Gaming
Game on, but play fair: India’s gaming industry rolls out ethics code
MUMBAI: The All India Gaming Federation (AIGF), the Federation of Indian Fantasy Sports (FIFS), and the E-Gaming Federation (EGF) have come together to set the rules of engagement—quite literally. With the launch of their code of ethics (CoE), the gaming industry is hitting pause on unchecked practices and fast-tracking a new era of responsibility, transparency, and fair play.
This isn’t just about PR-friendly promises—it’s a concrete roadmap for player safety, ethical advertising, and industry accountability. The CoE mandates stringent KYC processes, age restrictions, self-imposed spending limits, and annual third-party audits. Gaming platforms with annual revenues above Rs 100 crores have six months to get their act together, while smaller operators have nine months to comply. Those who play by the rules will receive a certification—valid for a year and renewable only after a fresh audit. No loopholes, no excuses.
India’s online gaming industry is no stranger to scrutiny. With over 50 crore gamers navigating skill-based real-money games, the need for structured regulation is long overdue. The CoE’s principles include:
. Responsible gaming: Strict age-gating, no operations in restricted states, and robust KYC enforcement.
. Player protection: Data security and proper management of player funds.
. Fair play: Ensuring integrity and transparency in gameplay.
. Informed choices: Players can set limits, self-exclude, and make better decisions.
. Support for vulnerable users: Resources to help at-risk players.
. Ethical advertising: No misleading promotions or shady marketing tricks.
AIGF CEO Roland Landers made it clear that ethical gaming is the foundation for long-term industry growth. “As the largest and oldest industry association, we at AIGF believe that a thriving gaming industry must be built on the pillars of responsibility, transparency, innovation, and player protection. This Code of Ethics reinforces our commitment to fair play, compliance with Indian laws, and fostering a secure and responsible gaming environment. Through collaboration with other industry federations, we are setting new benchmarks for ethical gaming, strengthening the credibility of India’s online gaming sector, and building a sustainable, globally competitive ecosystem.”
FIFS director general Neil Castelino echoed the sentiment. “This joint code marks a significant step forward in our commitment to fostering a safe, fair, and responsible gaming environment in the country. By working together as an industry, we are setting a unified standard that prioritizes player well-being, integrity, and accountability across the industry. This we believe will be pivotal in ensuring a safe environment for the 24 crore FS users in the country.”
Meanwhile, EGF CEO Anuraag Saxena didn’t mince words, “National interest, consumer interest, and the industry’s interest have all suffered too long. Unethical gambling operators have been parasitically harming the nation, its exchequer, and its people. I’m delighted that the industry is collaborating on the joint code-of-ethics today. The adoption of these standards reinforces our commitment to accountability through third-party audits, responsible gaming policies, and ethical business practices. Sunlight is the best disinfectant, and the industry taking due cognizance of this is a great step ahead for gaming in India.”
The gaming industry is no longer playing defence. With the code of ethics in place, India is setting a global benchmark for responsible gaming, ensuring that players can enjoy the thrill—without the pitfalls.
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.
