Uncertainty has reportedly triggered 7,000 layoffs despite the law not yet being notified.
India.- Although India’s ban on real-money online gaming has’t yet been notified, it’s been reported that India’s real-money gaming industry has has lost more than INR70bn (US$840m) in value. It’s been reported that the ban has led to 7,000 job losses across technology, operations and support teams.
The Promotion and Regulation of Online Gaming Act (PROGA) was passed nearly 90 days ago but has not yet been formally notified, leaving legal ambiguity. The expectation of enforcement alongside a 40 per cent GST levy on online money gaming introduced on September 22 has led major operators to suspend all cash formats.
Some operators have reported heavy impairments. Meanwhile investors have marked down the value of gaming assets, while fintech partners are experiencing drops in transaction volumes.
Uncertainty has reportedly triggered 7,000 layoffs despite the law not yet being notified. India.- Although India’s ban on real-money online gaming has’t yet been notified, it’s been reported that India’s…
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