Online Gaming – Page 6

Gladiator Esports acquires Bengaluru based Gods Reign

The newly assembled team, which had a combined prize pool earnings of approximately INR 2.5 crores ($276,703) in FY23.

This consolidation aims to streamline operations, strengthen brand identity, and leverage the combined resources of both entities.

High taxes and policy uncertainty drive Real Money Gaming operators offshore

Skillhub Online Gaming Federation (SOGF) has initiated efforts to promote Rummy—a card game—as a competitive sport.

Real Money Gaming (RMG) was the largest contributor to the gaming sector in India, comprising 83-84% of overall revenue in FY22, according to a report by Grant Thornton Bharat titled Guardians of Safe Play: Ethical Gaming for Vibrant Bharat.

PM Modi highlights Indian animation growth, praises ‘Chhota Bheem’ on Mann Ki Baat

At the Summit, PM Modi outlined his vision for Viksit Bharat, emphasizing inclusive development, economic resilience, and digital empowerment.

In ‘Mann Ki Baat,’ Prime Minister Modi praises Indian animation and calls on youth to innovate in the booming animation and gaming industries.

Indian online gaming sector faces threat from money laundering, reveals Digital India Foundation report

As per shareholding data post-investment, Play Ventures will hold 3.38%, Countryside Ventures 4.46%, Gameskraft Technologies 2.12%, and Kalaari Capital 6.35% of the company.

The Indian Real Money Gaming (RMG) sector has become a key player in the global market with a CAGR of 28% from FY20 to FY23 and its projected revenue is set to reach $7.5 billion within next five years.

Govt advocates for gamification in school curriculum to boost learning

Union Minister of State for Education Sukanta Majumdar

‘Gamification can revolutionize traditional learning methods by making education much more attractive for students, making complex subjects more accessible and engaging for students and encouraging critical thinking,’ Union Minister of State for Education Sukanta Majumdar said

DGGI will shake hands with foreign govts to crack whip on offshore gambling firms

Vaishnaw emphasized that the central government takes prompt action whenever violations come to its notice, ensuring all measures align with the Constitutional framework

This move will curb tax evasion in the online ‘gaming’ sector in India and will also help block websites of such notorious illegal offshore entities.

‘Not hyping to raise funds, investors are not dumb,’ says SuperGaming Founder

According to Tracxn, SuperGaming has raised a total of $6.8 million over three rounds, with the first round of funding on November 12, 2019.

The Pune-based gaming studio is backed by investors including Bandai Namco, Akatsuki Entertainment Technology Fund, Skycatcher, BAce Capital, and Dream Incubator.

DGGI investigating 658 gambling companies, reports Rs 82k crore tax evasion by online ‘gaming’ companies

Haryana cracks down on gambling

Meanwhile, the GST department has collected Rs 2,675 crore from 574 offshore entities offering digital services to Indian entities in FY24.

Microsoft lays off 650 Xbox employees; cites cost cutting, integration efforts

In May, Xbox decided to shutter four studios acquired as part of its $7.5 billion purchase of ZeniMax

This would be the third layoff cycle of this year after Microsoft’s Xbox unit cut 1,900 jobs in January, mostly from Activision units and studios.

Tamil Nadu examining Australia-like gaming policy, video game industry tight-lipped

TNOGA Chairman Mohammed Nasimuddin stated that preliminary survey analysis suggests that about 20 percent of students in the state are addicted to online games.

During one of the consultative processes, the Tamil Nadu government clarified that they do not differentiate between the video game and RMG industries.