Page 2 - Gaming Companies

Gaming major Nazara Tech buys UK-based Fusebox Games for Rs 228 cr

Gaming and esports company Nazara Technologies on Thursday announced acquisition of Fusebox Games, an IP-based gaming studio in the United Kingdom, for Rs 228 crore in an all-cash deal. Fusebox has 30 employees primary based in the UK. "Nazara Technologies, India's only publicly listed diversified gaming and sports media company, announced the acquisition of Fusebox Games," a release said. Nazara said it will purchase Fusebox for Rs 228 crore in an all-cash transaction. Fusebox publishes interactive story game Love Island' and is developing new games based on popular global TV IPs. For calendar year 2023, the company reported revenue of Rs 87.5 crore with an EBITDA (Earnings Before Interest Tax Depreciation and Amortisation) of Rs 11.7 crore. According to the release, during calendar year 2024, Fusebox demonstrated strong growth with year-to-date revenue (January - July) at Rs 116.6 crore with an EBITDA of Rs 33.3 crore. "We see a large opportunity in building an IP based global

Nazara arm buys assets of US gaming content platform DeltiasGaming.com

Nazara Technologies' subsidiary Absolute Sports will acquire all the assets of DeltiasGaming.com, a US gaming and esports content platform, for about Rs 7.5 crore, a release said on Tuesday. DeltiasGaming.com had revenues of USD 575,000 (about Rs 4.8 crore) for 12-month period ended June 2024. Absolute Sports will use its cash reserves to fund the all-cash transaction, to be paid over one or more tranches. The Rs 7.5 crore transaction is set to be closed in the next 45 days. "Absolute Sports, a Nazara Technologies subsidiary and the parent company of Sportskeeda.com, ProFootballNetwork.com and SoapCentral.com, today announced that it has signed an asset purchase agreement, subject to closing conditions, to acquire all the assets of DeltiasGaming.com," the release said. With this acquisition, Absolute Sports, which already serves a large gaming audience with its flagship brand Sportskeeda.com, aims to deepen its presence in the gaming and esports media publishing sector in the US ..

Indian gaming market revenue may double to $6 billion by 2028: Report

India is the fastest growing mobile gaming market and the annual revenue of the overall Indian gaming industry is expected to almost double to USD 6 billion by 2028 from USD 3.1 billion in 2023, a joint report by Interactive Entertainment and Innovation Council and online gaming firm Winzo said on Wednesday. The India Gaming Report 2024 based on Interactive Entertainment and Innovation Council (IEIC) analysis and secondary data, projects paying gamers to reach 240 million by 2028 from 144 million paid users for games in 2023. "The Indian gaming industry comprises over 1400 gaming companies, including 500 gaming studios. The annual revenue for gaming is projected to reach USD 6 billion by 2028," the report said. According to the report, the number of professional players will grow by 2.5 times over the next five years from 500 in 2023 on the back of recognition by the government of esports and various state government-led initiatives to develop talent around esports. "In just four .

International Game Technology to merge two units with Everi in $6.2 bn deal

IGT shareholders are expected to own about 54% of the combined company, with the rest going to Everi stockholders

Monthly GST mop-up from online gaming companies jump 400% since Oct 1

Monthly GST collections from online gaming companies have jumped over 400 per cent to about Rs 1,200 crore since October 1 when the 28 per cent levy on e-gaming platforms has come into effect, a senior official said on Friday. The GST Council had in August last year clarified that online gaming companies will have to pay 28 per cent Goods and Services Tax (GST) on the full face value of bets placed on their platforms. Foreign e-gaming companies were mandated to register with the GST authorities, failing which their portals will be blocked. The amendments to GST law came into effect from October 1, 2023. "There has been a jump in GST revenues from online gaming companies post October 1. From monthly revenue of Rs 225 crore, the aggregate tax paid by the sector now stands at about Rs 1,200 crore," the official told PTI. GST officers had last year sent around 71 show cause notices to online gaming companies for alleged GST evasion of over Rs 1.12 lakh crore during financial years 2022

Rolling dice on tax changes: Investor interest in real-money gaming sours

Look to take measured bets in casual and mid-core games

Gaming industry signs code of ethics for safe, trusted & accountable gaming

Joy Bhattacharjya, Director-General, FIFS, said that India's gaming sector is a sunrise sector, with almost 50 crore active users

Grand Theft Auto VI trailer unveiled: Know details, release date and more

GTA VI video game to come on PlayStation 5, Xbox Series X and Series S in 2025

Over 50% Indian gamers see a career in gaming, shows HP India study

The company has introduced the HP Gaming Garage, a free-of-cost online professional certificate program on Esports management and Game development

Rockstar Games to announce Grand Theft Auto 6 video game this week: Report

The next GTA franchise instalment is expected to release early next month on Rockstar Games' 25th anniversary

Gaming cos to collect 28% on full bet value, foreign firms to have GST no

From October 1, online gaming companies will charge 28 per cent GST on full value of bets, while offshore platforms too would be required to have GST registration to operate in India. The finance ministry late on Friday notified October 1 as the appointed date for the amended provisions in Central GST and Integrated GST laws to come into effect. E-gaming companies, however, flagged that since many states are yet to pass amendments in their respective State GST (SGST) laws, this notification by the union government in CGST and IGST laws will create confusion. According to the changes to the Central GST Act, online gaming, casinos and horse racing will henceforth be treated as "actionable claims" similar to lottery, betting and gambling and subject to 28 per cent Goods and Services Tax (GST) on full face value of bets. The amendments to Integrated GST (IGST) Act makes it mandatory for offshore online gaming platforms to take registration in India and pay 28 per cent tax in accordance

IT ministry puts plan to form self-regulatory body for gaming on hold

BS had reported that if the ministry finds that big players are backing SRBs and that the bodies lack independence, certification of games will be considered instead of self-regulation

Gaming firm Nazara Technologies to raise Rs 410 cr from SBI Mutual Fund

Company will use investment for growth objectives including strategic acquisitions

Gaming unicorn MPL lays off 350 employees, revisits office infra costs

The move comes at a time when the GST Council has recommended imposing a 28 per cent tax on full deposit value, with no distinction made between games of skill and chance

Nazara Tech jumps 5% on strong Q1 results; stock up 20% so far in 2023

In the recently concluded quarter, Nazara's revenue from operations climbed 14 per cent YoY to Rs 254.4 crore. However, a sequential decline of 12 per cent was seen from Rs 289.32 crore in Q4FY23

Global gaming firms running 'no GST' ads to lure Indians to their platforms

The development has come in the wake of a recent government decision that imposed a 28% GST on the full-face value of the placed bets

US appeals court denies FTC bid to block Microsoft-Activision deal

Activision climbed as much as 4.4% in after-hours trading, rising to $94 from its close of $90.07. Microsoft gained 1.5%

WinZo saw 40 bn micro-transactions on its platform in FY23, mostly via UPI

The company added that it contributes to at least one out of every 250 UPI transactions that occur in India and accounts for over 30 million UPI transactions per month

Indian gaming CEOs slam Google's 'jagirdari' 30% tax on in-app purchases

Leading gaming platform CEOs on Monday expressed their grave concerns over the 'extortionist' 30 per cent tax imposed by Google on gaming apps in the country.

Gaming cos deploy geofencing as TN online gambling ban disrupts operations

Geofencing refers to the use of GPS or RFID technology to create a virtual geographic boundary, enabling software to trigger a response when a mobile device enters or leaves a particular area