Gaming
ESFI: 28 cent GST excludes Indian Esports targets iGaming
Mumbai: In the recently conducted 50 meet of the Goods and Service Tax (GST) Council in New Delhi, it was announced that 28 per cent GST will be levied on the full value of online gaming, horse racing, and casinos. Further, the GST Council further agreed that there should be no distinction between a ‘game of skill and a game of chance.’
Clearing the confusion regarding whether the GST will have any sort of impact on the Esports or video gaming industry of the country, Esports Federation of India (ESFI) president & acting director general of Olympic Council of Asia Vinod Tiwari stated, “It is imperative first to understand that the 28 per cent GST is going to be applicable to the iGaming sector, including Real Money Gaming (RMG), fantasy sports, teen patti, rummy, and poker which are categorised under gambling or betting in the rest of the world. Contrary to some media reports, this GST is neither applicable nor will it have any impact on the ‘Video Games’ or the Esports industry.”
“Esports has been officially recognised as a sport by the government which finally and thankfully distinguishes it from any and all activities like iGaming such as fantasy, teen patti, rummy, poker, betting, and gambling, among others. It will carry on to be taxed the way it always has been. Theories of ‘game of skill’ and ‘game of chance’ which only exist in our country neither apply nor are relevant in the Esports ecosystem,” said Tiwari.
In April of this year, the government made amendments to the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 to lay out a comprehensive framework for the online gaming ecosystem. According to Tiwari instead of using the umbrella term of “online gaming”, the GST council should have ideally used the more specific term “iGaming’ which is known worldwide, or even “online real money game” which is defined in “The Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules to avoid the confusion.
“We must acknowledge the TRUTH that the primary objective of the 400 million Indian video gamers (and approximately three billion gamers worldwide) is ‘purely entertainment’, and not financial gains or making money. It is regrettable that in India, our video games or Esports Industry is often unjustifiably associated with ‘iGaming, betting, RMG, gambling, and many more, which creates unnecessary confusion and misperceptions,” he added.
Additionally, it is crucial to highlight that video game publishers have strict policies against implementing entry fees for any Esports events organised using their video games, further separating it from iGaming.
Having been included as a demonstration title in 2018, Esports is also going to make its full-fledged debut as an official medal sport at the 19th Asian Games where India will be participating in four titles – League of Legends, FIFA Online 4, Street Fighter V: Champion Edition, and DOTA 2. Moreover, Esports has recently been officially designated as one of the medal sports in the 20 Asian Games Aichi-Nagoya 2026.
The inclusion of Esports in major international multi-sport tournaments is a testament to the giant strides it has been making to cement its position as a mainstream sport within the country.
Gaming
MTG gaming chief Benninghoff joins NODWIN board as esports firm primes for IPO
The Gurugram-based esports firm is pursuing a public listing, has returned to profitability and is growing revenues by 42 per cent
GURUGRAM: NODWIN Gaming is moving fast. The Gurugram-based gaming and esports company has launched a pre-IPO fundraising round, appointed UBS as lead adviser for both the round and a subsequent public listing, and landed a heavyweight board director, all in one go.
The new board member is Arnd Benninghoff, executive vice president of gaming at Stockholm-listed Modern Times Group (MTG), who has overseen the group’s strategic investments and portfolio growth since 2014. He is no stranger to building things: Benninghoff has founded and built fifteen companies, served as chief digital officer at ProSiebenSat.1 Media AG, managing director of SevenVentures, and chief executive of Holtzbrinck eLAB. He began his career as a journalist at Deutsche Presse Agentur and various TV networks, holds a Diplom-Kaufmann in business and administration from the University of Münster, and previously sat on the board of Edgeware AB.
The numbers back the ambition
NODWIN is not pitching a story without substance. The company has returned to EBITDA profitability and posted a 42 per cent year-on-year revenue surge, reaching $58.5m in the first nine months of FY2026. The pre-IPO round will combine a primary issuance to fund global expansion through organic growth and acquisitions, alongside a secondary sale to give existing shareholders some liquidity.
Akshat Rathee, co-founder and managing director of NODWIN Gaming, said Benninghoff understands “the entire lifecycle of the gaming and media ecosystem, from the boots-on-the-ground reality of building startups to the strategic complexity of managing multi-billion dollar global portfolios.”
Benninghoff, for his part, said the company “sits at the intersection of sports, entertainment, and technology, making it one of the most exciting players in the global gaming landscape today.”
A portfolio built for the global south
Founded in 2014 by Rathee and Gautam Virk, NODWIN has quietly assembled one of the more compelling esports portfolios outside the Western hemisphere. Its properties include DreamHack India and Comic Con India, and it recently acquired StarLadder, the Ukraine-based tournament organiser behind premier events in CS:GO and Dota 2. The company also serves as a long-term strategic marketing partner for the Evolution Championship Series (EVO), the world’s most prominent fighting game tournament, helping push it into new geographies.
Its geographic focus spans South Asia, Central Asia, Southeast Asia, the Middle East and Africa. Backers include Nazara Technologies, KRAFTON, Sony Group Corporation, JetSynthesys, and the founders’ investment vehicle Good Game Investments.
What comes next
With UBS running the books, a board freshly reinforced with European media and gaming expertise, and revenue heading in the right direction, NODWIN is laying the groundwork deliberately. The esports industry has burned investors before with big promises and thin margins. NODWIN’s return to profitability, combined with a real portfolio of owned intellectual properties across gaming, music and youth culture, gives it a more credible runway than most. The IPO clock is now ticking.
