Good morning. Gearing up for an intense legal battle. That’s what real-money online gaming operators in India are doing, as they prepare to defend their viewpoints on the country’s Goods and Services Tax. A top lawyer points out how a Supreme Court hearing in March will be crucial in how the industry moves forward. Meanwhile, Hong Kong is looking to increase its revenue streams, pondering the addition of basketball betting which could bring in billions. And down under, Victorian gambling authorities have issued hundreds of thousands in fines to operators amongst a crackdown on underage gambling.
What you need to know
- Legal battles on the horizon as India’s Goods and Services Tax draws ire from the real-money online gaming industry: lawyer.
- Hong Kong may legalize basketball betting in its budget plan to address the fiscal deficit, adding $3.3B in revenue.
- VGCCC cracks down on underage gambling, $319K in fines issued to operators including Tabcorp and ALH.
On the radar
- Macau included on list of “foreign adversaries” by the White House.
- PAGCOR warns of fake website claiming to offer gaming licenses.
- PH Senator calls for reassessment of “use of cryptocurrencies in the country”.
- DigiPlus shifts up to FTSE All-Cap and Total-Cap Index.
- UBS projects Sands’ dividend per share with 6% yield in FY25.
- Delta Corp sells online gaming subsidiary Deltatech for $57M.
- Belle Corp declares dividend as business remains resilient in 2024.
AGB Intelligence
INDIA
Gaming companies in India gear up for GST battle
Real-money online gaming operators in India are gearing up for possible legal battles, as they await a Supreme Court ruling over the Goods and Services Tax. The method of calculation of the tax is the main element in focus, with operators claiming that the 28 percent levy would be better applied to GGR or platform fees rather than total amounts deposited. A top lawyer says the court ruling will set the precedent for how the industry moves forward.
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