Tax authorities have taken a benign view on at least four gaming companies going by the first few final orders issued till now. No personal penalties were slapped on company directors and tax demands have been slashed following the Supreme Court (SC) verdict on a bitter feud waged by real money gaming (RMG) and casino … Read more
The department for promotion of industry and internal trade (DPIIT) has circulated a note seeking views of different ministries on distinguishing between online ‘Game of Skill’ and ‘Game of Chance’ for the purpose of FDI, a senior official said. The official said that a clear distinction between the two is necessary to seek foreign investments … Read more
China on Friday came out with strict regulations aimed at curbing spending and rewards that encourage video games. The decision is termed a major setback to the world’s biggest games market, which was still recovering from the brunt of the Covid-19 impact. As the word spread, panic was visible among investors, and as per a … Read more
The finance ministry on Wednesday notified the way deposits made to online gaming platforms and casinos will be treated for tax purposes, clarifying that refunds made to the player will not get any relief on tax. The changes are introduced by amending CGST rules 2017, by way of CGST (Third Amendment) Rules, 2023, which are … Read more
Ruling out any change in the proposed 28% GST on online gaming and casinos, government sources said it is prudent to stick to levying tax on the gross value as any other method comes with complications in businesses that lack transparency. The gaming industry has been seeking a review of last month’s GST Council decision, … Read more
Netflix launched its video game streaming service in November 2021, investing in mobile app games. The streaming giant has since purchased multiple development studios and increased gaming-focused staff. The pivot to interactive streaming comes as Netflix’s growth has slowed to single digits. As Netflix chases younger audiences and grapples with keeping its current subscribers content, … Read more
Esports Technologies jumped as much as 48% Friday morning after a colossal public debut the previous day. The esports betting company soared 507% in its first day of trading on Thursday. Esports Technologies extended gains Friday morning after soaring 507% in its first day of trading. Shares of the competitive gaming company rose as much … Read more
Roblox, the gaming platform that soared to 32.6 million daily users, is going public this Wednesday. In 2020, the company paid out more than $328.74 million to Roblox game developers. Roblox games are built by independent developers – helping some teens pay for college. Read more on the Insider homepage. The wildly popular gaming platform … Read more