Real mini gaming companies are moving forward to propose a ban on blankets under a new legislation.
According to a Tech Crunch draft, the Indian government plans to prohibit real money sports under its proposed online gaming regulation-it has also been confirmed by three sources, including an adviser to the Indian IT Ministry and two working with the Indian government and the real mini-gaming companies.
The Online Gaming Act, proposed to promote 2025 and to be called a rule, this legislation will include online sports in the acquisition of real money, and both their advertisements and financial transactions will be declared illegal.
The draft states that “no bank, financial institution, or any other person will provide, allow for any transaction or funds to pay any online mini -gaming service to provide financial transactions or allow any online mini -gaming service.
Real Money Gaming has been the largest taxpayer for India’s online gaming industry, which has earned $ 3.8 billion revenue in the financial year 2023-24-a 23 % increase in the annual year. Recent reports Gaming focused by VC firm Lumikai. The firm said that only the real mini gaming part is 4 2.4 billion.
However, there is a growing scrutiny between public concerns over the incidence of damage in the sector. Allegedly died of suicide After losing a huge amount of sports. Industry stakeholders attribute these events to a great extent Offshore batting and gambling appsWho keep working – and Even extended – In spite of repeated claims of federal and state officials such as implementation measures Website blocks And The account goes to the gym.
In 2023, the Indian government imposed a 28 % tax on online gaming to stop the real money game-the industry is called “destructive” and “unconstitutional”. High investors, including Tiger Global and Kotak, urged Prime Minister Modi to re -consider, which has written $ 2.5 billion alert and one million job losses. The tax remained, though the companies have Challenged his former petition in the Supreme Court. However, it Can grow up to 40 % Under the new rules, some recent reports suggested.
The draft legislation states that real mini gaming companies may face up to three years in prison, a fine of $ 10 million (about $ 115,000). Similarly, celebrities promoting such sports on any media platform can be responsible for a two -year imprisonment or a million 5 million (about $ 57,000 dollars). The bill also gives the Indian government the authority to set up a regulatory authority to monitor its implementation.
“If the legislature comes into force, the business will be closed,” the founder of the Indian real mini -gaming startup told the Tech Crunch, requesting that the draft is not yet common.
Investors are equally concerned about the proposed law, which is expected to be presented for debate in the Indian Parliament soon.
“All Unicorn in this sector is being significantly affected by the move in this sector,” said an investor at the Indian Real Money Gaming Startups, “said an investor at the Indian Real Money Gaming Startups, while the Indian government has not yet agreed to release the proposal.
Dream Sports, Games 24 X7, and Venezo are included in India’s real mini -gaming startup. Collectively, they have raised billions of dollars and earned significant income from millions of consumers. There are the most real mini -gaming startups globally in India, FIRST Tracexn, then the United States and the UK
Although many of these companies also offer non -monetary games, a founder told Tech Crunch that the real mini gaming is more than 85 % of their total income. He did not comment on the record because the draft is not public, but agreed to share his views in anonymity.
Likewise, some startups have sought to leave India to maintain their business during regulatory challenges in the country. The founder cited the aforementioned founder as saying that it has not yet been fruitful for them, as they currently generate about 100 % of their income from India.
This is not the first time New Delhi has searched for real money gaming. In 2023, the Indian government Alteration Rules of Information Technology (Arbitration Guidance and Digital Media Ethics Code), 2021, to prevent the “damage to the user” associated with the Real Money Games. It proposed to set up illegal batting and gambling to set up itself for the approval of legitimate sports, limiting illegal batting and gambling. However, Self -regulation model deteriorated Due to the conflict between industry stakeholders on implementation and standards.
Local reports on Tuesday said that India’s central cabinet is with Cleaned the proposed bill In early Wednesday, to introduce it to the Lower House of Parliament. However, the Indian government did not confirm this development.
The Indian IT Ministry did not respond to a request to comment.
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