Super Group, a prominent company, has made the decision to cease all services in the Indian market. This decision comes as a result of changes to the Indian Goods and Services Tax, which will be effective from October 1, 2023. The company explained that these new tax rules have made the Indian market economically unfeasible for them. However, despite this setback, Super Group stands by its financial projections for the year as previously stated in an earnings conference call.
Recently, the Indian government announced an imposing 28% goods and services tax on gambling. This tax will have an impact on various sectors such as online gaming, horseracing, and casinos. The decision to implement this tax was made during the council’s 50th meeting. In addition, the council also decided to reduce the tax on food and drinks served in cinemas from 18% to 5% and granted exemptions for certain pharmaceutical products.
The Indian government’s motive for increasing this tax is to strengthen their control over gambling and related services in the country. In support of this effort, the Ministry of Information and Broadcasting released an advisory paper calling for an immediate halt to all advertisements promoting gambling products on all platforms.
In July, ENV Media collaborated with Indian research firm Ken Research to conduct surveys and case studies on Indian gambling behavior. The reports that will be produced will cover a wide range of topics regarding player behavior and the demand for gambling in India.
Neal Menashe, the CEO of Super Group, stated that they continuously evaluate the changing regulatory landscapes in the markets they operate in. With their extensive experience in operating globally, they remain confident in the long-term growth opportunities ahead of them.
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