, involving high returns and multiple arrests with assets worth Rs 163 crore seized or frozen.
VC Lumikai eyes 10-12 deals via India Fund-II
Gaming and interactive media venture capital firm Lumikai has $58 million in AUMs from 15 portfolio companies, general partner Salone Sehgal told ET. These portfolio companies have raised over $120 million collectively.
Nazara games subsidiary to acquire Ultimate Teen Patti IP from Games24x7
Nazara Technologies acquires Ultimate Teen Patti IP rights for Rs 10 crore from Games24x7. Nextwave subsidiary to expand casual freemium gaming with the acquisition, expecting deal closure within 90 days.
NLU preparing recommendations for a online gaming regulator, to submit to MeitY soon
To determine the direction that gaming regulations, the National Law University (NLU) Delhi, along with industry body E-Gaming Federation (EGF), is consulting with industry stakeholders.
Online gaming continues to grow, but GST change to “moderate” monetisation: report
According to a report from real money gaming (RMG) firm Winzo and non-profit firm Interactive Entertainment and Innovation Council, India currently has about 560 million gamers, of whom 144 million paid for games in 2023
Indian gaming likely to hit $7.5 billion, create 250,000 jobs by 2025: Meta India head
Facebook parent Meta’s vice president for India Sandhya Devanathan made the comments during Meta's inaugural gaming summit in India, where it also launched a report on the Indian gaming ecosystem called ‘Gaming Playbook’ in collaboration with market research firm GWI.
Over 40 pc of real-money gamers in India from non-metro regions: Meta
Meta study in India shows gaming trends: 43% real-money gamers non-metro. 90% discover games on social media. Advantage+ ads enhance brands. Arun Srinivas views gaming as crucial in tech evolution. Consumers engage in daily gaming and switch to fantasy sports.
Real-money gaming firms look for cues in Google billing row
As the battle between Google and startups over service fees unfolds, online real-money gaming (RMG) companies are observing the situation closely. These companies are concerned that they might be the next group of app developers to face the 15-30% fee implementation starting from June this year.
Real-money gaming companies look for an ace to beat tax blues
Companies are trying out restrictions on the withdrawal of deposits for shorter games like rummy and poker to avoid being hit by repetitive taxation, as goods and services tax is levied every time a new deposit is made.
OneVerse acquires Spartan Poker; sets aside $120 million for M&A in real-money gaming
OneVerse, backed by family offices and its founder’s capital, shall invest in M&A of nearly 13 RMG companies across poker, rummy and fantasy gaming over the next three months, its chief executive told ET.
Dream11 posts higher profit, revenue; auditor flags risk from GST demand
Dream11's auditor SR Batliboi & Co, an affiliate of EY, said the notices issued to the company by GST authorities seeking more than Rs 28,000 crore in past tax dues “may cast significant doubt on the group’s ability to continue as a going concern”.
Google expands Play Store policy to allow onboarding of more real-money games
Google is running an application-only pilot programme to enable the distribution of DFS and rummy game apps developed by India-incorporated game developers, which will be extended till June 30.
ETtech Explainer: Google Play Store says it will allow real money gaming apps. What does this mean?
Google's Play Store will now allow a wide variety of real money gaming (RMG) apps on its platform in India, Mexico, and Brazil. This change is expected to boost the distribution of RMG apps and help MSMEs and new developers compete with established companies.
Real money egaming banned? Players now game the system
Banned in some states, gamers take WhatsApp & Telegram route, mask location to keep playing.
VC firm Lumikai cuts growth projection for India’s real-money gaming segment
The share of RMG in the Indian gaming market, which today is nearly 60%, could reduce to 32% by fiscal 2028, said the State of India Gaming FY23 report released by Lumikai.
Nazara eyes tax crisis-hit real money game companies
The RMG industry is facing a tax demand of more than Rs 1.5 lakh crore, after the government decided to levy a 28% GST on deposits made by users to play a game, instead of on the winnings.
Dream11 acquires fantasy platform Sixer
Sixer founder Amay Makhija announced the acquisition to users of the platform in an email. The size of the deal or the strength of Sixer’s team is not known.
Gamers put real money on table ahead of 28% tax regime
Platforms make special offers to lure heavy-duty gamers in the past 2 months; some clock as much as 300% surge in daily deposits.
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