Latest news with #Games24x7
Time of India
41 minutes ago
- Business
- Time of India
Online Gaming Bill: Companies turn to law; Panic grips gamers
Online Gaming Bill: Companies turn to law; Panic grips gamers Also in the letter: Online gaming companies prepare for legal battle against new bill Driving the news: Devil in the details: The Bill makes no distinction between games of skill and games of chance, a move that could weaken the legal standing of companies running fantasy sports, poker, rummy, and similar formats. It also proposes the creation of a central regulator with sweeping powers to decide which games are legal. This opens the door for possible bans on platforms such as Dream11, Gameskraft, Games 24x7, Pokerbaazi, Rupee, and Winzo Games, these experts said. Quote, unquote: Also Read: Issue lies with online money gaming: MeitY Secy Skill or chance Matter of jurisdiction: Gaming ads worth $2 billion hang in the balance; celebs turn away Tell me more: Bollywood celebrities and sports stars are steering clear of endorsing online gaming apps, at least for now. The Bill proposes a steep penalty—up to two years in jail, a Rs 50 lakh fine, or both—for such endorsements. Even Dream11's three-year sponsorship deal with the Board of Control for Cricket in India (BCCI) is under a cloud, people with direct knowledge of the matter said. Zoom out: Panic at the arcade! Gamers rush to withdraw funds Boss fight: State of play: Also Read: ET Soonicorns Summit 2025: Galvanising India's startup ecosystem round the year What is new? And what makes the Summit this year a phenomenon rather than an event? An expansion beyond the mainstage! The ET Soonicorns Sundowner series launched in Hyderabad on July 31st, where we unveiled our first-ever regional (Andhra Pradesh-Telangana) startup cluster analysis. The next startup stops in the ET Soonicorns Sundowner series are Gurugram on 11th September and Mumbai, with the date yet to be announced. National footprints! The Summit is taking curated startup conversations to India's rising innovation hubs, beyond the traditional metro strongholds. The boldest evolution yet! The ET Soonicorns Sundowner Series is a spin-off from the flagship ET Soonicorns Summit 2025. About Hyderabad Sundowner: Picture this: an intimate evening where Hyderabad's startup ecosystem came alive. We unveiled the ET Top Soonicorns and Minicorns X Priority Sectors | Telangana 2025—our first-ever regional cluster analysis. The panel 'Built in Hyderabad: The Rise of India's Product-First Startups' delivered unfiltered insights about why Hyderabad is quietly becoming India's most capital-efficient, product-focused startup corridor. Just the beginning: Our evolution goes deeper than geography. This year's four comprehensive reports abandon traditional city- and valuation-focused analysis for a more sophisticated approach—examining startup clusters, priority sectors, and tracking the rise of minicorns alongside soonicorns. Our methodology has matured, our lens has sharpened, and our insights have become more actionable. Also Read: Tata Digital to appoint external CEO Driving the news: Quick recap: Closer look: Also Read: Other Top Stories By Our Reporters Big bonus for Infosys staff: Centricity eyes ultra-rich clients: Global Picks We Are Reading Happy Thursday! Gaming companies are prepping legal challenges to the new Online Gaming Bill. This and more in today's ETtech Morning Dispatch.■ New Tata Digital CEO■ Infosys bonus■ Centricity UHNI pushThe Promotion and Regulation of Online Gaming Bill, 2025, which outlaws real money gaming, is one step closer to becoming law after clearing the Lok Sabha on Wednesday. Industry players are now preparing to take the legal route in search of gaming executives and lawyers told ET that the planned legal challenges will attempt to pit the proposed legislation against previous Supreme Court rulings that protected skill-based gaming.'While typically any new statute passed by parliament gets tested on its own merits, in this case, given past protections, especially in the context of games of skill, there could be a degree of overlap that gets tested,' said Mihir Rale, partner, Cyril Amarchand Mangaldas.S Krishnan, secretary, Ministry of Electronics and Information TechnologyOnline gaming, esports, and creative formats are not under scrutiny, said S Krishnan, secretary at the Ministry of Electronics and Information Technology (MeitY). The real concern, he told ET in an interview, is with games that involve real money : Krishnan added that money stakes in games with unpredictable outcomes blur the distinction between skill and chance. The proposed restrictions, he clarified, target only harmful formats involving asked if the Centre had the authority to regulate such games, Krishnan said yes. 'Games involving trade and commerce across states, or internationally, fall under the Union List.'Stopping money from being spent in online games could drive both big names and big money out of the space , experts told gaming platforms spend around $2 billion (around Rs 17,000 crore) a year on advertisements and marketing. Big brands like Dream11, Mobile Premier League, WinZo and RummyCircle have splashed out on celebrity endorsements across sport and if the law goes through, 'all of this can vanish overnight,' said Siddharth Jhawar, country manager-India at digital marketing platform the government considers banning real money gaming, gamers are rushing to withdraw their funds while they still are scrambling to calm nerves — urging employees and users to hold steady as the sector stares down its most formidable challenge yet. The immediate risk is a wave of wallet withdrawals, with fears of a 'bank run' looming. Several gaming firms may not have enough liquidity to survive the warn the crackdown could backfire. 'This will promote the illegal peer-to-peer networks which collect cash offline and funnel crores of rupees overseas,' said an executive at one of the affected ET Soonicorns Summit is coming back to Bengaluru. Bigger, bolder, and with a footprint that is reaching far beyond Bengaluru, across the innovation hubs of India, driving important conversations, building ecosystems, connections, and stronger not just hosting an event; we're building a movement that spans India's innovation geography. This year, the ET Soonicorns Summit 2025 also hosted a curtain-raiser livestream on August 12th, diving deep into AI's transformative potential and ethical challenges. And today, AI isn't just a topic; it's the pulse of every us at the ET Soonicorns Summit 2025 on 22 Digital, the owner of Tata Neu superapp, will hand the reins to an external CEO , people in the know told incoming CEO will be tasked with overhauling the platform and tightening operations. A key part of the role will be to align Tata Digital's consumer-facing businesses – BigBasket (grocery delivery), Tata 1mg (epharmacy), Croma (electronics retail), and Tata Cliq (lifestyle retail) – all of which sit under the Tata Group's digital commerce will be the company's third CEO since its launch in 2019. The last one, Naveen Tahiliyani, exited abruptly in July , less than a year into the job. His departure, insiders say, stemmed from strategic disagreements and lacklustre results. The move comes in the backdrop of scale-up challenges hampering business growth at the Tata Group company, a person aware of the development told leadership change is part of a wider overhaul led by Tata Sons chairman N Chandrasekaran, who has temporarily taken direct control of Tata Digital. With the group aiming to plug delivery gaps and course-correct its ecommerce play, underperforming leaders are being held to awarded performance bonuses to eligible employees for the April-June quarter, averaging 80%, compared to 65% in the January-March wealthtech startup has hired 30 senior private bankers to scale its ultra-high-net-worth individual (UHNI) segment as it looks to expand beyond metros and strengthen its presence in smaller cities.■ Palihapitiya's newest SPAC targets hot sectors in AI and crypto ( Bloomberg ■ Everything Google announced today at its Pixel hardware event ( Wired ■ For some patients, the 'inner voice' may soon be audible ( The New York Times
Time of India
2 hours ago
- Business
- Time of India
Gaming ads may take a hit; actors, cricketers treading cautiously
Academy Empower your mind, elevate your skills Advertising and marketing spending by the gaming industry, estimated to be around $2 billion (more than Rs 17,000 crore) annually, is expected to come to a grinding halt as the government moves forward with legislation to prohibit online games with a monetary the potential of increasing oversight and possible penalties over endorsing real-money games have prompted talent management teams of Bollywood actors and sportspeople to instruct media buying representatives 'to either reduce or take down ads' featuring their clients 'for the time being at least', especially on high-visibility social media platforms, said people aware of the with direct knowledge of the matter said fantasy sports platform Dream11's three-year sponsorship deal with the Board of Control for Cricket in India (BCCI) has also come under a cloud following the government's legislative proposal.'The real-money gaming sector alone spends close to $700 million each year on performance marketing across digital platforms. When you add brand spends on television, digital, and offline campaigns, along with creative production and celebrity endorsements , the total annual spending on advertising and marketing is estimated to be around $2 billion,' said Siddharth Jhawar, country manager-India at digital marketing platform Moloco, which works with large gaming companies on performance marketing. 'If this law goes through, that entire spend could vanish overnight,' he far, flush with funding, Dream11 and other fantasy cricket gaming platforms such as Mobile Premier League , WinZo and RummyCircle have associated themselves with prominent actors and cricketers by way of endorsement executives pointed out that a bulk of advertising spending by real-money gaming companies happens during cricket tournaments such as the Indian Premier League or ICC competitions like the Champions Trophy or the World Ranbir Kapoor and Aamir Khan have been associated with Dream11, MS Dhoni endorses WinZo, and Hrithik Roshan promotes RummyCircle. India's men's test cricket team captain Shubman Gill and former India captain Sourav Ganguly endorse Games 24x7's My11Circle.'Till the time the category is under the lens, these celebrities are risk-averse and don't want to compromise on their public image. Since the endorsement fees are huge, none of them want to exit their contracts, at least till there is no clarity on whether the apps will be fully banned,' one of the executives sent to Mobile Premier League, WinZo and Games 24x7 remained unanswered at press time Wednesday. Dream11 declined to Wednesday, the Lok Sabha passed the Promotion and Regulation of Online Gaming Bill , 2025, through which the government has proposed a blanket ban on real-money online games, citing addiction and financial to the proposal by the Centre, people associated with advertising or endorsing such platforms could face up to two years in jail along with a Rs 50 lakh fine.'It's possible that some celebrities would choose to end their association with such platforms given the scrutiny, but we have seen that unless explicitly disallowed legally, celebrities in India do not shy away from endorsement opportunities. The decision is eventually taken based on their own risk appetites and the legal advice given to them,' said Manisha Kapoor, chief executive officer of the Advertising Standards Council of the new law kicks in, the existing framework allows real-money gaming platforms to advertise with disclaimers.
Hans India
12 hours ago
- Business
- Hans India
Games24x7 announces TechXpedite 3.0 to accelerate India's next wave of tech innovation
India's startup ecosystem is now the third largest in the world and home to over 1,76,000 registered startups. Technology continues to be the driving force behind the country's transformation into a global hub of innovation. Strengthening this momentum, Games24x7, today announced the third edition of its flagship accelerator program, TechXpedite. The 90-day program is designed to support early-stage startups across three key areas — AI for Skills, Gaming & Sports, and Inclusive Technology. TechXpedite is tailored for early-stage startups that have progressed beyond the idea phase and are actively building, testing, or validating their product. The program is now accepting applications from startups, with the submission window open until September 19, 2025. Speaking about the launch of TechXpedite 3.0, Mr. Bhavin Pandya, Co-Founder & Co-CEO, Games24x7, said, 'India's innovation ecosystem is rich in exceptional entrepreneurial talent and remarkable ideas. Over the course of our engagement with startups through TechXpedite, we have seen first-hand the passion, problem-solving skills, and calibre of entrepreneurs tackling challenges across industries. With the right resources and guidance, these innovators can create lasting impact at scale, in tune with the evolving needs of India's trillion-dollar digital economy vision. We are proud to be part of the journey of these talented entrepreneurs, contributing to their growth through mentorship, training, and access to capital — and, in doing so, helping strengthen India's vibrant technology startup ecosystem.' Launched in 2023, the accelerator program has attracted strong interest from startups nationwide. The previous edition, TechXpedite 2.0 recorded over a 100% increase in applications, with entries pouring in from 24 states, reflecting the program's broad reach and diversity. While 60% of applicants came from Tier 1 cities, there was a notable rise in participation from Tier 2 and Tier 3 regions — underscoring the growing democratization of innovation across the country. Among the startups selected for the last edition's final cohort, two were from Hyderabad, including standout ventures such as BeAble Health, a rehabilitation solutions provider leveraging immersive technology, and HomeGround, a community-driven sports engagement platform. TechXpedite 2.0 has been a milestone year for the cohort, with members achieving remarkable wins and recognition across the globe. Choira AI, driving innovation in music creation, joined the India AI Mission's market expansion program at HEC Paris and won the Global Startup Award at Sushitech Tokyo. focused on gamified well-being and holistic care, bagged the 2025 Medicall Innovation Award for healthcare AI. Sharing his experience, Habib Ali, Founder, BeAble, said, "The mentorship, technical sessions, and business connects at Techxpedite were incredibly insightful — each aspect contributed to a steep learning curve." In a reaffirmation of its commitment to the accelerator, Games24x7 will extend strategic investments to the top three startups emerging from the TechXpedite 3.0 cohort, providing strategic support and capital to help translate their innovations into scalable impact. This is in addition to the wide range of high-impact benefits that startups selected for TechXpedite gain access to, including expert mentorship from industry leaders, curated masterclasses, and hands-on support to sharpen their business models and go-to-market strategies. Additionally, these selected startups will receive access to over $500,000 worth of technology credits to help them scale their business. To build multi-regional participation and outreach, TechXpedite 3.0 will host city chapters across Delhi, Mumbai, Bengaluru, Hyderabad, and Amravati, providing on-ground engagement with local startup communities. The program will culminate in a Pitch Day in February 2026, where shortlisted startups will present their solutions to a panel of investors and domain experts. Startups interested in participating in TechXpedite 3.0 can apply through : techxpedite
New Indian Express
15 hours ago
- Business
- New Indian Express
Government prioritises social welfare over profit in online money gaming decisions: sources
The government announced that the Promotion and Regulation of Online Gaming Bill, 2025 will be introduced in the Lok Sabha. The draft bill emphasizes the urgent need to regulate online gaming in the public interest, with a dual focus: banning online money gaming and encouraging e-sports and social games as part of the creative economy. Following the announcement, several major companies—including Dream11, Games24x7, Winzo, GamesKraft, 99Games, KheloFantasy, My11Circle, and Nazara Technologies—are facing what industry insiders describe as an existential crisis. According to industry reports, India's online gaming market is currently valued at $3.7 billion and is projected to grow to $9.1 billion by 2029. However, the government dismissed concerns that the move would lead to job losses. 'Some say this will cause unemployment. But let me clarify: the same game developers and software companies can work on e-sports and social games. They don't only work on money games. We have consciously chosen to promote the two-thirds of the industry that includes e-sports and online social games. At the same time, we want to discourage the one-third of the industry that's causing harm,' he added. The government also raised concerns about the manipulative use of algorithms on these platforms. 'These platforms operate with opaque algorithms. They create conditions where users initially win small amounts, only to lose significant sums later. That's part of the addiction loop,' said the official. In Parliament, several MPs have consistently raised concerns, stating that their constituents are suffering due to the unchecked rise of money gaming apps. The official emphasized that players themselves are not to blame. 'People who play online money games are victims, not perpetrators. Victims should not be punished,' said the official.
Deccan Herald
17 hours ago
- Business
- Deccan Herald
OTT players, broadcasters could lose Rs 2,000 crore annually
Dream11, My11Circle, WinZo and Games 24x7 are major RMG platforms, and already industry bodies, including the All India Gaming Federation (AIGF), have opposed the ban.
