Lumikai Investment Advisors

Leveling Up: State of India Gaming FY'23

• The Indian gaming market reached $3.1 billion in FY23 and is projected to grow at a 20% CAGR to $7.5 billion by FY28.
• The player base grew 12% to 568 million users, with non-metro regions now accounting for 66% of the total demographic.
• While the Real Money Gaming (RMG) sector grew 33% in FY23, future growth is expected to slow due to new GST and TDS regulations, which 60% of users believe will reduce their play frequency.