Casino Site India – In this picture taken on September 14, 2022, the words “Indian Online Gaming Rules” are seen in front of the Indian flag. /Dado Ruvic/Illustration
BENGALURU, July 12 () — Shares in Indian casino operator Delta Corp ( DELT.NS ) lost more than a fifth of their value on Wednesday, while online gambling companies also fell after the country’s tax authorities imposed a 28 percent tax on the companies. money. collect from customers.
Casino Site India
These companies will now have to pay a 28% tax on everything they collect from players, instead of the small tax they previously charged for real money games.
The Best Online Casino India Real Money Games
India’s Goods and Services Tax (GST) Council said on Tuesday evening that $1.5 billion will be taken away from the online gaming industry, according to industry experts, although additional charges are likely to be passed on to customers.
Nazara Technologies ( NAZA.NS ), which licenses games to some children’s brands, closed up 2.6 percent, while Onmobile Global ( ONMO.NS ) was 1.1 percent lower. They fell as much as 14% and 9% before retreating.
Nazara said it expects a minimal impact on revenue as the new rule will affect its skill-based real-money games, which accounted for 5.2% of revenue last financial year.
Onmobile, whose real-money gaming platform accounted for up to 14% of total revenue last quarter, did not immediately respond to a request for comment.
Live Casino Sites India
Casino operators will also be affected as the new 28% tax “will apply to the value of chips that are purchased before the game,” said Vivek Johri, chairman of the Board of Indirect Taxes and Customs.
Delta Corp, which owns casinos in the states of Goa and Sikkim, as well as ‘Adda52rummy.com’ and online poker site ‘Adda52.com’, did not immediately respond to requests for comment. Its shares fell 23%.
The move will also hurt big startups like Dream11, the $8 billion main sponsor of India’s national cricket team, and the Mobile Premier League (MPL).
As taxes will be levied on upfront fees for customers’ mobile games, the valuations of these companies in the private markets could collapse, said Amit Kumar Gupta, founder of advisory and brokerage Fintrekk Capital.
Discover The Best Online Casino Site In India For Endless Gaming Fun: Casumo » Universal Group
Luckyland casino official site, chumba casino official site, best casino online site, casino bonus site, casino site, casino gambling site, online casino gambling site, top casino site, online casino site, casino betting site, online casino game site, free casino site