Good morning. Build it and they will come, to collect their tax dollars. India has chosen to target its lucrative gaming firms by imposing a 28 percent GST tax on their earnings, to the potential detriment of the sector’s growth. At least that is the appeal in courts, which may only be offering a slight reprieve, as it appears unlikely that the official position will change, warns an expert. Meanwhile, Thailand’s casino plans may be hitting a bump in the road, as a former Prime Minister puts his weight behind annulling the country’s gaming legislation aspirations.
Appeals are ongoing, as the implementation of a staggering 28 percent GST tax on gaming companies in India has been met with harsh criticism and vitriol. But gaming firms aren’t yet out of the hot water, as authorities are unlikely to reduce the tax in the long term. Current court battles are going well for some firms, but they may only be getting a temporary reprieve, as the government is enjoying the windfall, notes expert David Pinto, cautioning that any current bandage is likely to be later removed.
In 2024, 1xBet achieved significant breakthroughs and successes, solidifying its position in the iGaming industry. The brand secured major partnership deals, received prestigious awards, and showcased its innovations at the world’s leading forums.
The recent intervention by India’s Supreme Court to temporarily halt the Goods and Services Tax (GST) show-cause notices against online gaming companies has stirred optimism, particularly among investors.
Goan finance consultant David Pinto
However, Goan finance consultant David Pinto cautions that while this is a welcome reprieve, it might not mark the beginning of a drastic reduction in the tax burden for the industry in the long term.
Pinto, who has been closely monitoring the gaming sector’s financial landscape, argues that even if gaming companies succeed in the courts, a significant reduction in taxation is unlikely.
The Supreme Court’s decision to temporarily halt GST show-cause notices worth Rs1.12 trillion ($13.5 billion) against online gaming companies has created a temporary sense of relief. However, Pinto emphasizes that investors should not get ahead of themselves. He stresses that the relief is “currently only temporary,” as the cases are still pending, and hearings are not expected to begin until March 2025.
“It’s just step 1 of a longer battle for the companies,” Pinto told AGB. While the suspension means that companies will not face immediate coercive demands or be required to make deposits with the authorities, the expert warns that the notices themselves are not time-barred and will continue throughout the proceedings.
Despite this temporary setback for the tax authorities, Pinto believes that even if gaming companies ultimately succeed in court, the likelihood of a significant reduction in taxation remains low.
“The government is benefiting from the tax increase. The companies have not crashed despite a growth slowdown. And the public isn’t bothered by it,” he states. He suggests that while there may be some adjustments or “tweaks” in the future, the current tax regime is likely to stay in place unless there is a major shift in policy thinking.
Impact of 28 percent GST on gaming
The implementation of a 28 percent GST on online gaming in India has raised significant concerns about its impact on the industry. Pinto acknowledges that the effects of the policy have been mixed, especially in terms of operational costs and consumer behavior. “For FY24, in which half the year was under the new framework, we should be careful not to put complete reliance on the performance of this year,” Pinto advises.
Some companies in the online gaming sector have shown growth despite the added tax burden. For example, Gameskraft, which operates platforms like Ludo Culture and Rummy Culture, reported a 30 percent rise in revenue. However, Pinto highlights that the company’s costs also surged by 72 percent, primarily driven by a doubling of advertising expenses. This has led to lower profit margins.
Similarly, fantasy sports company M-League, which operates Mobile Premier League, saw a 21 percent increase in losses, although this was partly due to a fair value loss on financial instruments. Without this, Pinto observes, the company’s loss would have decreased by 10 percent. While the worst-case scenario—the “Armageddon” of the industry crashing—hasn’t materialized, Pinto predicts that profit margins will likely remain lower than in the pre-GST era.
“In the casino sector, the major publicly listed entity is Delta Corp, and we see that their revenue hasn’t grown over the last year, even when we look at their divisions segment-wise,” Pinto adds. The company’s share price also hasn’t performed well, indicating that the industry is still grappling with the implications of the new tax regime.
Regulatory landscape
As the regulatory landscape for online gaming continues to evolve, all eyes are on the Supreme Court hearings scheduled for March 2025, which will address the legality of the 28 percent GST on bet value. Pinto highlights that, with billions of dollars in tax demands for many gaming companies—sometimes far exceeding their valuation, investors are anxiously awaiting a resolution.
“There’s a lot of speculation around this, and all investors will be eyeing this,” Pinto notes. However, he remains cautious about expecting any major shifts in policy. The government’s tax collection on online gaming has increased by 412 percent in the six months following the implementation of the 28 percent GST, amounting to an additional $600 million in revenue. Pinto believes that this growth in tax revenue has made the government less inclined to reduce the burden on gaming companies.
In terms of land-based gaming, Delta Corp, one of India’s largest casino operators, is currently constructing a new land casino in Dhargalim, Goa. The project has faced some environmental challenges, with petitions filed by activists against certain aspects of the construction. Pinto suggests that there may be further environmental objections as the project progresses, due to its scale. However, he points out that Goa has long been a hub for land-based gaming, and the construction of the Dhargalim casino is seen as a significant development in the industry.
Deltin Town (Dhargalim) – project render
Another interesting development in the land-based gaming sector is Delta Corp’s decision to demerge its business. The company plans to split into three parts, with Delta Corp focusing on gaming and cruises, while Delta Penland will handle its hotel and real estate business. This restructuring is expected to bring in outside capital for the Dhargalim casino project, with the potential for a fund infusion from external investors.
Adapting to changing consumption patterns
As the gaming market in India continues to grow, Pinto notes that consumer behavior is shifting, particularly as mobile gaming becomes more accessible. “The major factor that any online gaming company will have to remember is that if it doesn’t work on the smartphone, it isn’t going to work out,” he emphasizes. Gaming companies are adapting by ensuring that their platforms are optimized for a wide range of smartphones, not just high-end devices.
The consultant also highlights the increasing role of 5G technology and improved payment systems in shaping the future of online gaming in India. With the rollout of 5G, operators will be able to offer Indian consumers high-quality gaming experiences that were previously only available in developed countries. “The difference will be significant,” Pinto says. “Operators will be able to provide Indian consumers some of the best quality products in gaming, as the internet that a consumer is receiving is allowing them to keep pace with a developed country.”
The improvement in payment systems is also expected to make it easier for consumers to make in-app purchases, which could further drive growth in the online gaming sector. Pinto predicts that this will particularly benefit casual gamers, especially as younger players continue to embrace sports gaming and eSports, which are viewed more as entertainment than traditional card games.
Imperial Pacific International (IPI) and its committee of unsecured creditors have requested a federal court to approve Loi Lam Sit as the stalking horse bidder for the sale of the casino developer’s assets.
A stalking horse bidder sets a baseline price in an auction to attract other bidders, and according to The Marianas Variety, Sit, the general manager of Top Pride International Ltd., has shown financial capability to proceed with the purchase.
The court, presided over by Bankruptcy Judge Robert J. Faris, has approved the bidding procedures for the asset sale, requiring a minimum bid of $10 million.
If Sit is designated as the stalking horse bidder, he will offer $12.5 million and place a $1.25 million good faith deposit. The assets for sale include contracts, property in Saipan, and a potential casino license.
An auction is scheduled for February 26th, 2025, to determine the highest bid. IPI filed for Chapter 11 bankruptcy in April 2024, owing creditors over $165.8 million, after operating a casino until its closure due to the COVID-19 pandemic. Chapter 11 allows IPI to restructure its debts while continuing operations.
Las Vegas Sands has announced a significant delay in the much-anticipated expansion of Marina Bay Sands, with the completion now projected for January 2031.
According to a Las Vegas Sands US SEC dispatch, the announcement follows the signing of a second supplemental agreement with the Singapore Tourism Board (STB) on January 8th, 2025, which formalizes the timelines for the Marina Bay Sands Expansion Project.
Originally initiated in April 2019, the expansion was set to include a new hotel tower featuring luxury accommodations, a rooftop attraction, premium gaming areas, and a state-of-the-art live entertainment arena with a capacity of approximately 15,000 seats.
The total estimated cost for the project is around $8 billion, which encompasses financing fees, land premiums, and the addition of 2,000 square meters to the gaming area, expanding the total approved gaming space to 17,000 square meters.
Under the new agreement, MBS has committed to assume responsibility for the costs associated with purchasing additional land premiums, which are necessary due to changes in the allocations of gross floor area for the project.
The construction is now slated to begin on July 8th, 2025, with a completion target of July 8th, 2029. However, any extensions beyond this deadline will require government approval.
To date, Las Vegas Sands has invested approximately $1.36 billion into the project, including initial land lease payments made in 2019. An additional land premium of about $1 billion is anticipated, with $850 million expected to be paid in the second quarter of 2025.
In addition to the MBS Expansion Project, Marina Bay Sands has recently completed renovations on Towers 1 and 2, introducing world-class suites and luxury amenities at a cost of around $1 billion.
Ongoing renovations in Tower 3 are estimated at $750 million and are expected to be completed in phases during the first half of 2025. These upgrades aim to enhance the overall guest experience, offering new dining and retail options, as well as improvements to the casino floor.
Hong Kong-listed LET Group has received further resumption guidance as it remains under trading suspension.
In a filing to the Hong Kong Stock Exchange on Monday, the company disclosed that the Stock Exchange issued a letter on February 5th, 2025, outlining additional requirements for resumption, which supplement the previous resumption guidances.
A key requirement is for LET Group to demonstrate that its board of directors is validly constituted in accordance with applicable laws, regulations, and the company’s articles of association.
The company stated that it is making every effort to reconstitute its board in compliance with the Additional Resumption Guidance and Corporate Governance Guidance.
Since the resignation of independent non-executive director Kwok Kai Bun Bennie on November 11th, 2024, LET Group has been searching for suitable candidates but has yet to make any new appointments.
Trading in the company’s shares has been suspended since February 14th, 2024.
FBM has started 2025 with the amazing introduction of Jí Hǎo Link Spirits slot games at Hialeah Park Casino in Miami, offering players the thrills of Golden Lóng Spirits and Eternal Fènghuáng Spirits for extended gaming excitement.
New year is a synonym of new gaming offers available for FBM’s slot fans in the United States. The global gaming brand keeps diversifying its portfolio and taking solid steps toward the sustainable growth of its operation in the US.
The immortal phoenix and the mystical dragon are the protagonists of the Jí Hǎo Link Spirits gaming experience, where each flight can swiftly turn into a memorable round.
Enhanced Excitement on the Reels
With the launch of Golden Lóng Spirits and Eternal Fènghuáng Spirits, FBM presents an evolution of the gaming experience offered by Jí Hǎo Link, designed to impact players looking for constant thrills in durable gaming sessions.
The Spirits feature can happen anytime players get a special coin during a game round, whether in the main game or free spins. In the transition for the Spirits moment, the coin sticks its position, and the game awards the players three free Spirits flights (working as three free spins).
Each flight can bring three possible rewards: yellow Extra Coins displaying numeric prizes, Spirits green coins drawing a big win, and Jackpot red coins allowing players to collect a Mini, Minor, Major or Grand jackpot.
Available to play on the Auria and Galaxy II cabinets, the Jí Hǎo Link Spirits slots also have Luck Has Arrived as a common feature anticipating direct access to free spins or a big win, and Triple Wild and Wild Multiplier as game features for Eternal Fènghuáng Spirits and Golden Lóng Spirits, respectively.
FBM Poised for New Growth Opportunities
With the introduction of the Jí Hǎo Link Spirits game suite in the US market, FBM continues its growth journey. Following the successful expansion in Mexico, this product line is now available for American players to enjoy and will spread throughout Florida and Oklahoma.
FBM reinforces its presence in the United States by expanding its game portfolio. This move reaffirms the global gaming brand’s dedication to strengthening its market footprint in the US with innovative and reliable games that deliver value to casino operators and exciting and entertaining experiences for players.
Win Systems, a leading technology provider for the gaming and entertainment industry, has promoted Hunter Kampf to the position of Country Manager for the United States and Canada. This appointment strengthens the company’s expansion and consolidation strategy in the North American market.
Since joining in September 2023 as Director of Sales for Systems and Gaming in the United States, Hunter has played a key role in Win Systems’ remarkable growth in the region. His customer-focused approach and extensive industry experience have been essential to the company’s success.
The year 2025 has started exceptionally well for Win Systems in the U.S., with numerous installations in both its Gaming and Systems divisions. The company anticipates a year of significant development in the region, further consolidating its presence and leadership in the North American market.
Hunter Kampf expressed his enthusiasm for this new challenge: “I am honored by the trust placed in me to lead operations in the United States and Canada. Our team is committed to delivering innovative solutions tailored to the specific needs of our customers in the region. I am confident that 2025 will be a year of great achievements and expansion for Win Systems.”
Eric Benchimol, CEO of Win Systems, commented: “Hunter’s promotion to Country Manager for the United States and Canada is a strategic step in our mission to strengthen and expand our presence in North America. His leadership and expertise will be essential in achieving our ambitious goals in the region.”
With the appointment of Hunter Kampf, Win Systems reaffirms its commitment to the North American market and its dedication to fostering internal talent to drive its growth and consolidation in the gaming and entertainment industry.
Pragmatic Play, a top content supplier to the iGaming industry, has launched Ancient Island Megaways™, a 6×7 slot in which expanding wilds unlock reel modifiers and the chance to land wins of up to 10,000x.
On any spin in the base game or bonus round, up to four modifiers can appear in a special row above reels 2-5. Wild symbols expand to fill entire reels when they hit, activating any modifier above that reel.
A modifier can award an extra wild reel, more ways to win, an instant cash prize of up to 100x, a multiplier of 2x-50x, or random symbols in place of non-winning symbols.
Landing 4-6 scatters triggers the bonus game with 12-16 free spins. During the feature, all four modifier positions are guaranteed to be filled on every spin. An extra spins modifier is also added to the mix, randomly awarding 2-10 additional free spins when hit.
Ancient Island Megaways™is the latest addition to Pragmatic Play’s award-winning slots portfolio following the release of Brick House Bonanza, Wild Wildebeest Wins, and Bigger Bass Splash.
Irina Cornides, Chief Operating Officer at Pragmatic Play, said: “Combining a popular theme and feature-rich gameplay, Ancient Island Megaways™ can deliver random modifiers on every spin and wins of up to 10,000x.”
1xBet, a global titan in sports betting, significantly expands its ambassador program by adding Filipino MMA star Mark ‘Mugen’ Striegl to its distinguished lineup.
This partnership, launched on January 14th, marks a strategic move by 1xBet to connect more deeply with the vibrant sports community in the Philippines and beyond.
1xBet and Mark Striegl: A Dynamic Partnership
With an outstanding MMA record of 18 wins and five losses, Mark Striegl has captivated fans worldwide, not only with his skills in the ring but also with his charismatic presence outside of it. His championship title in the URCC Featherweight division and his gold medal in combat sambo at the Southeast Asian Games highlight his multifaceted talent and dedication to martial arts.
As 1xBet’s new brand ambassador, Striegl will be front and center in upcoming marketing campaigns and public engagements. His role will involve participating in a variety of promotional activities, aimed at bringing exciting new content and exclusive opportunities to both sports fans and betting enthusiasts.
Strengthening Community Ties
This collaboration with Mark Striegl underscores 1xBet’s commitment to fostering strong connections within local communities, particularly in the Philippines where MMA and sports betting have a passionate following. By partnering with a local hero like Striegl, 1xBet not only celebrates the spirit of sportsmanship and competition but also enhances its support for the sports that people love and follow fervently.
Future Endeavors
1xBet is excited about the opportunities this partnership with Mark Striegl will bring. It is anticipated to not only energize our existing offerings but also to introduce innovative ways to engage with fans and bettors. We invite everyone to stay updated on our platforms as we roll out new initiatives and events that promise to enhance the betting experience and celebrate the thrill of sports.
Thailand’s Former Prime Minister Abhisit Vejjajiva has expressed strong opposition to the government’s plan to legalize casinos and online gambling, warning that it will worsen social problems.
Former Thai Prime Minister Abhisit Vejjajiva
According to the Bangkok Post, the criticism was given during a speech at a seminar, where Abhisit described gambling as a “major social problem” that negatively affects individuals and their families.
With the government prioritizing the legalization of casinos and online gambling, Abhisit urged the public to prepare for potential adverse consequences. He argued that the push for legalization lacked a proper public debate, adding, “The government claims that legalizing casinos will generate revenue and create jobs, but we must carefully consider the risks.”
Abhisit particularly voiced concerns about online gambling, which he believes could lead to higher household debt and rising crime rates. He also questioned the benefits for local workers, suggesting that most jobs at casino resorts would likely go to migrant workers from neighboring countries, rather than Thai citizens.
He emphasized the need for strong law enforcement to prevent money laundering in the gambling industry, stating, “Strict oversight is essential to avoid money laundering in casinos and entertainment complexes.”
Public opposition
The push for legalizing casinos was recently furthered by the Pheu Thai Party’s 2023 election campaign. The party argued that regulating gambling would reduce underground activities and generate tax revenue. However, Abhisit noted that the party did not clarify which other activities would be legalized.
Public opposition to the legalization is mounting. A survey by the Center for Gambling Studies found that more than 50 percent of 8,000 respondents opposed the plan to legalize casinos and online gambling. Additionally, 51.07 percent of respondents opposed holding a referendum on the issue, though 37.86 percent supported it.
The government insists that no referendum is necessary, as the policy was part of Pheu Thai’s election platform and has already been approved by Parliament. The Cabinet approved a bill in principle on January 13th to establish casino-entertainment complexes, and it is now under review by the Council of State.
The opposition has been vocal in its criticism of the casino bill. The Thai Sang Thai Party (TST) has pledged to challenge the government’s casino policy, accusing it of masking a push for legalized gambling under the guise of economic development. On February 27th, the opposition plans to file a no-confidence motion against the government, focusing on this issue.
TST leader Khunying Sudarat Keyuraphan criticized the bill as “one of the worst pieces of legislation ever written,” warning that it would give politicians too much control over the casino complexes. “This is not about economic growth—it’s about opening the door to legalized gambling with little oversight,” she said.
