Dream11, MPL, My11Circle to be banned? Cricket market worth Rs 983,000,000 will now be..., IPL's earning may now get...
Online Gaming Regulation Bill: In a significant development on Thursday, the Union Parliament passed the Online Gaming Promotion and Regulation Bill-2023 which seeks to regulate real-money online gaming. As per media reports, the bill could directly impact cricket sponsorships and fantasy sports platforms. While the bill is being welcomed as a step toward curbing illegal betting and protecting consumers, many media reports quote experts as saying that it may disrupt cricket's financial ecosystem, where companies like Dream11 and My11Circle are major sponsors. How big is India's online gaming industry?
Notably, Dream11 is the the Indian cricket team's title sponsor (≈$44 million about Rs 358 crores), and My11Circle, the IPL's official fantasy gaming partner (Rs 625 crore for five years). Here are all the details you need to know about why the government is bringing the Online Gaming Promotion and Regulation Bill-2023. The decision of the government is expected to impact the massive online cricket business of Rs 983,000,000. What Union Minister said on Online gaming in India?
'Online gaming is an important sector of Digital Bharat. There are three segments of online games — e-Sports (training-based, often played between teams); Online Social Games (fun, educational, community-based), and Online Money Games (involve financial stakes, addictive, and harmful,' Railways and Electronics and IT Minister Ashwini Vaishnaw said in a series of posts on social media platform X about the 'Online Gaming Promotion and Regulation Bill-2023'. Story highlights: The Rajya Sabha has passes the Online Gaming Regulation Bill. The Bill seeks to regulate real-money online gaming in India. It might affect the massive online cricket business of Rs 983,000,000. Notably, Dream11 is the the Indian cricket team's title sponsor. Why government choose society's welfare over revenue?
'There are thousands of complaints and grievances from across the country. The government chooses the safety of families over any other interests. When it comes to choosing between society's welfare and government revenue, PM Narendra Modi has always chosen middle-class families,' Vaishnaw added on the bill. Add India.com as a Preferred Source
(With inputs from agencies)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
2 minutes ago
- Indian Express
Rs 50,000-cr worth GST compensation, Rs 8,000 cr under RDF pending: Punjab Finance Minister slams Centre
Punjab Finance Minister Harpal Cheema on Thursday hit out at the central government for not releasing Punjab's share of GST compensation worth Rs 50,000 crore besides withholding Rs 8,000 crore under the Rural Development Fund (RDF). Cheema made the remarks while talking to the media in Delhi as he went to attend the GST Group of Ministers (GoM) meeting. He said that GST had inflicted a Rs 1.11 lakh crore loss on Punjab, with the Centre releasing only Rs 60,000 crore so far, while over Rs 50,000 crore and an additional Rs 8,000 crore under the RDF remained withheld. Slamming the GST, the Punjab Finance Minister stressed that the state would not have suffered such massive revenue losses had it not joined the 'One Nation-One Tax' scheme and in fact it would have received much more revenue. With the compensation cess now scrapped, he called out the BJP government for deliberately wrecking state economies to make them beg before the Centre. 'We honoured the central government's decision (on GST) and stood with the country, but Punjab suffered for it. Along with Punjab, many other states also suffered.' 'On August 20–21, the GoM met continuously for two days. On Wednesday, the meeting was on life and health insurance. In the evening, a meeting was held on compensation cess. The Chairman told us that today the meeting was on rate rationalisation, and that all members of the compensation cess would participate. Therefore, we also participated in Thursday's meeting,' he said. 'GST was implemented in 2017. In the past eight years, there have been 27 amendments in GST, with exemptions given to different sectors. Fifteen times the GST rates of various goods were reduced. This practice has been continuing in the GST Council for the last eight years, and for the past three years I have been witnessing it myself.' Cheema also said that Prime Minister Narendra Modi earlier declared that there would be two GST slabs — one at 5 per cent and another at 12 per cent — and that 'everyone would celebrate Diwali'. 'But after the GST came, who will compensate for the loss suffered by Punjab and other states? Who will pay for this damage? One Nation, One Tax was the scheme of the central government, and all states including Punjab gave their consent. Everyone agreed that uniform tax rates should prevail across the country so that no state could impose higher or lower taxes on its citizens. But this formula has inflicted a huge loss on Punjab.' Emphasising on Punjab's loss, the Finance Minister said, 'In all three meetings of the GST Group of Ministers, I placed Punjab's position. So far, Punjab has lost Rs 1,11,045 crore. Out of this, the central government has given Rs 60,000 crore compensation, but still Rs 50,000 crore remains with the central government. Who will pay this money?' Cheema also said ever since the GST has been introduced, the BJP-led central government has kept making one amendment after another, but never reached a conclusion. 'Taxpayers of the country are being harassed continuously. The system of the country is being destroyed. Several states are continuously losing revenue due to the GST system. The central government has backed away from making up for this loss.' Detailing the latest discussions, Cheema said, 'In Thursday's meeting on compensation cess, the government said that the loans taken to pay states under compensation cess would be fully repaid by October. On harmful goods (sin goods), a special tax was imposed. The states suffering losses in its collection were being compensated. But now the report of the rate rationalisation committee shows that even the tax slab on sin goods is being reduced.' The Finance Minister also claimed that two days ago, another Rs 1,000 crore under the Prime Minister Road Scheme was also stopped. 'In this way, nearly Rs 60,000 crore is pending with the central government against Punjab. This includes the Rs 50,000-crore revenue loss (Punjab faced) after the (implementation of) GST. The central government must immediately release Rs 60,000 crore,' he concluded.
Deccan Herald
6 minutes ago
- Deccan Herald
Bill on crowd management tabled in Karnataka Assembly
The Karnataka government on Wednesday tabled a bill on crowd control that proposes stringent punishment for organising unpermitted events, civil disturbance and "crowd disaster". The Karnataka Crowd Control (Managing Crowd at Events and Places of Gathering) Bill was introduced in the Assembly over two months after the stampede at the Chinnaswamy Stadium on June 4 that killed 11 people and injured many others. According to the proposed legislation, whoever intends to organise any event or function that would attract a mass gathering or a crowd should obtain permission from the jurisdictional authority. It says that whoever organises or attempts or abets the organisation of any unpermitted event should be punished with imprisonment for a term which may extend to a minimum of three years and up to seven years or with a fine up to Rs 1 crore or both. Clear rules for crowd control If the crowd is below 7,000, the officer in charge of the local police station can grant permission after enquiry. If the crowd is between 7,000 and 50,000, permission must be given by the Deputy Superintendent of Police. If the crowd is above 50,000, the Superintendent of Police or the Commissioner of Police must grant permission.
Deccan Herald
6 minutes ago
- Deccan Herald
Sweeping powers and the morality ruse
The Constitution (130th Amendment) Bill and associated bills that were tabled in Parliament on Wednesday violate the principles that underlie the Constitution and the democratic polity. These bills are ill-conceived and are liable to be unfairly implemented. They seek to punish a person before the crime is proved, as they provide for the removal of the Prime Minister, Chief Ministers, and ministers from office if they are arrested or detained in custody for 30 consecutive days for offences that attract a jail term of at least five years. The bills have been sent to a joint committee of parliament which is to return them before the next session so that they can be enacted at the in public office is important but it cannot be pursued by circumventing due process. The bills, if enacted, will become another weapon in the hands of the Central government to target Opposition parties and their ministers. Central investigative agencies, including the CBI and the ED, are now being used to hound politicians in the Opposition camp. At present, the law and its existing processes provide them cover but the proposed laws can remove all defences, exposing anyone to politically motivated, vindictive detention. These will be the new Article 356, without its safeguards and procedures, enabling the Central government to destabilise state governments. The bills are out of tune with the essential norms of parliamentary democracy and deal a blow to constitutional federalism. They challenge the separation of powers between the organs of state and give executive agencies unfettered power to dismiss elected government has sought to justify the bills on the ground of public interest and the need for elected representatives to be honest and above suspicion. But going by the Narendra Modi government's record, these ethical and moral arguments would be mere excuses for targeted actions against the opponents. Long-drawn legal processes and low rates of conviction may have prompted the government to explore quicker ways to get at its political opponents. The bills are not aimed at cleansing the political system but at weakening the Opposition. They are unlikely to pass the judicial muster, even if they get parliamentary approval, because they go against the basic tenet of the rule of law that no one can be held guilty till proven otherwise. The resignation of people holding office is a political matter between them, their parties, and the people. The law should have no role to play until they are proven guilty.
