Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Asia

Alibaba, Tencent, SoftBank Invest in India’s Gambling Loopholes

Published

on

Reading Time: 2 minutes

 

Tencent Holdings, Alibaba Group and SoftBank Group are investing millions of dollars in Indian apps that use loopholes in anti-gambling laws to offer bettors cash prizes, vacations to Macau and new iPhones.

About 300 million players use apps such as Dream11, Play Games24x7, Paytm First Games and FanFight to gamble on “fantasy cricket” and rummy card games. Industry sales are forecast to reach about $3.3 billion by 2024, prompting India’s richest man, Mukesh Ambani, to say the business eventually will surpass that of music, movies and TV shows combined.

“India is sweetly positioned to exponentially grow the gaming industry. The online platform has a very strong outlook considering India has the world’s largest youth population and the second-largest internet penetration,” Vishal Seth, a managing director overseeing mergers and acquisitions for Protiviti India, said.

Advertisement

While e-commerce and video streaming are gaining in popularity, online gaming is considered a better business proposition because individual transactions are immediately profitable. That is because operators do not have to invest much in building up logistics, inventory or content.

The boom is driven by Indians who prefer vying for cash and prizes as better use of their online time than watching movies or playing video games that do not offer any rewards.

More than a third of India’s 1.3 billion people are internet users, and most of that is via budget smartphones with cheap data-usage plans. Before the coronavirus outbreak crushed the global economy, the local smartphone market was growing at a 10% rate.

As much as 90% of gaming in India happens on phones, said Girish Menon, head of media and entertainment for KPMG in Mumbai.

“That is attractive to Alibaba and Tencent because their entire ecosystem is developed around mobile phones. The time spent on gaming is far higher than any other form of entertainment,” he said.

Advertisement
Continue Reading
Advertisement

Asia

Uzbekistan Legalises Online Betting and Lotteries

Published

on

uzbekistan-legalises-online-betting-and-lotteries
Reading Time: 2 minutes

 

President of Uzbekistan Shavkat Mirziyoyev has signed a decree on April 19 titled “On Measures to Improve the Regulation of the Organization and Conduct of Lotteries and Risk-Based Games in the Republic of Uzbekistan”. The document abolishes the ban starting from January 1, 2025, and introduces a legal framework for the organisation of risk-based games online and betting activities.

The issue of legalising betting activities has been a long-standing topic in Uzbekistan. In December 2019, the president signed a decree to legalise bookmakers, but this decision was revised in April 2022. In April 2023, the head of state instructed the development of a regulatory framework for betting activities.

The National Agency for Advanced Projects (NAAP), the authorised state body for regulating and licensing activities in this sector, provided insights on the necessity of introducing state regulation in the gambling sector in Uzbekistan. The agency emphasised the need to prevent illegal gambling businesses, protect players’ rights and generate additional income for the state budget.

Advertisement

The president’s decree aims to introduce advanced foreign experience and modern technologies in regulating the organisation of risk-based games and lotteries to increase investment attractiveness, tourist potential and attract additional funds to the country.

The measures outlined in the decree include the creation of legal foundations for the legalisation of activities related to risk-based games online, betting activities, and lotteries, implementation of mechanisms to protect citizens’ rights and interests, prevention of gambling addiction and the generation of additional state budget revenue.

Starting from January 1, 2025, a taxation system will be introduced for license holders, where organisers of online games, betting activities and lotteries will pay a turnover tax. This system aims to prevent the concealment of taxable revenue and is expected to generate additional tax revenues for the state budget.

Overall, the implementation of the decree is intended to establish a reliable foundation for the legal regulation of activities related to organising risk-based games online, betting activities and lotteries in Uzbekistan, protect citizens’ interests, combat gambling addiction and provide additional sources of income for the state budget.

The post Uzbekistan Legalises Online Betting and Lotteries appeared first on European Gaming Industry News.

Advertisement
Continue Reading

Asia

Delasport Signs a Sports Deal with Philippines’ Leading Regulated Operator OKBET

Published

on

delasport-signs-a-sports-deal-with-philippines’-leading-regulated-operator-okbet
Reading Time: < 1 minute

 

Award-winning iGaming supplier in regulated markets Delasport has just signed a sports deal with Philippines’s number 1 operator OKBET.

The leading software developer will provide sports-services to their new partner, enhancing the experience of sports bettors in the Philippines even further.

“We’re proud to supply our services to such a strong partner as OKBET, and to an exciting and steadily growing market as the Philippines”, Delasport’s CEO Oren Cohen Shwartz comments on the agreement.

Advertisement

Regulated Philippines is marking a stable 5% year-to-year growth with the number of users expected to reach almost 6 million by 2029.

This is yet another deal for Delasport, with the global supplier’s expansion in regulated markets happening at full force.

Same goes for OKBET who have been holding the number one operator spot in iGaming in the Philippines for a long time now.

“I’m excited that OKBET and Delasports are joining forces to redefine the landscape of online sports gaming in the Philippines”, OKBET’s COO Wayne Thong also comments on the deal. “This partnership combines OKBET’s local market expertise with Delasports’ global industry leadership, creating new opportunities for innovation and customer satisfaction. OKBET and Delasports share a common vision for the future: a vibrant and dynamic platform that caters to the diverse interests of sports enthusiasts. By combining cutting-edge technology with a deep understanding of user preferences, this collaboration aims to set new standards for the industry.”

The post Delasport Signs a Sports Deal with Philippines’ Leading Regulated Operator OKBET appeared first on European Gaming Industry News.

Advertisement
Continue Reading

Asia

Indonesia Establishes Task Force to Combat Online Gambling

Published

on

indonesia-establishes-task-force-to-combat-online-gambling
Reading Time: < 1 minute

 

Indonesia’s Ministry of Communications and Information Technology (Kominfo) has revealed plans to establish a task force to combat online gambling.

In a statement, Kominfo said the task force would comprise representatives of multiple government agencies including the Financial Services Authority (OJK), Financial Transaction Reports and Analysis Centre (PPATK) and the police.

It will also work with Interpol to combat cross-border cases given the government’s lack of past success in blocking foreign operators.

Advertisement

“Kominfo will oversee the digital space, OJK will manage accounts and PPATK will handle fund flows, and the police will carry out arrest and investigation duties,” said Usman Kansong, the Ministry’s Information and Public Communications Director.

Minister Budi Arie said: “The Ministry has also issued a warning to all social media platforms, cellular operators and internet service providers not to facilitate any form of online gambling promotion. We have done everything within the authority of Kominfo.

“We from the Ministry of Communication and Information are fully determined. At the beginning of the week I gathered all our teams at Kominfo to work together to eradicate online gambling.”

The post Indonesia Establishes Task Force to Combat Online Gambling appeared first on European Gaming Industry News.

Advertisement
Continue Reading

Trending