India to ban social media promotions of illegal gambling
The Indian government has decided to take serious actions to combat illegal gambling in the country.India’s gambling regulations are in chaos, resulting in a booming...
Indian iGaming market has sustainable growth potential
According to a recent report, the Indian iGaming market is expected to add INR 140 billion to tax revenues and create 150,000 more jobs (US$1.68 billion) within 2024-2025 years.
The report highlighted the fact that despite being below China, the United States, Japan and the United Kingdom in on-line gaming income, revenue rates of growth over the last six years have been the highest at 30% CAGR between 2017 and 2023.
A consistent expansion pattern averaging 20% between eighteen and twelve years ago would result in yearly income projections hitting an estimated $2.4 billion by fiscal 2029 with a robust (compounded annual growth rate).
Additionally, due to robust (compounded annual growth rate) percentage increase reaching 27.5 from 2019-2022 fiscal periods; there has been significant growth in the Internet betting industry which has caused a lot of excitement for both customers and companies.
Fiscal returns related to this growth would include INR 16 billion ($191.6 million) received by the government as GST from gaming companies during FY 2022-23.
India will not change its gambling tax of 28%
India’s Goods and Services Tax Council (GST) will not change the country’s 28% turnover tax for horse race betting and online gambling.India's decision to review its...
