India Gaming Summit 2024 Highlights: ‘Responsible Gaming’

The Online gaming industry recorded a revenue of $3.1 billion in FY23 and is expected to clock $7.5 billion by FY28, according to a report by Lumikai, a gaming-focussed venture capital fund. The industry has gone through major changes when it comes to real-money gaming. The taxation on real-money gaming was increased from 18% on gross gaming revenue to 28% on full value in 50th and 51st GST Council meeting, held in July and August respectively. While the real-money gaming space grew by $500 million in FY23, it is expected to face headwinds in the coming years owing to recent taxation policies and industry consolidation.

On the other end of the spectrum, casual gaming and e-sports have witnessed an increase in popularity. India is home to 568 million gamers, with 25% being paying users. Moreover, there has been a rise of 17% year-on-year in paying years. Additionally, Indian online gaming industry has seen approximately 15.4 billion downloads in FY23. The comeback of KRAFTON’s Battleground Mobile India and Garena’s Free Fire has provided a boost to the aspirations of the India’s gaming community. The in-app revenue despite the ban on these two games witnessed a 37% year-on-year surge, indicating an increased in the spending propensity of the consumers.

In the fourth edition of India Gaming Summit, we focus on responsible gaming wherein we’ll discuss how game of skill is different than game of chance, the effects of gambling on the online gaming industry, the societal impact of online gaming, skill development, casual gaming and its rise and e-sports going mainstream.

Source: Financial Express