Several renowned international betting brands that once held a substantial presence in the Indian betting industry have chosen to discontinue their services in response to the imposition of a 28% Goods and Services Tax (GST) on offshore gambling companies. This tax policy shift has introduced complexities into the operating environment for international betting brands in India.
Super Group’s Exit:
Super Group, a prominent player in the Indian market, recently announced its decision to exit India, effective October 1, 2023. The primary reason cited for this exit was the commercial inviability of the Indian market due to the newly implemented tax rules.
Government’s Tightening Grip:
The Indian Government’s decision to levy a 28% GST on gambling services aligns with its broader efforts to exercise greater control over the gambling and gaming industry, encompassing online gaming, horseracing, and casinos.
To further strengthen its position, the Ministry of Information and Broadcasting in India issued an advisory paper, calling for an immediate halt to all advertisements promoting gambling products across all platforms.
Fun88: An Emerging Alternative:
In contrast to the exodus of established brands, Fun88 has emerged as a promising alternative for Indian bettors. The platform has committed to offering a betting experience devoid of GST and TDS charges for its users.
Fun88 has successfully established its presence in the Indian market, offering an array of sports betting options and casino games.
A History of Partnerships and Expansion:
Fun88 has a noteworthy history of forging partnerships and expanding its footprint. The platform solidified its position in the sports betting arena by becoming Newcastle United’s Asian betting partner. Additionally, Fun88 recently launched its fun88zone.net website in Vietnam, further signaling its commitment to growth and innovation.
The Indian betting landscape is undergoing a significant transformation due to the imposition of a 28% GST on offshore gambling companies. Established brands like Super Group have opted to exit the market, while newcomers like Fun88 are seizing the opportunity to cater to Indian bettors by offering a tax-free betting experience. As the Indian Government intensifies its grip on the gambling industry, the dynamics of the Indian betting sector continue to evolve, making it a fascinating space to watch.