India’s Lower House of Parliament approved a clean online gaming bill on Wednesday, while promoting sports and comfortable gaming without a monetary stake, blankets on real mini sports are banned-which can affect the investment of billions of dollars, and the investment of billions of dollars is overwhelmed.
An online gaming bill, in the title of promotion and regulation, is aimed at prohibiting real money sports across the country-whether it is based on skill or opportunity-and ban on both ads and its financial transactions, as it has previously reported on the basis of its draft version.
Indian IT Minister Ashwini Vishnu presented the bill in Parliament, saying, “The bill preferred the welfare of the society and to avoid a major evil that is roaming in society.”
The proposed legislation bans banks and other financial institutions from allowing real money transactions transactions in the country. These sports presentants may face up to three years imprisonment, a fine of $ 10 million (about $, 000 115,000), or both. In addition, celebrities promoting such sports on any media platform can be responsible for a two -year -old imprisonment or a $ 5 million (about $ 57,000 $).
Vishnu said the decision to bring the legislation was to resolve a number of cases of loss, including cases where people were allegedly killed after the money was lost. However, industry stakeholders largely attribute these events to foreign batting and gambling apps, which many believe that the legislation will not be paid attention.
“This law is obliged to face legal action because it fails to test the proportion under Article 19 (1) (g),” said Magna Ball, director of think tank Esia Center in New Delhi. “Instead of protecting consumers, it eliminates companies according to the coast, while opens the door for the illegal offshore batting platform, which is the real source of financial loss.”
Article 19 (1) (G) of the Constitution of India guarantees citizens the right to implement any profession or practice any profession, trade or business.
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Prior to the introduction of the bill in the Indian Parliament, industry agencies wrote a letter to Prime Minister Narendra Modi on Tuesday evening, requesting intervention. A letter sent by the Federation of Indian Fantasy Sports, the All India Gaming Federation, and the E-Gaming Federation, which was reviewed by a copy of the Tech Tech Crunch-has warned that the proposed legislation can force “illegal offshore actions” to force Indian businesses to shut down. These industry companies represent Dream Sports, MPL, Venezo, Games Craft, Nazara Technologies, and Zopi among other real money gaming companies.
The letter states, “By shutting down regulated and responsible Indian platforms, it will run (millions) players in the hands of illegal matriculation networks, beach gambling websites, and fly -by -night operators who work without protecting consumers or taxes.” (Matka is a form of illegal gambling that originated in India, which includes betting on random numbers.)
Three industry companies estimates that the joint enterprise of real mini -gaming startups in India costs $ 2 trillion (about $ 23 billion), which earns a gross income of $ 310 billion (about $ 3.6 billion), and directly and directly and in internal taxes (about $ 2.29 billion annually). They have also offered a 28 % compound annual growth rate, which will double the industry size by 2028. Industry groups have warned that a blanket ban could result in loss of more than 200,000 jobs and could have been closure of more than 400 companies.
A similar letter was written to Indian Home Minister Amit Shah by these three industry associations. The person familiar with the matter told the Tech Crunch, saying that some Indian and global investors are also causing their reaction to their reaction. He did not want to name the source, because the projects are not yet public.
Publicly listed Nazara technologies, which have previously invested in real mini -gaming platforms, including pokerbazi and classic rami, declined by 12.84 % on Wednesday, which has closed at 1,220 (about $ 14). Company, however, had previously explained in one Stock Exchange filing Û”
Dream Sports and MPL, who are at the top of Real Money Gaming, refused to comment, while another famous Real Money Startup, Venezo did not respond.
The bill was approved less than seven minutes after introducing the debate in a noisy Lower House through a sound vote. Now it needs approval from the upper house and the president to become a law.
Meanwhile, some companies involved in comfortable gaming and e -estates have welcomed the move.
“We admire this decision because it is a business concern, maintaining, maintaining, and most importantly, rather than building a great IP for India and the world, instead of explaining to our audience what we will start,” the CEO of the Ginger Games, and the co-founder of the Ginger Games.
Krafton is the South Korean gaming company behind the famous war Royal Game Pubg.
Akshay Rathi, co -founder and managing director of the Esports Company Nodoin Gaming, who is also a subsidiary of Nazara Technologies, said that there is a clear difference between sports, online gaming, online social gaming, and online mini gaming that is clearly understood and easily understood.
He said, “The absence of exact definitions often caused confusion and confrontation around the term ‘e -reports’.
Ball also told the Tech Crunch that the bill “eliminates sports”, as the authority established by the Indian government will decide on the authenticity of sports.
“The effect is above the real mini gaming for the wider ecosystem of the business that relys on it and really offers serious implications for the overall AVGC (animation, visual impact, gaming, and comedy),” he said.
In 2023, the Indian government Amendment Information Technology (Arbitration Guidance Leaders and Digital Media Ethics Code), 2021, proposed to control the “loss of consumer” from actual money games and to allow illegal bets and limit gambling, allowing legitimate games. However, the conflict between stakeholders of the industry related to implementation and standards has damaged the code of conduct itself.
New Delhi imposed a 28 % tax on online gaming in 2023 to stop the real money game, which led to screams from industry stakeholders. High investors, including Tiger Global, Peak XV partners, and Kotak, warn Modi, a warning of $ 2.5 billion and a warning of a million jobs. However, the tax remained in its place, even when the companies challenged its previous request in the Supreme Court. Recent reports show that up to 40 % can be amended under new rules.
Rohit Kumar, the founder of the Quantum Hub, a public policy firm based in New Delhi, told Tech Crunch that the real problem with the new bill is lack of appropriate process.
He said, “The code is necessary, but such a sudden move damages India’s reputation as a destination of predicted investment. If there are concerns, the government should have clearly indicated them from the beginning.”