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India’s online gaming sector reels as new law bans all money-based games: Legal expert

Nelson Moura
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India’s online gaming sector reels as new law bans all money-based games: Legal expert

The Promotion and Regulation of Online Gaming Act, 2025 (PROGA) prohibits “online money games” regardless of whether they involve skill or chance. The measure has triggered an “abrupt cessation of all online real-money gaming (RMG) operations”, said Ranjana Adhikari, a partner at Shardul Amarchand Mangaldas who specializes in technology and gaming law.

Ranjana Adhikari
Ranjana Adhikari

RMG accounted for about 80 percent of sector revenues, according to industry estimates. “The skill-based RMG vertical not only attracted investments but also created jobs, generated substantial tax revenues, and nurtured entrepreneurs”, Adhikari told AGB. She said leading operators had already shut down India operations and were considering shifts to foreign markets or new business lines.

The government has promoted Esports and educational titles as alternatives, but industry players warn the transition will take time. PROGA offers room for growth in these segments, yet only under strict conditions.

“Esports would qualify as such under PROGA only if stringent requirements are met, including recognition under the National Sports Governance Act, 2025 and registration with the Authority”, Adhikari said. Social and casual games may use subscription or advertising models, but the law’s “harsh criminal penalties” could make banks and advertisers cautious, she added.

Market research before PROGA indicated strong growth in Esports and casual gaming. Adhikari said demand could scale further “with regulatory clarity and support from the government and the Authority.”

Risk of offshore gambling

Critics fear the ban may push players towards offshore gambling sites. Adhikari said evidence from previous state-level bans suggests that prohibitions “rarely eliminate demand but simply displace it towards illegal or unregulated platforms.”

PROGA includes blocking powers and extraterritorial application to curb such operators. Effective enforcement will depend on cooperation between law-enforcement agencies, search engines, app stores and internet service providers, she said.

Before the ban, India’s RMG industry had created more than 200,000 jobs, supported over 400 startups and generated around $2.3 billion in taxes, according to industry data.

Adhikari said the law was passed with “minimal discussion” and no consultations with stakeholders, warning that investor confidence in emerging digital sectors could be damaged.

Regulation over prohibition

Adhikari argues that a “risk-based, co-regulatory framework” would have better protected consumers while supporting innovation. She pointed to the amended IT Rules of 2021, which outlined a multi-tier regulatory system and recognized self-regulatory bodies, but “were never operationalized.”

“This approach could have ensured that regulation kept pace with novel offerings without having to shut down innovation in the RMG vertical”, she said.

Despite the uncertainty, PROGA may accelerate the development of non-gambling games. Adhikari said the law directs innovation towards social, educational and skill-development formats supported by subscription or advertising models. India’s engineering talent also positions it to become a global hub for gaming infrastructure and services.

Clear guidelines from the new Online Gaming Authority will be critical. “If the Authority publishes dedicated and clear guidelines on permissible conduct, investors can underwrite social gaming and Esports projects with greater confidence”, Adhikari indicated.

Genting Berhad launches $1.22B notes program to support Genting Malaysia takeover push

Viviana Chan
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Genting Berhad launches $1.22B notes program to support Genting Malaysia takeover push

Genting Berhad has established a new MYR5 billion ($1.22 billion) medium-term notes program and issued another MYR1.35 billion ($328 million) in notes as it continues to pursue full control of subsidiary Genting Malaysia Berhad, according to filings made on December 5th, 2025.

The Malaysian gaming and hospitality conglomerate made a lodgement with the Securities Commission Malaysia for an unrated Medium Term Notes Program through wholly-owned subsidiary Genting Vista Berhad. The perpetual program allows for the issuance of notes with tenures of at least one year, at fixed or floating coupon rates, and will be guaranteed by Genting Bhd.

Simultaneously, Genting Bhd issued MYR1.35 billion in notes through another subsidiary, Genting RMTN Berhad, under its existing MYR10 billion ($2.40 billion) medium term notes programme. The one-year notes carry an interest rate of 1-month KLIBOR plus 1.8 percent and were issued at par.

Genting Malaysia, Genting Berhad

Both filings explicitly stated the proceeds would be used to part-finance the acquisition of remaining ordinary shares in Genting Malaysia pursuant to Genting Bhd’s takeover offer, which closed on December 1st at 73.13 percent shareholding—just below the 75 percent threshold required for privatization.

The new MYR5 billion program’s proceeds will be allocated toward operating expenses, refinancing borrowings, including buy-back or early redemption of debt securities, investment and capital expenditure, working capital requirements, and general corporate purposes. The first series of notes under this program is expected to refinance medium-term notes previously issued by Genting RMTN to part-finance the Genting Malaysia share acquisition.

This marks the fourth note issuance by Genting Bhd in the past month, bringing its total recent fundraising to MYR3 billion ($729 million) as it pursues the privatization of Genting Malaysia. The parent company has resumed on-market purchases of Genting Malaysia shares following the close of its mandatory takeover offer.

Genting Malaysia has recently attracted heightened investor attention after being recommended by New York’s Gaming Facility Location Board as one of three operators shortlisted for a full commercial casino license in downstate New York. Such approval would allow the expansion of its Resorts World New York City property, positioning the company for significant growth as Genting Berhad advances its consolidation strategy.

Dynam Japan posts 40.2% profit surge despite 3.2% drop in pachinko revenue

Viviana Chan
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Dynam Japan posts 40.2% profit surge despite 3.2% drop in pachinko revenue

Pachinko hall operator Dynam Japan reported a sharp increase in profit for the six months ended September 30th, 2025, despite a decline in pachinko revenue, according to the company’s interim financial results.

Net profit rose 40.2 percent year-on-year to JPY3.07 billion ($20 million), driven by lower operating expenses and continued cost-control measures across its nationwide hall network.

The company said pachinko revenue fell 3.2 percent during the period, a decrease of JPY1.9 billion ($12.6 million). The decline reflected softer performance across both high and low playing cost halls, though the operator noted that nationwide consolidation in the industry and shifts in player preferences continued to shape market dynamics.

Despite the revenue contraction, total consolidated revenue from pachinko and aircraft leasing businesses reached JPY61.71 billion ($409 million), or 96.8 percent of last year’s level. However, improved operational efficiency helped lift consolidated operating profit by 14.4 percent to JPY6.91 billion ($46 million).

Dynam reported that pachinko business expenses dropped 6.4 percent year-on-year to JPY54 billion ($358 million), aided by reductions in machine capacity and upgrades to energy-saving systems such as air-conditioning units. The group rebalanced its machine mix by reducing pachinko units and increasing pachislot machines at 78 halls, responding to the growing popularity of smart slot machines introduced nationwide in late 2022.

At the end of the reporting period, Dynam operated 423 halls, having opened one new venue and closed five. The company said Japan’s economic backdrop—marked by rising wages but cautious consumer spending amid higher energy and food costs—continued to influence player behavior.

Industry-wide, pachinko hall numbers are expected to continue declining, particularly among smaller operators, furthering market consolidation. Dynam, one of Japan’s largest pachinko operators, said it will focus on cost control and operational optimization while monitoring demand trends and player participation.

The company noted that, despite the revenue dip, strong expense management enabled it to deliver substantial profit growth for the period.

Trio accused of operating illicit car-based money exchange service near casinos

Viviana Chan
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Trio accused of operating illicit car-based money exchange service near casinos

Macau police have arrested three local men accused of running a mobile money-exchange service that allegedly facilitated illegal currency exchanges for gamblers using a private vehicle near casino properties. 

The arrests come amid tighter enforcement under Macau’s new Law on Illegal Gambling Activities, in force since October 2024, which criminalizes unauthorized money exchange for gambling purposes and carries penalties of up to five years in prison.

The Judiciary Police said the suspects—aged 44, 54, and 27—were detained earlier this week in the northern district and near a casino zone after officers received reports earlier this year of a vehicle repeatedly entering Cotai casino parking areas. Investigators suspected that the occupants were conducting unlawful currency-exchange activities and launched surveillance operations.

According to police, the 44-year-old provided the car and funding for the operation. The other two men, aged 54 and 27, allegedly approached gamblers in casino surroundings and offered illegal currency-exchange services. The group is accused of transporting gamblers to quieter locations near parking lots, where transactions were carried out using mobile phones. After receiving electronic payments, the men reportedly handed over cash or gaming chips for gambling.

Police said transaction records indicate the trio conducted approximately RMB11 million ($1.5 million) in illegal exchanges since January, generating an estimated HK$330,000 ($42,000) in illicit profit. All three suspects refused to cooperate during questioning.

The vehicle used in the operation, along with several mobile phones believed to be linked to the illegal exchanges, were seized. The case has been transferred to the Public Prosecutions Office, with the men facing charges related to unauthorized currency exchange for gambling purposes.

PH authorities net 112 in Manila POGO raid

Nelson Moura
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PH authorities net 112 in Manila POGO raid

In a recent operation in Bonifacio Global City in Manila, Filipino authorities apprehended 112 individuals, including 95 Filipinos and 17 foreign nationals, at an illegal Philippine offshore gaming operator (POGO) hub.

The raid was conducted by the police Criminal Investigation and Detection Group (CIDG-NCR), the Presidential Anti-Organized Crime Commission (PAOCC), and the Southern Police District while searching for a Chinese national wanted for fraud.

According to The Phil Star, Lt. Col. Jerry Amindalan from CIDG-NCR stated the suspect had been under surveillance for nearly a week and was ultimately captured.

Upon entering the office, police discovered rows of computers linked to alleged illegal gambling sites, along with mobile phones assigned to each workstation. The operation was disguised as an IT solutions company but was reportedly involved in online scams.

The facility was not registered with the Philippine Amusement and Gaming Corporation (PAGCOR), and authorities suspect the Chinese national may have acted as an interpreter for the operation.

The CIDG is currently verifying the work permits of the foreign nationals. Those arrested have denied any involvement in illegal gambling, claiming the office was not a POGO hub.

BetMakers signs definitive agreement to acquire Las Vegas Dissemination Company

Nelson Moura
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BetMakers signs definitive agreement to acquire Las Vegas Dissemination Company

Australian wagering market technology supplier BetMakers Technology Group has signed a definitive agreement to acquire the assets and liabilities of the Las Vegas Dissemination Company (LVDC), strengthening its foothold in the United States.

The Australian wagering technology firm said LVDC is expected to generate about $4.5 million in revenue and be at least EBITDA break‑even in its first year, with further growth opportunities anticipated.

Founded in 1988, LVDC provides race information, off‑track betting processing and common‑pool wagering services to casinos, sportsbooks, racebooks, bars and online platforms.

BetMakers said the acquisition would give it direct access to Nevada’s tier‑one casino operators, including Caesars Entertainment, MGM Resorts, Wynn, Sands and SouthPoint, and serve as a launchpad for rolling out enhanced digital wagering solutions.

Completion of the deal remains subject to regulatory approvals and other customary conditions, with BetMakers expecting to finalize the transaction in the second half of fiscal 2026.

Chief executive Jake Henson said Nevada represented “one of the largest blue‑sky opportunities in the US market” given the limited digital adoption of horse racing.

“This acquisition gives BetMakers a launchpad to bring world‑class digital wagering experiences to Nevada customers and accelerate our US growth strategy”, he said.

Daily Asia Gaming eBrief: Wynn: $3.4B already spent/pledged for Al Marjan Island

AGBrief Editorial
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Daily Asia Gaming eBrief: Wynn: $3.4B already spent/pledged for Al Marjan Island
Good Morning. Build it and they will come. The UAE is banking exactly on that, with Ras Al Khaimah acting as its key testing ground for IRs with casinos. Wynn Resorts indicates that it already has some $3.4 billion either spent or pledged for its Al Marjan Island development, with massive expectations to boost tourism and regional development, while also reaping the benefits. Looking to Vietnam, the Sun Group is establishing its own fiefdom, building out its Van Don property while simultaneously moving in on non-gaming in Phu Quoc. The operator’s savvy approach of investing in infrastructure and development is a testament to its long-term vision, which is likely to pay off.

What you need to know

On the radar

AGB Intelligence

UAE

Wynn Al Marjan Island, UAE, Wynn Resorts

Wynn spent/pledged $3.4B on IR already

Wynn Resorts is no stranger to flinging billions at projects, but it always has a game plan. For its first integrated resort in the United Arab Emirates, its strategic plays appear to be working, gaining it the first-mover advantage in a massive new market when it opens Wynn Al Marjan Island. So far, over two-thirds of its $5.1 billion budget is either spent or contractually secured, and the property grows by the day, on track for an early-2027 opening.

Industry Updates

INTELLIGENCE | ASEAN | CAREERS | EVENTS

Cambodia launching pilot visa-free program for Chinese nationals

AGBrief Editorial
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Cambodia launching pilot visa-free program for Chinese nationals

Cambodia is launching a visa-free pilot program for Chinese nationals starting in mid-June of next year, allowing visits of up to 14 days.

According to Chinese state media, the trial period is set to last four months, from June 15th to October 15th of 2026.

Chinese nationals will not have to apply for a visa or pay related fees, merely filling out an electronic arrival card. Multiple entries will be allowed during the period.

Following the announcement, there was a surge in searches for Cambodian destinations on key Chinese travel sites, with a strong increase in air ticket searches for key cities such as Phnom Penh and Siem Reap.

Cambodia is aiming to increase its tourism influx, negatively impacted by the spat with Thailand  – which also heavily improved relations with China by cancelling its proposed casino legislation.

Cambodia received some 1 million visits by Chinese tourists in the first 10 months of the year, according to official data.

AGEM Index fell by 1.5% m-o-m in November

AGBrief Editorial
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AGEM Index fell by 1.5% m-o-m in November

The Association of Gaming Equipment Manufacturers (AGEM) Index marked November with a slight retraction, falling by 1.5 percent from the prior month, but remained 16 percent higher than a year earlier.

During the month, six of the 10 AGEM Index companies reported stock price decreases, which resulted in six negative contributions and two negative contributions to the AGEM Index.

AGEM Index fell by 1.5% m-o-m in November

The largest negative contribution to the monthly index was Aristocrat Leisure Limited, whose 7.9 percent fall in stock price led to a 57.13-point loss for the index.

Meanwhile, Konami Corp also saw its stock price fall by 7.4 percent, leading to a 54.52-point loss for the index.

The largest positive contribution to the index was Light & Wonder, whose 39.8 percent increase in stock price resulted in a 100.73-point gain for the AGEM Index.

In November, two of the three major US stock indices increased from the prior month. The NASDAQ fell by 1.5 percent month-on-month, however the S&P 500 increased 0.1 percent. Meanwhile, the Dow Jones Industrial Average rose by 0.3 percent from the prior month.

BC.GAME kicks off CFN 2025 betting action ahead of December 5 Fight Night in Dubai

AGBrief Editorial
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BC.GAME kicks off CFN 2025 betting action ahead of December 5 Fight Night in Dubai

BC.GAME is gearing up for Crypto Fight Night 2025 by launching CFN odds under its BC.GAME Specials, giving players a simple and intuitive Winner market to support their chosen fighters. The event, set for December 5 in Dubai, now has its full fight card confirmed.

1. Main event: Tactical Investing vs Barney

The headliner is Tactical Investing vs Barney at 85kg ±2, scheduled for three rounds of two minutes with 14oz gloves. American debutant Alexander “Tactical Investing” Bannister steps in against UK fighter Louis “Barney” Smith, who brings a 2–1 record. One side offers physical tools and the unknowns of a first outing; the other arrives with live ring experience and proven results.

In BC.GAME Specials, this main event is available on the Winner market. The page shows the two fighter names, fight time, and their respective prices. Players can simply use their read on form and style to decide who they think will come out on top and place their pre-fight bets accordingly. As the final bout of the night, it’s also the most natural place to start a CFN betting slip.

2. Heavyweight clashes: big frames, short distance

Heavyweight action is another key draw on this CFN card. Several bouts sit in the 94–105kg / 210lbs+ range with a three-round format, including matchups such as Primetimeindy vs White Boy Summer (210lbs ±10) and Majestic Drama vs NFT Kid (220lbs ±3). Higher weight and shorter distance mean every clean shot has the potential to swing the result.

With the Winner market in focus, the betting logic stays straightforward: looking at size, power, recent form and approach, deciding who is more likely to have the upper hand in exchanges, then see whether the current price matches the expectations before choosing a side. For fans who enjoy heavy punches and momentum swings, these fights naturally become must-watch and often must-bet moments on the card.

3. Women’s bout and statement matchups: higher tempo, clear identities

The women’s bout on the card is Crypto Queen vs Blonde Broker at 56kg ±2 over 3×2 minutes. The shorter rounds and higher tempo put a premium on footwork, timing, and clean combinations. On the Winner market, many players will focus on who manages distance, rhythm and shot selection more convincingly, then align their pick with the odds on offer.

The card also includes several matchups with very distinct identities, such as The Iron Brit (ElliotLFG) vs Kimchi Papi. These pairings come with built-in narrative and stylistic contrasts, making them well suited to informed, opinion-driven betting: the more user understands about a fighter’s background, approach, and in-ring personality, the easier it is to choose a side and let a single ticket plug user into that storyline for the night.

4. How CFN appears on BC.GAME

CFN odds are currently grouped under BC.GAME Specials – Crypto Fight Night. Once players enter this section, they’ll see the matchups laid out as individual fight cards featuring:

  • Both fighter names for each bout;
  • The event date and basic fight details;
  • The corresponding Winner prices.

As this year’s Exclusive Gaming Partner, BC.GAME uses these dedicated CFN markets to connect what happens in the ring with the choices on each betting slip, making sure Crypto Fight Night 2025 feels like a complete experience from the moment players start taking positions to the final bell.

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