Poker Magnet Advocates for the Growth of the Gaming Industry and Empowerment of Youth
Gurugram, 21st, July 2023– Amid, Indian gaming companies and associations have requested the government to review its recent decision on GST, Poker Magnet, an online poker platform, is challenging the recently imposed 28% Goods and Services Tax (GST) on online gaming in India.
The imposition of a 28% GST on online gaming sends a discouraging message to the industry, stifling its growth and innovation. As a result, the gaming community, which consists of millions of passionate gamers, developers, and content creators, faces significant challenges in continuing to provide engaging experiences and contribute to the cultural and economic fabric of our nation.
The gaming industry has witnessed exponential growth in recent years, transcending traditional boundaries and becoming an integral part of mainstream entertainment. It has emerged as a dynamic sector, fostering creativity, technological advancements, and economic opportunities. By defying the 28% GST, Poker Magnet seeks to preserve this momentum and nurture an environment that encourages innovation, investment, and job creation.
Furthermore, we are deeply concerned about the impact of this tax on the youth, who form a substantial part of the gaming community. Gaming has proven to be a platform that promotes critical thinking, problem-solving skills, teamwork, and creativity among young individuals. It acts as an outlet for expression and fosters social connections in a digitally connected world.
According to the Internet and Mobile Association of India (IAMAI), the decision to impose 28% GST on “the full face value of the consideration instead of just the platform fee” will harm India’s digital economy and online gaming industry. The Indian online skill gaming sector has an enterprise value of $20 billion and there are at least 30-40 million poker players and up to 300 million card game players online. They further asserted that the sector is projected to experience a compound annual growth rate (CAGR) of 30% to reach $5 billion by 2025.
In recent years, there has been a noticeable shift in the career aspirations of students from top business schools, as an increasing number are gravitating towards poker as a viable and enticing career option. This growing trend is not merely a fluke but a reflection of the unique allure, intellectual challenge, and potential for success that poker offers.
One key factor contributing to the attraction of poker as a career is the level playing field it offers. In the realm of poker, academic qualifications, pedigree, and social background take a backseat to raw talent, dedication, and the ability to read and outwit opponents. It provides a meritocratic environment where anyone with the necessary skills and mindset can thrive and succeed, irrespective of their background or connections.
Another driving force behind this career shift is the potential for financial success that poker offers. For those with a strong understanding of probabilities, the ability to analyze situations, and a disciplined approach to bankroll management, poker can offer a pathway to financial freedom and independence.
By burdening online gaming with a hefty 28% GST, we risk limiting the accessibility of these empowering experiences to the youth, many of whom may not be able to afford the increased costs. This not only hampers their personal growth but also inhibits the potential for nurturing the next generation of skilled professionals in the gaming industry.
According to Mr. Rahul Bhatia, Founder Poker Magnet and Poker Enthusiast, the imposition of a 28 percent GST on online gaming is a misguided decision that threatens to hinder the growth of an industry that has become a beacon of creativity, innovation, and opportunity. Gaming, in all its forms, has transcended from mere entertainment to a platform that nurtures critical skills and ignites the passions of millions worldwide. By defying this regressive tax measure, we stand united in our commitment to protecting the future of gaming and preserving the dreams of the youth who find solace, inspiration, and purpose within this dynamic and evolving landscape. It is imperative that we champion the recognition of gaming as an industry driven by skill, ingenuity, and dedication, rather than undermining its potential through burdensome taxation. Together, we must foster an environment that fosters responsible gaming practices, encourages creativity, and supports the aspirations of those who dare to envision a brighter future through gaming.
We strongly urge the relevant authorities to reconsider this decision and collaborate with industry stakeholders to develop a more balanced and inclusive taxation structure. We propose constructive dialogues and comprehensive studies to accurately assess the impact of taxation on the gaming industry, taking into account its potential for job creation, revenue generation, and youth development.
About Poker Magnet:
Established in 2016, Poker Magnet is a new-age digital gaming company that aims to transform the online poker industry in India. As a team of passionate poker enthusiasts, we are dedicated to bringing the thrilling world of poker to players everywhere. Our mission is to create an exceptional poker app that encompasses cutting-edge technology, immersive gameplay, and a vibrant poker community.
At Poker Magnet, we uphold the values of integrity, fairness, and innovation. We prioritize maintaining the highest standards of security and player protection, ensuring that your gaming experience is both exhilarating and safe. Our platform is designed with a seamless and user-friendly interface, making it accessible for players of all skill levels to enjoy the game.
Beyond the gameplay, we take immense pride in fostering a vibrant and inclusive poker community. We firmly believe that poker is more than just a game of cards; it’s a social experience that brings people together. Join our community today, and immerse yourself in the camaraderie and excitement that poker offers.
