Latest news with #Dream11
Economic Times
4 hours ago
- Business
- Economic Times
Madras HC upholds Tamil Nadu's restrictions on real money games
The Madras High Court on Tuesday upheld the Tamil Nadu online gaming authority's restrictions on real money games, including a ban on gameplay between midnight and 5 am, and mandatory Aadhaar verification, rejecting legal challenges by gaming companies. The development follows a February petition where companies challenged regulations that required mandatory KYC verification, Aadhaar authentication and restricted hours of gameplay. These restrictions were imposed under Sections 5(2) and 14(1)(c) of the Tamil Nadu Prohibition of Online Gambling and Regulation of Online Games Act, 2022.A division bench comprising Justices SM Subramaniam and K Rajasekar ruled that the State has the authority to make laws on online gaming under Entry 6 (public health and sanitation) and Entry 26 (trade and commerce within the State) of the State List in the Constitution, which covers matters exclusively under states' jurisdiction. In their arguments, Head Digital Works Pvt. Ltd., which develops online games of skill in India, and two other gaming companies, Junglee Games India Pvt Ltd, and WinZO, insisted that the current restrictions based on time, age and monetary factors are unconstitutional. Code of ethics and regulatory framework In March, ET reported that real money gaming industry bodies All India Gaming Federation (AIGF), E-Gaming Federation (EGF) and Federation of Indian fantasy Sports (FIFS), jointly came up with a 'code of ethics' encouraging responsible gaming practices. The gaming industry bodies include companies such as Dream11, My11Circle, Khelo Fantasy Live, SG11 Fantasy, WinZO, Games24X7, Junglee Games etc. The code of ethics had provisions similar to the curbs placed by the Tamil Nadu the new GST regime, the real-money gaming (RMG) industry faces a 28% GST levy on the deposits made by players on these platforms. Last September, India's top GST investigation agency, the Directorate General of GST Intelligence (DGGI), stated that the real money gaming sector topped the list of tax evasion, with dues to the tune of Rs 1.1 lakh crore. The agency issued show cause notices to 34 entities and took action against 118 Indian and 658 foreign companies. Trends shaping the RMG sector In FY22-23, India's largest RMG platform, Dream11, recorded gross gaming revenue of Rs 7,167 crore. Of this, Rs 976 crore was spent as promotional credits to players. There are close to 568 million users of online games in India, and nearly 25% of them are pay-and-play customers. In fiscal year 2023, the RMG segment in online gaming was estimated to be a $2 billion business. According to the latest EY-FICCI report, Esports and casual gaming grew to Rs 5,300 crore in 2024, and is projected to reach Rs 6,300 crore in 2025 and Rs 8,300 crore in 2026.
Time of India
9 hours ago
- Business
- Time of India
Madras HC upholds Tamil Nadu's restrictions on real money games
The Madras High Court on Tuesday upheld the Tamil Nadu online gaming authority 's restrictions on real money games , including a ban on gameplay between midnight and 5 am, and mandatory Aadhaar verification, rejecting legal challenges by gaming companies. The development follows a February petition where companies challenged regulations that required mandatory KYC verification, Aadhaar authentication and restricted hours of gameplay. These restrictions were imposed under Sections 5(2) and 14(1)(c) of the Tamil Nadu Prohibition of Online Gambling and Regulation of Online Games Act, 2022. A division bench comprising Justices SM Subramaniam and K Rajasekar ruled that the State has the authority to make laws on online gaming under Entry 6 (public health and sanitation) and Entry 26 (trade and commerce within the State) of the State List in the Constitution, which covers matters exclusively under states' jurisdiction. In their arguments, Head Digital Works Pvt. Ltd., which develops online games of skill in India, and two other gaming companies, Junglee Games India Pvt Ltd, and WinZO, insisted that the current restrictions based on time, age and monetary factors are unconstitutional. Code of ethics and regulatory framework Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories In March, ET reported that real money gaming industry bodies All India Gaming Federation (AIGF), E-Gaming Federation (EGF) and Federation of Indian fantasy Sports (FIFS), jointly came up with a 'code of ethics' encouraging responsible gaming practices. The gaming industry bodies include companies such as Dream11, My11Circle, Khelo Fantasy Live, SG11 Fantasy, WinZO, Games24X7, Junglee Games etc. The code of ethics had provisions similar to the curbs placed by the Tamil Nadu government. Under the new GST regime, the real-money gaming (RMG) industry faces a 28% GST levy on the deposits made by players on these platforms. Last September , India's top GST investigation agency, the Directorate General of GST Intelligence (DGGI), stated that the real money gaming sector topped the list of tax evasion, with dues to the tune of Rs 1.1 lakh crore. The agency issued show cause notices to 34 entities and took action against 118 Indian and 658 foreign companies. Trends shaping the RMG sector In FY22-23, India's largest RMG platform, Dream11, recorded gross gaming revenue of Rs 7,167 crore. Of this, Rs 976 crore was spent as promotional credits to players. There are close to 568 million users of online games in India, and nearly 25% of them are pay-and-play customers. In fiscal year 2023, the RMG segment in online gaming was estimated to be a $2 billion business. According to the latest EY-FICCI report, Esports and casual gaming grew to Rs 5,300 crore in 2024, and is projected to reach Rs 6,300 crore in 2025 and Rs 8,300 crore in 2026.
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Business Standard
a day ago
- Business
- Business Standard
Swiping your HDFC card for rent or wallets? New charges kick in soon
HDFC Bank has announced significant changes to its credit card terms, effective July 1, 2025. The revised rules bring new charges on certain transactions and tighter caps on reward points, a move that will impact regular users of rent payment apps, digital wallets, online gaming, and utilities. Here's a simple breakdown of the key updates: 1. Charges on online skill-based gaming Users spending on apps like Dream11, MPL, RummyCulture, or Junglee Games will now face extra costs. · A 1 per cent charge will be levied if monthly spending on such platforms exceeds Rs 10,000. · This fee will apply to the entire amount and will be capped at Rs 4,999 per month. · No reward points will be given for these transactions. 2. Wallet loading to attract charges Adding money to third-party wallets such as Paytm, Freecharge, Ola Money, or Mobikwik using an HDFC credit card will come at a cost. · A 1 per cent fee will apply on monthly loads exceeding Rs 10,000. · The charge applies to the full amount, capped at Rs 4,999/month. 3. Utility bills over Rs 50,000 to be charged High utility bill payers will also feel the heat. · If you spend more than Rs 50,000 per month on utilities, you'll incur a 1 per cent fee on the entire utility spend. · Capped at Rs 4,999/month. · Insurance payments are excluded from this category. 4. Rent, fuel, and education charges cap revised While the 1 per cent charge on rent, high-value fuel, and education transactions remains, HDFC has now placed a maximum limit of Rs 4,999 per transaction on these charges. · Applies to all rent payments · For fuel, only if a single transaction is over Rs 15,000 · For education, only if paid via third-party apps, direct school/college payments are exempt. 5. Reward points for insurance now capped HDFC credit cardholders will continue to earn reward points on insurance premiums, but only up to 2,000 points per month. All above charges will attract GST as per government rules. What should cardholders do? · Review monthly spending habits across rent, gaming, wallets, and utilities. · Avoid using credit cards for large payments in these categories if possible. · Use direct portals for education and insurance to avoid extra costs.
Hans India
3 days ago
- Business
- Hans India
Private banks to hike charges on credit card, banking services from July 1
Starting July 1, major private sector banks like HDFC Bank and ICICI Bank will increase charges on various credit card and banking services. Both banks have informed their customers about the changes through official notifications. HDFC Bank has announced new charges for credit card users, especially for transactions involving online gaming, digital wallets, and utility payments. If a customer spends more than Rs 10,000 in a month on online skill-based gaming platforms such as Dream11, Rummy Culture, Junglee Games, or MPL, a 1 per cent fee will be charged on the total monthly spend in this category. The charge will be capped at Rs 4,999 per month. Additionally, no reward points will be given on such gaming transactions. Similarly, if a customer loads more than Rs 10,000 in a month into third-party wallets like PayTM, Mobikwik, Freecharge, or Ola Money using their HDFC credit card, a 1 per cent charge will apply to the entire amount. This fee will also be capped at Rs 4,999 per month. For utility payments, if the total spending goes beyond Rs 50,000 in a month, a 1 per cent charge will be added, again with a monthly cap of Rs 4,999. However, HDFC Bank has clarified that insurance payments will not be treated as utility payments, so no extra charge will be applied in such cases. The bank has also revised maximum charges for rent, fuel, and education transactions. The upper limit for charges in these categories will now be Rs 4,999 per transaction. The 1 per cent fee on rent payments will remain unchanged. Fuel transactions above Rs 15,000 will be charged 1 per cent, while education payments made directly through official college or school websites or their card machines will not be charged. ICICI Bank has also made changes in several service charges. The fee for depositing cash, cheques, or for DD (demand draft) and PO (pay order) transactions has been changed. Now, customers will be charged Rs 2 per Rs 1,000, with a minimum fee of Rs 50 and a maximum of Rs 15,000. Earlier, the bank charged Rs 50 for amounts up to Rs 10,000 and Rs 5 per Rs 1,000 beyond that. ATM usage fees have also gone up. After three free ATM transactions at other bank ATMs, ICICI will now charge Rs 23 for financial transactions and Rs 8.5 for non-financial ones. Previously, the financial transaction fee was Rs 21. For ICICI Bank's own ATMs, regular savings account holders will now pay Rs 23 for each financial transaction beyond the first five in a month, up from Rs 21 earlier. Additionally, the annual fee for ICICI Bank debit cards has increased from Rs 200 to Rs 300. The fee for a replacement debit card has also gone up from Rs 200 to Rs 300.
Mint
6 days ago
- Entertainment
- Mint
Fantasy leagues are making cricket viewing transactional
Have you made a Dream11 team?" That question surprised me, coming from one of my closest friends, one with whom I talk far more about culture and cinema, than cricket. As far as I knew, he's never been into the sport. Yet here I see him assiduously making teams, looking up pitch statistics, with daily alarms on his phone to signal announcements of lineups. I find this fascinating, and remain utterly foxed by it. He isn't alone. When watching with friends nowadays I hear fewer full-throated roars and groans. Instead, I hear mutterings. Secretive, shifty, mutterings. 'I wish Klaasen had caught that one," 'Somebody should hit Bishnoi for a few," 'Miller is my vice-captain, he better make a 50." Also read: Why it's important to give the kids a glimpse of your younger self Cricket has always been community. We bled blue or green or yellow, depending on where we were born, but bleed we did—in unison with our fathers and cousins, our flatmates and chai-wallahs. Admittedly I'm not the rabid cricket viewer I once was. Once Sachin Tendulkar walked off the Wankhede in 2013, I hung up my metaphorical boots. No cover drive could taste the same. Yet when I watched Rishabh Pant in 2021, fearlessly conquering the Gabba and loftily punching back Josh Hazlewood, something stirred. It stirred again when I saw Pat Cummins silence a country by defeating an unbeaten Indian side at the 2023 World Cup final. This is theatre, this is cricket. The game, however, is changing. Fantasy leagues—Dream11, MPL, My11Circle—are doing to cricket what reels and memes are doing to cinema: atomising it. Instead of supporting an actual team, we support data points in opposition. We may cheer for a decision against India because it means more points. A Chennai fan curses an M.S. Dhoni stumping because the rival batsman is on his team. The allegiance has shifted inward. This is not fandom. I see its appeal, of course. The rush of picking those that shine against all odds and balancing them alongside the ones that will consistently get you points. It's chance disguised convincingly as strategy. Every micro-performance is a tick or a scratch on your app's leaderboard. This gamification comes at a price. The players are now spreadsheets with limbs. The scoreboard is a stock-ticker. More than the countries or IPL teams we support, we are increasingly becoming beholden to our individual fantasy league teams. Our viewing experience is in danger of changing from a collective one to an individual one, where you only care about how those you've put in your team are faring, taking precedence over team loyalty and fanhood. This makes cricket viewing transactional. You don't watch a game; you work it. You grind it for points. You look up expected strike rates and recent fantasy form and head-to-head bowling matchups. You don't cheer a team as much as you audit it. This works perfectly for my buddy who doesn't remember crying over collapses against the West Indies or hasn't grown up scarred by Ricky Ponting, but for those of us who do, it feels surreal—even perverse—to watch cricket like this. It's moral whiplash. Wanting a batsman to score a 50 and also get bowled in the next over? Rooting for a bowler to take three wickets and still get smashed for 30? You're hedging joy against greed. Then there's the slippery slope of micro-transactional gambling. These apps are nearly free to enter. A bit for this match. A bit more for a bigger pool. Boost your winnings. Before you know it, the dopamine dependency kicks in like a slot machine. The margins are cruel. You might win ₹90 today and lose ₹200 tomorrow. But your team 'nearly" made it, right? So you try again. Just one more match. Just one more toss. What is this other than fishing needlessly outside the off-stump, again and again and again? I tried it once. I downloaded the app because that dedicated friend compelled me, and I slapped together a team for the price of a single rupee. I won back ₹49, which, by curious coincidence, is exactly what the app then nudged me to wager for the next round. A lucky taste to draw me back in. Instead, I took my 49x winnings, smiled, and deleted the app. (The house mustn't always win.) T20 leagues already resemble fast-food joints: convenient, ubiquitous, aggressively flavoured, and ultimately forgettable. A match ends and we swipe to the next. No one remembers a dead rubber. No one savours a single. We're looking for fireworks and forgetting the fires. This fantasy epidemic only highlights how disposable the game has gotten, forcing us to make our own entertainment. Even a dull game will get you points, hurrah. Triumph and defeat reduced to profit and loss. How depressingly prosaic. If our primary loyalty is to ourselves and our stats, then we are taking something collective and turning it solitary. We're trading love for leverage. Play along if you like, but be careful. If you start to care more for your fantasy XI than the one whose jersey you wear, something is deeply, deeply broken. You may still be entertained. You may even make some money (though you aren't very likely to). Yet this is a different game, and it's not quite cricket. Raja Sen is a Lounge columnist. Also read: French Open 2025: Who to watch for at Roland Garros
