Money gaming sees its first big casualty; New Year to be critical
money gaming in India. 2024 closed on a grim note: GetMega, a firm which raised over $20 million from institutional and angel investors to grow its business and marshal lakhs of subscribers, has shut down.
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This marks the first big casualty of a crippling GST and the uncertainty that looms over the trade, said gaming circles.
In a short message, the company informed all its gamers that it is closing operations from December 31, including popular gameplay offerings like Mega Rummy and Mega Poker. «The wallets will stay active until January 15 for withdrawals, after which they will be inactive. Thank you for being part of the journey. For any assistance please contact our support team,» said GetMega.
When contacted by ET, Mayank Kumar Ram, one of the founders of GetMega, declined to comment on the decision.
Besides the 28% GST on gamers' entire betting deposit, many in the industry, which has grown fiercely since 2018, are walking up to a harsh law.
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