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TechCrunch
31 minutes ago
- TechCrunch
India bans real-money gaming, threatening a $23 billion industry
India's lower house of parliament on Wednesday passed a sweeping online gaming bill that, while promoting esports and casual gaming without monetary stakes, imposes a blanket ban on real-money games — threatening to disrupt billions of dollars in investment and significantly impact the real-money gaming industry, which could see widespread shutdowns. Titled the Promotion and Regulation of Online Gaming Bill, 2025, the legislation aims to prohibit real-money games nationwide — whether based on skill or chance — and ban both their advertisement and associated financial transactions, as TechCrunch earlier reported based on its draft version. 'In this bill, priority has been given to the welfare of society and to avoid a big evil that is creeping into society,' India's IT minister Ashwini Vaishnaw said in parliament while introducing the bill. The proposed legislation restricts banks and other financial institutions from allowing transactions for real-money games in the country. Anyone offering these games could face imprisonment for up to three years, a fine of up to ₹10 million (approximately $115,000), or both. Additionally, celebrities promoting such games on any media platform could be liable for up to two years of imprisonment or a fine of ₹5 million (roughly $57,000), the bill states. Vaishnaw said the decision to bring the legislation was to address several incidents of harm, including cases where individuals reportedly died by suicide after losing money in games. However, industry stakeholders largely attribute these incidents to offshore betting and gambling apps, which many believe will not be addressed by this legislation. 'This law is bound to face litigation as it fails the test of proportionality under Article 19(1)(g),' said Meghna Bal, director of the New Delhi-based think-tank Esya Centre. 'Instead of safeguarding consumers, it dismantles compliant onshore companies while opening the door wider for illegal offshore betting platforms that are the real source of financial harm.' Article 19(1)(g) of India's Constitution guarantees citizens the right to practice any profession or carry on any occupation, trade, or business. Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital, Elad Gil — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $600+ before prices rise. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | REGISTER NOW Ahead of the bill's introduction in the Indian Parliament, industry bodies wrote to Prime Minister Narendra Modi on Tuesday evening, urging him to intervene. The letter — sent by the Federation of Indian Fantasy Sports, All India Gaming Federation, and E-Gaming Federation, a copy of which was reviewed by TechCrunch — warned that the proposed legislation could benefit 'illegal offshore gambling operations' while forcing Indian businesses to shut down. These industry bodies represent Dream Sports, MPL, WinZO, Gameskraft, Nazara Technologies, and Zupee, among other real-money gaming companies. 'By shutting down regulated and responsible Indian platforms, it will drive [millions] of players into the hands of illegal matka networks, offshore gambling websites, and fly-by-night operators who operate without any safeguards, consumer protections, or taxation,' the letter stated. (Matka is a form of illegal gambling that originated in India, involving betting on random numbers.) The three industry bodies estimated that real-money gaming startups in India have a combined enterprise valuation of ₹2 trillion (approximately $23 billion), generate cumulative revenues of ₹310 billion (around $3.6 billion), and contribute ₹200 billion (roughly $2.29 billion) annually in direct and indirect taxes. They also project a 28% compound annual growth rate that would double the industry's size by 2028. The industry groups warned that the blanket ban could result in the loss of more than 200,000 jobs and the closure of over 400 companies. A similar letter was also written to Indian Home Minister Amit Shah by these three industry associations. Some Indian and global investors are also calibrating their response, a person familiar with the matter told TechCrunch. The source did not want to be named, as the plans are not yet public. Publicly-listed Nazara Technologies, which has previously invested in real-money gaming platforms including PokerBaazi and Classic Rummy, saw its share price fall 12.84% on Wednesday to close at ₹1,220 (about $14). The company, however, earlier clarified in a stock exchange filing (PDF) that it has 'no direct exposure' to real-money gaming businesses and that these platforms do not contribute to its revenues based on its latest reported financials. Nazara Technologies' Stock price on Wednesday Image Credits:Google Finance Dream Sports and MPL, two of the top real-money gaming startups, declined to comment, while WinZO, another popular real-money startup, did not respond. The bill was passed by voice vote in a noisy lower house less than seven minutes after it was introduced for debate. It now requires approval from the upper house and the president to become law. Meanwhile, some companies in casual gaming and esports have welcomed the move. 'We applaud this decision as it allows us to focus on the ongoing concerns as a business — monetization, retention, and most importantly, building great IP for India and the world, rather than having to explain to our audiences what we are to begin with,' said Sumit Batheja, CEO and co-founder of Ginger Games, which is part of Krafton's Indian gaming incubator and makes hyper casual games. Krafton is the South Korean gaming company behind the popular battle royale game PUBG. I welcome the Govt's decision to prohibit Real Money Gaming & establish a strong regulatory framework. 🇮🇳 Too many young lives were being lost to addiction & debt. This decisive step safeguards our youth while unlocking the future of Indian gaming — driven by original IP,… — Vishal Gondal (@vishalgondal) August 20, 2025 Akshat Rathee, co-founder and managing director of esports company NODWIN Gaming, which is also a subsidiary of Nazara Technologies, said the law needs to have clear distinctions between esports, online gaming, online social gaming, and online money gaming that are clearly defined and uniformly understood. 'The absence of precise definitions has often led to ambiguity and conflation around the term 'esports'. Such overlaps can create confusion not just for regulators, but also for players, teams, investors, and organizers who are working hard to build this industry,' he stated. Bal also told TechCrunch that the bill 'decimates esports,' as an authority set up by the Indian government would decide the validity of esports. 'The impact goes beyond real money gaming to the broader ecosystem of businesses that depend on it and indeed presents grave implications for the AVGC [Animation, Visual Effects, Gaming, and Comics] sector as a whole,' she said. In 2023, the Indian government amended the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, to curb 'user harm' from real-money games and proposed self-regulatory bodies to limit illegal betting and gambling while allowing legitimate games. However, the self-regulation approach faltered due to conflicts among industry stakeholders over enforcement and standards. New Delhi imposed a 28% tax on online gaming in 2023 to curb real-money play, prompting an outcry from industry stakeholders. Top investors — including Tiger Global, Peak XV Partners, and Kotak —urged Modi to reconsider, warning of $2.5 billion in write-offs and the potential loss of one million jobs. The tax, however, remained in place, even as companies challenged its retrospective application in the Supreme Court. Recent reports suggest it may be revised upward to 40% under new rules. Rohit Kumar, a founding partner of the New Delhi-based public policy firm The Quantum Hub, told TechCrunch that the real problem with the new bill is a lack of due process. 'Regulation is necessary, but abrupt moves like this undermine India's reputation as a stable, predictable investment destination. If concerns existed, the government should have signaled them clearly from the outset,' he said.
Bloomberg
32 minutes ago
- Bloomberg
Argentina's Economy Extends Downturn in June Before Midterms
Argentina's economy contracted in June for the fourth month this year just before interest rates soared in July, a slight setback for President Javier Milei before the country heads to midterm elections in October. Economic activity fell 0.7% from May, below economists' estimates for a 0.2% dip. From a year ago, the economy expanded 6.4%, more than expected, according to government statistics published Wednesday.
USA Today
an hour ago
- USA Today
Epstein grand jury records to remain sealed, but judge says government can release info
A judge denied the Justice Department's bid to unseal records from the grand jury that indicted the late financier Jeffrey Epstein on sex trafficking charges, saying the material paled in comparison to the trove of records the government has about the case but is not releasing. Manhattan-based U.S. District Judge Richard Berman's Aug. 20 decision came as President Donald Trump has sought to quell discontent from his conservative base of supporters over his administration's decision not to release files of the case. The judge wrote that it would be more logical for the government to directly release the vast amount of information it has collected from its investigation into Epstein than to petition the court to release the more limited grand jury materials, whose secrecy is protected by law. "The Government's 100,000 pages of Epstein files and materials dwarf the 70 odd pages of Epstein grand jury materials," Berman wrote. "The grand jury testimony is merely a hearsay snippet of Jeffrey Epstein's alleged conduct." The Justice Department did not immediately respond to a request for comment. Trump, a Republican, had campaigned for a second term in 2024 with promises to make public Epstein-related files, and accused Democrats of covering up the truth. But in July, the Justice Department declined to release any more material from its investigation of the case and said a previously touted Epstein client list did not exist, angering Trump's supporters. Evidence seen and heard by grand juries, which operate behind closed doors to prevent interference in criminal investigations, cannot be released without a judge's approval. In July, Trump instructed Attorney General Pam Bondi to seek court approval for the release of grand jury material from Epstein's case. The grand jury that indicted Epstein heard from just one witness, an agent with the Federal Bureau of Investigation, the Justice Department said in a court filing in July. Epstein died by suicide in 2019 while awaiting trial on sex-trafficking charges. He had pleaded not guilty. His death in jail and his friendships with the wealthy and powerful sparked conspiracy theories that other prominent people were involved in his alleged crimes and that he was murdered. The New York City chief medical examiner determined that Epstein's death was a suicide by hanging. On Aug. 11, a different Manhattan-based judge, Paul Engelmayer, denied a similar request by the Justice Department to unseal grand jury testimony and exhibits from the case of Ghislaine Maxwell, Epstein's longtime girlfriend. Maxwell is serving a 20-year prison sentence following her 2021 conviction for recruiting underage girls for Epstein to abuse. Engelmayer wrote that the public would not learn anything new from the release of materials from Maxwell's grand jury because much of the evidence was made public at her monthlong trial four years ago. The grand jury testimony contained no evidence of others besides Epstein and Maxwell who had sexual contact with minors, Engelmayer wrote. Maxwell had pleaded not guilty. After losing an appeal, she has asked the U.S. Supreme Court to review her case. In July, a Florida judge rejected the administration's request to unseal grand jury records from federal investigations there into Epstein in 2005 and 2007. Epstein served a 13-month sentence after pleading guilty in 2008 to a state-level prostitution charge as part of a deal now widely regarded as too lenient. (Reporting by Luc Cohen in New York; Editing by Noeleen Walder, Daniel Wallis and David Gregorio)
