The Indian government has imposed a 28% Goods and Services Tax (GST) on the online gaming industry, which includes horse racing and casinos, without distinguishing between games of skill and games of chance.

Critics argue that the tax will hinder growth and discourage business, and some in the industry may seek relief from the courts. The gaming industry in India has a market cap of $10 billion, with several startups in the space likely to be affected by the tax.

The Indian government has also implemented an 18% GST on cryptocurrencies, which has hit the Indian crypto industry hard.