Tag: Online Gaming

Cryptos, shell firms, and fake FDI: ED report exposes India’s betting syndicates

The Enforcement Directorate (ED) had earlier claimed that ₹4,500 crore were proceeds of crime of the online gaming and betting application Fairplay that has been alleged to be involved in money laundering.

The ED report highlights that many of these platforms used manipulated algorithms. While users might initially win small sums to build confidence, they were later subjected to consistent losses.

Exclusive: PIL filed against illegal betting platforms; ASCI, celebs face scrutiny

Between April and August 2024, ASCI flagged over 700 advertisements from illegal betting and gambling companies and forwarded them to the Ministry of Information and Broadcasting (MIB)

Filed by petitioner Davinder Singh, the PIL urges the court to order the blocking and censorship of URLs, mobile apps, YouTube videos, and social media handles promoting illegal gambling activities.

Breaking: SEBI flags ‘illegal’ opinion trading platforms, warns public to stay away

SEBI emphasized that such platforms often mimic legitimate investment avenues by using financial market terminology like "profits," "stop loss," and "trading," which may mislead users into believing they are participating in regulated securities markets.

The regulator further noted that since these platforms are neither recognized stock exchanges nor registered with SEBI, any trading of securities—if it occurs on these platforms—would be considered illegal. In such cases, both the platforms and their participants may face regulatory action.

Breaking: Paytm’s First Games receives ₹5,712 crore GST show cause notice

In response, First Games plans to file a writ petition to challenge the SCN on legal grounds, particularly opposing the retrospective application of a GST amendment effective from October 1, 2023.

Paytm clarified that this issue is not unique to First Games, noting that the GST department has sent similar notices to several gaming companies in the past.

EXCLUSIVE: Karnataka govt to introduce whitelist for Real Money Gaming operators

The guidelines cover a wide range of digital channels, including search engines like Google and Bing; social media platforms like Instagram, X (formerly Twitter), and LinkedIn; and OTT platforms such as Netflix, Amazon Prime, and Disney+ Hotstar.

The upcoming framework will also include provisions for age-gating, grievance redressal mechanisms, and player support systems—part of a broader “consumer-first” strategy aimed at curbing the influence of illegal betting and gambling services.

Creativeland Asia IP dispute, Delhi HC orders WinZO to deposit ₹30 lakh in three weeks

Storyboard18 had first reported the legal battle on March 5, titled “Creativeland Asia Takes WinZO to Court, Cries Foul Over Misuse of Creative Idea.”

The central issue revolved around the tagline “Jeeto Har DinZo,” which Creativeland Advertising claims to have developed exclusively for WinZO Games during preliminary campaign discussions.

RMG industry needs right regulatory framework, including under PMLA: Dilsher Malhi, CEO of Zupee

A major chunk of this expenditure was directed toward marketing and user incentives, with ₹806 crore being spent in FY24 to drive the business forward.

For the fiscal year ending March 31, 2024, Zupee posted ₹1,123 crore in net revenue and ₹146 crore in net profit, marking its first-ever year of profitability since its inception.

‘If you play Rummy, I’ll become Mummy’: Tamil Nadu’s RMG case reaches final stage

Senior Counsel C Aryama Sundaram, representing the petitioners in earlier hearings, asserted that the Tamil Nadu government lacks jurisdiction to legislate in this domain.

On Monday, the Madras High Court Bench comprising Justices S.M. Subramaniam and K. Rajasekhar concluded oral hearings in a significant case involving online rummy and other real money games.