India seeks ban on online betting apps to curb addiction, frauds
A bill tabled in the lower house of Parliament on Wednesday seeks to prohibit promotion and operation of gaming apps that require users to pay money for the chance to win cash.
The move threatens India's US$3.8 billion gaming industry that has drawn global investors and fostered homegrown fantasy sports betting apps such as Dream11, Games24X7 and Mobile Premier League.
Shares of Nazara Technologies Ltd, which owns a stake in online poker platform PokerBaazi, fell as much as 7% in Mumbai, the most in seven months. Casino operator Delta Corp Ltd pared losses after a decline of nearly 7%.
Dream11 and Mobile Premier League declined a request to comment by Bloomberg News.
The bill, which also recommends a regulator for e-sports, educational platforms and social games, needs to be further cleared by the upper house of the parliament and signed by the President of India to become law.
Indian lawmakers feel an outright ban on online money gaming would be more effective than regulation, considering the financial ruin caused to many households through 'manipulative design features and addictive algorithms.' Also, many platforms were found to have links to 'financial fraud, money laundering, tax evasion and terror funding.'
With many of the operators based offshore, it becomes difficult to enforce state rules and taxes, the lawmakers said.
The proposed ban comes on top of India's move to impose a 28% goods and services tax on online gaming and casinos in 2023.
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