Online Gaming Bill Proposing To Ban Money-Based Gaming Introduced In Lok Sabha
The new Online Gaming Bill, cleared by the Cabinet on Tuesday, was introduced in Lok Sabha by IT Minister Ashwini Vaishnaw on Wednesday.
The new Bill proposes to ban all money-based online gaming transactions. The move is likely to directly impact platforms like Dream11, MPL, Probo, Rummy and Poker operators, as per the provisions in the new Online Gaming Bill.
The proposed legislation aims to impose strict controls on real-money online gaming platforms, including a ban on advertisements and celebrity endorsements, and restrictions on financial transactions facilitated by banks and non-banking financial companies.
The Bill prescribes severe penalties, including up to three years of imprisonment and fines reaching Rs 1 crore for violators. Advertising such platforms could attract up to two years in jail and a Rs 50 lakh fine.
Online gaming stocks such as Nazara Tech and OnMobile declined on Wednesday following the news about the proposal as the shares came under heavy selling pressure.
However, Nazara issued a clarification early on Wednesday stating that it has no direct exposure to real money gaming businesses.
The contribution to revenue and Ebitda by RMG business is nil. It stated that the company's only indirect exposure to RMG is through its 46.07% stake in Moonshine Tech.
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