OKTO is excited to announce the expansion of its groundbreaking real-time cash-to-digital closed-loop payment service, OKTO.CASH, into the Indian market. This strategic move represents a significant step in OKTO’s mission to revolutionize payment experiences for both merchants and consumers around the globe.

Transforming Payment Experiences in India

With the launch of OKTO.CASH in India, online merchants can now offer cash-to-digital payments at hundreds of thousands of locations across the country, including in smaller cities. The service is already benefiting its first e-merchant, with many more expected to adopt it throughout the year. This expansion highlights OKTO’s commitment to providing seamless and efficient payment solutions tailored to the needs of the digital economy.

OKTO.CASH is now accessible through an extensive network of over 100,000 retail points, thanks to a collaboration with a pan-Indian network. The company has ambitious plans to increase this reach to more than 500,000 retail points by the end of the year, ensuring broad availability for consumers to complete their cash-to-digital transactions quickly and securely.

Dedicated Local Support

OKTO has established a locally dedicated team to support this expansion and provide the best possible service and assistance. This team is instrumental in ensuring merchants and consumers enjoy a superior payment experience.

Björn Katerbau, OKTO’s Chief Distribution Officer, emphasized the company’s commitment to enhancing payment services. “This expansion underscores our commitment to delivering superior payment experiences at every transaction and in every region that requires such services. We are dedicated to empowering online merchants with enhanced payment service offerings, aligning with our strategy of being a last-mile expert and helping online merchants acquire new consumers.”

A Leader in Digital Payments

The introduction of OKTO.CASH in India reinforces OKTO’s position as a leader in the digital payment landscape. The service allows online merchants to offer a reliable and instantaneous payment option, meeting the diverse needs of consumers in the rapidly evolving digital economy. OKTO.CASH provides a seamless, real-time cash-to-digital conversion, making it a valuable tool for merchants and consumers.

This development is a testament to OKTO’s dedication to providing innovative payment solutions and its strategic vision of transforming payment experiences globally. By expanding its services into India, OKTO continues to drive forward its mission of delivering efficient and effective payment solutions that cater to the needs of a growing digital marketplace.

Source:

OKTO Expands Its Advanced OKTO.CASH Payment Service in India, oktopayments.com, June 25, 2024.

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Earlier this year, lawmakers in India pushed forward a significant change in the taxation for online gambling. At the time, the regulatory body in charge of recommendations to the implementation of the Goods and Services Tax (GST), the Goods and Service Tax Council, greenlighted a proposal for the introduction of a 28% tax applicable for gambling activities, including online gambling, casinos and horseracing. The changes effectively increased the tax rate for all gambling, as well as gaming activities such as fantasy sports to 28%.

Previously, the tax rate applicable for gaming activities like fantasy sports was 18%. However, with the recent change, gaming activities are taxed the same way as gambling activities. To make matters worse, the Council said that the new tax rate would be backdated to the introduction of GST which happened back in July 2017.

The taxes for gambling and gaming activities were previously applied to each operator’s gross revenue. This has also changed, and taxes are now applied to the total amount wagered by the players.

The combination of those controversial decisions has put many operators in a difficult spot and according to one industry expert, the Indian government may face further challenges soon. Ritesh Kumar Singh, the founder and chief executive of Indonomics Consulting, a policy research and advisory company, recently commented on the topic in an opt-ed released by Nikkei Asia. Explaining the current situation, he revealed that many companies within the gaming and gambling sector may go bankrupt.

Citing recent reports, Singh said that companies within the sector have already received notices about billions of rupees past due. Moreover, he cited reports of companies, claiming they are asked to pay 10 times their annual revenue due to the new taxation.

Tax Rate May Push Operators to Operate Illegally, Conceal Revenue

The industry expert explained that India’s public debt currently exceeds 90% of GDP and while the government is trying to control this, tax revenue remains around 11% of GDP. “Consequently, New Delhi feels compelled to enact stringent tax measures to bridge its revenue gap. The unfortunate consequence is a resurgence of exorbitant tax demands on business and an apparent increase in rejections of GST refund claims,” explained Singh.

Focusing on the gambling sector, he predicted that despite ramped-up taxes, gambling operators will continue to offer their services rather than disappear, considering the high demand. However, Singh warned that the increased tax rate may push some operators to conceal cash transactions in order to reduce the tax they pay. Finally, he warned that other gambling operators may consider operating illegally.  

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Super Group, a holding company for leading global online sports betting and gaming businesses, has announced its departure from the Indian market.

The announcement comes in the wake of the introduction of amendments to the Indian Goods and Services Tax. Into power as of October 1, these changes would cause trouble for the group, making its business in the country unsustainable.

While Super Group will exit India because it is no longer a commercially viable market for the company, the group remains convinced that there would be other growth opportunities for the company.

Super Group added that the exit from the Indian market is unlikely to affect the company’s financial projections provided on the earnings conference call on August 17.

Super Group’s CEO: Long-Term Opportunities Still Await

Super Group’s chief executive officer, Neal Menashe, commented on his company’s decision to exit the Indian market. He explained that his team strives to follow the regulatory developments in the markets where the group operates and adapt accordingly.

CEO Menashe is optimistic that many growth opportunities await the company despite its departure from India.

We are continuously evaluating evolving regulatory landscapes across the many markets we serve. Informed by years of operating our geographically diverse business, we remain confident about the long-term growth opportunities in front of us.

Neal Menashe, CEO, Super Group

For reference, Super Group is the holding company behind multiple internationally-recognized brands, such as Betway and Spin. Boasting licenses in many key regulated markets, the group offers best-in-class online gaming and betting offerings that allow it to easily penetrate new markets.

In August, Super Group posted its Q2 2023 financial results, reporting strong growth in monthly active customers. The three months ended June 30 saw the company’s metrics increase across the board, greatly improving the company’s FY 2023 outlook.

Earlier this year, the group was added to the prestigious Russell 2000 Index, an important development that improved the company’s profile. The Russell 2000 Index is a stock market index that comprises the smallest 2,000 stocks in the Russell 3000 Index, a capitalization-weighted stock market index that seeks to define the US stock market.

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Continent 8 Technologies specializes in the provision of managed hosting, connectivity, cloud, and security services that help some of the world’s best online gambling brands to continue running their businesses.

New Office in India to Strengthen Operations

The expansion with an office in India will actually strengthen the company’s ability to recruit talent, but also anticipate future expansions in the region, giving it a firmer foothold locally. Continent 8 Technologies presently covers more than 95 locations on four continents and it is aiming at 100 by the end of 2023.

Continent 8 Technologies has put a strong emphasis on this new opportunity as it allows the company to scale up its services, understand local needs, and continue to position itself as a reliable and trusted partner. Company CCO Brian B. Koh said:

We are a truly global company so it’s important that we have a presence in all corners of the world to help deploy our long-term plans and support the wider organization and its commitment to being the number one infrastructure and security provider to the online gambling industry and businesses in other highly regulated sectors.

Company CCO Brian B. Koh

Another executive to speak highly of the recent success is the company’s CEO and founder, Michael Tobin, who confirmed that Continent 8 is ambitious about its geographical growth and expansion and that it is constantly on the lookout to secure new expansion locations.

Continent 8 Technologies Builds Up Its Global Presence

Continent 8 Technologies now has 225 people working for the company around the globe. Continent 8 has been particularly well-represented in the North American region, where the company has focused on the United States.

There have been several market entries over the past months with Continent 8 obtaining licensure to join and launch in Kentucky, Massachusetts, and Ohio. The United States has experienced a rapid re-regulation of its iGaming and sports betting industries, which have been growing steadily.

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