Online Poker Service Pocket52 Ceases Operations Due to GST Chaos
Gamble's End: Pocket52's Cease of Operations and India's Online Poker Woes
Yo, bud! Today we got the scoop on some serious developments in the online gaming world, specifically for the platform known as Pocket52.
Our website Magazine*reports that the popular online poker platform is shutting down[1]. It might be gone forever thanks to some regulatory bullrides and a 28% tax on the gaming industry.*
So, what's going on, you ask? Well, Pocket52's corporate parent, Gameskraft, says it's pausing operations to rethink its strategy for poker[1]. It's like they want to build a fresh deck and start a new hand in the industry.
However, the real reason could be the 28% tax on gaming platforms. Before, it was only taxed at 18%, but then things changed, and now, they get taxed on all the cash that players deposit[1]. This practically sinks some platforms, as the increase in tax expenses can be brutal.
Pocket52 isn't alone; other platforms that Gameskraft owns like GMNG and HiScore also had to call it quits[1]. It's neck-deep in the slowly sinking ship that is India's online poker sector.
The government still labels online poker a form of gambling for taxation purposes, even though it's a game of skill[4]. Add that to the 28% tax burden, and it's hard to make a fortune in this field.
With online poker being a hugely lucrative market, the uncertainty around regulations and taxes is a major roadblock. The future of online gaming in India remains cloudy, so keep your eyes on OurWebsite Magazine. 'Cause you know we'll be there keeping you in the loop on all the drama and developments!
References:[1] Source[2] PR Report[3] PR Statement[4] our website Magazine Editorial
Despite the government labeling online poker as a form of gambling, the rapidly evolving technology has given rise to other lucrative online gaming options, such as fantasy sports. This shift might provide an alternative for those passionate about sports and gaming, navigating through India's challenging online poker regulatory landscape.
