Good Morning. India’s Telangana state government banned all gambling five years ago, whether skill-based or not, in response to incidences of economic harm and gambling addiction. However, it’s now having a rethink. As the industry booms in the country, the state has realized that online gambling could be a source of taxation and jobs, and the ban has not been effective in stopping locals from tapping into offshore sites. Speaking at a recent AIGF forum, Telangana Principal Secretary for IT, electronics, and communications, Jayesh Ranjan, said he has draft regulation and he’s waiting for the opportune moment to introduce it to the cabinet.
What you need to know
- Macau’s GGR is unlikely to return to pre-pandemic levels until 2027, estimates UBS, which has cut its revenue for this year by 29 percent.
- Steelman Partners says it’s seeing a boom in demand for architecture services in the gaming industry post-pandemic, although Asia is lagging in terms of recovery.
- Philweb Corp. recorded a 22 percent fall in net profit in 1Q22, despite a strong uptick in revenues from its PIGO operations.
On the radar
- Delta Corp. 4Q22 profit falls 17% as Omicron outbreak eats into visitation.
- Aristocrat Leisure CFO to depart company on Friday.
- May Golden Week will be impacted by Guangzhou outbreak: CE.
- Aristocrat, IGT enter broad patent cross-licensing agreement.
What the papers say
- Melco Resorts’ Mocha Clubs may be impacted by Macau gaming amendments.
The state of Telangana may be having a change of heart on its decision to ban all forms of gambling, marking another key step towards regulating the already booming Indian market. Telangana, the twelfth most populous state in the country with about 35 million inhabitants, put a blanket ban on all gambling in 2017 following reports of gambling addiction leading to suicides and bankrupting families. Five years on, Telegana has recognized that the blanket ban may not be effective, with players increasingly being targeted by illegal offshore sites over which the government has no control. It is also missing out on potential revenue from taxation.
- Liboeta’s GoAirborne posts competition wins for brand ambassador.
- Melco Resorts generates MOP3m for local SMEs, NGOs in 1Q22.
- FeedConstruct wins “Innovator of the Year” at the IGA.
- COD Manila to deploy AI-powered chip counting tech.