Asia
Nazara Technologies Ltd. – Business Update for the year ended on March 31, 2021

In accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 and Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information in terms of Regulation 8 of SEBI (Prohibition of Insider Trading) Regulations, 2015, the Company would like to update on the following key business parameters on consolidated basis for the Year ended March 31, 2021
Business Overview:
Nazara is an India based, diversified gaming and sports media platform with presence in India and across emerging and developed global markets such as Africa and North America.
As of March 31, 2021, Nazara has diverse business segments with revenue generation happening across gamified learning, Esports, freemium and telco subscription.
S. No. | Business Segment | Business Model | Content IP Ownership | IP Name | % Revenue Contribution FY21 |
1 | Early learning | Gamified App for 2–6 year old kids with subscription paid by parents | Yes | Kiddopia | 39% |
2 | Esports | Premium exclusive content / (Media rights licensing) & brand sponsorships (ads shown on the platform) | Yes | Nodwin, Sportskeeda | 37% |
3 | Freemium | Ads & virtual items purchased within the games | Yes | WCC | 4% |
4 | Telco Subscription Business | Players subscribing to curated game packs and payment collected through telecom operator channel | No | – | 16% |
5 | Skill Based Real Money Gaming | Platform fee collected from the skill games played on the platform | Yes | Halaplay, Qunami | 4% |
Income Statement Performance: Snapshot of FY21 over FY20
Key Highlight of FY21: Delivered 84% YoY revenue growth and 470% YoY EBITDA growth
Revenue Performance: Snapshot – FY21 when compared to FY20
Nazara Technologies delivered consolidated revenue of 4,542 Mn INR (unaudited) in FY21 which is 84% growth over FY20 (2,475 Mn INR). Gamified learning and Esports segments have not only demonstrated strong growth momentum in FY21 but have also laid foundation for predictable growth on account of proven user engagement and retention KPIs in gamified learning and multiyear media licensing and game publisher agreements in case of Esports.
Segment wise revenue breakup is as follows:
Revenue INR Mn | FY21
(unaudited) |
FY20 (audited) |
% Growth |
Gamified Learning | 1,758 | 191* | 820% |
Esports | 1,701 | 842* | 102% |
Freemium | 195 | 198 | (2%) |
Telco Subscription | 749 | 818 | (8%) |
Real Money Gaming | 139 | 426 | (67%) |
Total Revenue | 4,542 | 2,475 | 84% |
*included from date of acquisition in the consolidated financial statement for FY20.
Consolidated EBITDA Performance: Snapshot – FY21 when compared to FY20
EBITDA including share of non-controlling interest for FY21 has witnessed 470% growth over FY20.
Particulars | FY21 (unaudited) |
FY20
(audited) |
EBITDA margin | 12% | 4% |
As Nazara is operating in high growth business segments such as gaming, gamified learning and Esports, we will continue to drive profitable growth while prioritizing growth over profit maximization at this stage so that we can achieve and maintain market leadership in the segments we operate in.
Segment wise commentary on business performance:
- Gamified Learning: Kiddopia had 340,282 paying subscribers as of March 2021 which is a 172% increase in number of paying subscribers as compared to March 2020 (197,522).
LTV (Lifetime Value) – CAC (Consumer Acquisition Cost) Parameters: Cost per trial has stayed range bound between 22 USD to 26 USD in last 12 months and activation ratio from free trial to subscription has also remained around 70%. Monthly ARPU of the user has been around 6.3 – 6.4 USD and monthly churn is range bound between 4% – 6% across the months in FY21.
- Esports: Esports revenues comprise of media rights licensing of own content, brands sponsorships for offline and online events, licensing fee received from game publishers for community activation and programmatic inventory selling on Sportskeeda. Esports is disrupting traditional sports worldwide and is an outcome of sports and gaming intersecting to create fast paced spectator entertainment content.
- Sportskeeda witnessed 487% growth in MAU in FY21. During peak cricket season (October 2020), Sportskeeda recorded 68.44 Mn MAU up from 10.53 Mn MAU in April 2020.Sportskeeda has emerged as a leading Esports news and content destination in India.
- Nodwin continued revenue growth momentum with 75% growth in FY21 over FY20. Media rights contributed to majority of the revenues in FY21 and game publishers formed second largest source of revenue wherein Nodwin partnered with them for grass route community tournaments across India. Nodwin also expanded into South Asia in FY21. Nodwin continues to be the dominant player in Esports in India with its marquee IPs like ESL India premiership, Dew Arena etc.
- Free to Download (Freemium): WCC (World Cricket Championship) is the world’s largest cricket simulation game franchise on mobile and is played for ~46 minutes / day by over 15 Mn monthly active users. The Game has a very strong franchise among the midcore gamers who love virtual sports simulation genre and gets over 100,000 downloads every day organically and without any marketing spends. WCC revenues were flat in FY21 on account of drop in advertising rates in India due to COVID. We expect growth in WCC to come from in app purchases of virtual goods and WCC3 – the latest version of the game launched in July has been designed for enhancing in-app purchase conversion rates.
- Scale of Daily Active Users (DAUs) of world cricket championship (WCC) is stable with few spikes seen during first phase of lockdown in April 20 and during IPL 20.
- Tangible progress has been made on % conversion ratio (daily paying to daily active users (DPU/ DAU)) in FY21 via launch of WCC3. The % conversion in WCC3 has increased multi-fold to 0.08% – 0.10% as compared to 0.01% in WCC2. % Conversion in WCC3 is expected to increase further in FY22 through new product updates.
Once positive LTV/CAC equation is achieved, the company will invest aggressively in user acquisition to scale up its user base on WCC and drive profitable growth.
- Telecom operator driven Subscription business declined by 8% in FY21 over FY20 primarily due to decline in India revenues in H2FY21. Nazara has acquired rights to distribute a library of premium Disney and Star Wars games based on iconic stories and characters including Star Wars, Frozen, Big Hero 6, Cars, Duck Tales, Finding Dory, Toy Story and many others in 100 countries for three years. These premium games will be distributed through Nazara’s network of telecom operators to their customer base. Under this agreement with Disney, Nazara is the only third party distributor that Disney has granted the right to create and operate Disney themed storefronts for premium Disney and Star Wars games on these telco channels.
- Sports Fantasy (Real Money Skill Gaming): Sports fantasy witnessed disruption in FY21 on account of lack of live matches in first half of FY21 and regulatory turbulence triggered by legislative ordinances passed in few of the large states banning real money gaming operations. The lack of stability in the regulatory framework lead to Nazara taking strategically cautious approach in this vertical till further clarity emerges. We have therefore pivoted to a product driven growth strategy versus an aggressive customer acquisition spends led strategy and the team is focused on enhancing existing as well as bringing new product features to differentiate ourselves in this segment.
About Non-Financial GAAP measurement
We use EBITDA as supplemental financial measures. EBITDA is defined by us as net income before interest expense, income tax expense and depreciation and amortization, including share of non-controlling interest. EBITDA as used and defined by us, may not be comparable to similarly-titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. EBITDA should not be considered in isolation or as a substitute for operating income, net income, cash flows from operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. EBITDA provide no information regarding a Company’s capital structure, borrowings, interest costs, capital expenditures and working capital movement or tax position.
These numbers have not been subjected to audit or limited review.
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Asia
BETER to Exhibit at SiGMA Asia

BETER, the award-winning provider of fast betting content, data, and live streaming for esports and sports, will showcase its full suite of products at SiGMA Asia, which will take place in Manila, the Philippines, from June 2 to 4. The exhibition will draw over 20,000 delegates, including 450+ exhibitors and sponsors.
BETER will welcome attendees at stand 2085, presenting its newest products for esports and sports.
BETER’s proprietary ESportsBattle tournaments deliver non-stop betting action across popular titles such as eFootball, eBasketball, and eHockey, totaling more than 35,000 events per month. The portfolio has recently expanded to include eCricket and eTennis, and attendees will get an exclusive first look at additional new disciplines.
BETER’s sports content includes its world-renowned Setka Cup table tennis tournaments and BSKT Cup basketball league. The company will also showcase its latest sports additions, including a cricket series, the GTR Cup tennis tournaments, and proprietary Padel tennis tournaments. Collectively, these three new offerings will total over 3,000 sports matches per month.
In total, bettors can now wager on 50,000+ of BETER’s fast-paced esports and sports events each month, with up to 50 markets per event and an average operator margin of 7.5%+. All matches feature 24/7 live streaming, real-time data, and odds.
BETER will also showcase its Esports Odds Feed, which provides market-leading odds across 450+ tournaments globally, covering 40,000+ live and pre-match events annually. Additionally, delegates can explore BETER’s upgraded iFrame and Managed Trading Services, as well as its advanced Esports Widgets, developed through a data partnership with GRID.
BETER’s industry impact is further underscored by its shortlisting in three categories at the SiGMA Asia Awards: Best Esports Provider, Best Sportsbook Provider, and Most Innovative Sportsbook Feature.
Gal Ehrlich, CEO of BETER, commented: “We’re excited to attend SiGMA Asia and to showcase our esports and sports products. Asia is one of the fastest-growing betting markets, where players seek high-speed, engaging experiences—exactly what we deliver.
“We’re already a go-to provider of in-demand content worldwide, with a growing list of operator partners. We look forward to welcoming delegates to our stand and giving them a firsthand look at our thrilling offerings.”
Chuck Robinson, CRO at BETER, added: “We provide premium fast betting content with 24/7 live streaming and data with a sustained margin retention of 7.5%+ while our commitment to integrity means just 0.01% of matches are flagged for suspicious activity.
“That’s why operators turn to BETER—to deliver next-gen betting experiences across esports and sports. We’re eager to showcase our comprehensive offering to the SiGMA Asia audience.”
The post BETER to Exhibit at SiGMA Asia appeared first on European Gaming Industry News.
Asia
Banijay Asia and NODWIN Gaming form Strategic Partnership to Amplify Youth Engagement in India

Banijay Asia, a part of Banijay Entertainment, and NODWIN Gaming, a material subsidiary of Nazara Technologies, today announced a strategic partnership to revolutionize esports, gaming and youth entertainment in India. This collaboration marks a significant step in blending cutting-edge content with the booming gaming and youth culture ecosystem. As part of this alliance, Banijay Asia will take the helm in producing Playground, NODWIN Gaming’s flagship gaming reality show that has redefined the intersection of gaming, entertainment, and influencer culture in the region. The partnership will also bring new scripted and captive reality shows to daylight, with both companies co-developing new intellectual properties (IPs) and pioneering fresh content concepts across gaming, esports and youth culture.
Deepak Dhar, Founder & Group CEO – Banijay Asia & Endemol Shine India, commented, “This collaboration with NODWIN Gaming is an exciting extension of our vision to create content that resonates with evolving youth audiences. Gaming is not just a sport; it’s a culture, a lifestyle, and a massive content opportunity. With Playground and our upcoming IPs, we aim to redefine engagement and storytelling in this space.” He further added, “I look forward to the creative collaboration with Akshat Rathee, and Joost Roset who we previously worked with, in bringing iconic global IPs to India. This is an invaluable opportunity to create clutter-breaking formats in the youth and gaming space.”
With a diverse portfolio of high-impact IPs including the televised esports tournament – BGMI Masters Series (BGMS), Comic Con India, NH7 Weekender, and more, NODWIN Gaming is a key player in the gaming, esports and youth entertainment ecosystem.
Talking about the partnership, Akshat Rathee, Co-Founder & MD, NODWIN Gaming, said, “Youth entertainment is evolving rapidly, and our partnership with Banijay Asia positions us perfectly to lead that change. With Playground, we’ve just begun to explore what’s possible. Backed by Banijay’s global expertise, we’re now set to scale the IP across multiple languages and markets, with the ambition of building an international format. At the heart of our approach is our philosophy of ‘timeshare of mindshare’. We’re not just creating content, we’re creating cultural moments. The Rusk creative team will stay actively involved as we expand the universe of Playground, aiming to grow from one show to between five and ten each year. This is just the beginning of a bold new chapter in gaming and youth content.”
With gaming emerging as one of the most influential youth-driven industries, this partnership is poised to set new benchmarks in how gaming and entertainment are consumed in India. By leveraging Banijay Asia’s expertise in content creation and NODWIN Gaming’s deep-rooted understanding of gaming communities, the collaboration promises to push creative boundaries and capture the imagination of young audiences nationwide.
Banijay Entertainment has strong expertise in the gaming space, via its global distribution arm Banijay Rights, with successful gaming activations leveraging key brands including Peaky Blinders, Black Mirror, Simon’s Cat and MasterChef.
The post Banijay Asia and NODWIN Gaming form Strategic Partnership to Amplify Youth Engagement in India appeared first on European Gaming Industry News.
Asia
NOVOMATIC celebrates a successful showcase at G2E Asia 2025

NOVOMATIC enjoyed a highly successful presence at this year’s G2E Asia, which was held from May 7–9 at The Venetian Macao. The company impressed visitors with a well-curated portfolio of advanced gaming solutions that are specifically tailored to the Asian market – drawing a strong attendance, excellent customer engagement, and positive feedback across the board.
Strong customer interest in next-generation product highlights
This year’s showcase focused on delivering both innovation and regional relevance, with a lineup designed to elevate the player experience and boost operator performance. One of the standout attractions was the DIAMOND X™ 1.55J QUATTRO, which returned with significant upgrades in both design and performance. The cabinet was presented with the current Linked Progressive highlights, such as XTENSION LINK™ Volume 3 and Volume 4, while the all-new XTENSION LINK™ Evolution, proved especially popular for its eye-catching presence and engaging game mechanics. The DIAMOND X™ 2.32/3.32 multi-screen version, equipped with the GAMINATOR™ X5, showcased a versatile selection of entertaining titles that are tailored for the region.
Equally well-received was the BLACK EDITION II series: The BLACK EDITION II XL 2.32/3.32 captivated operators with the highly popular IMPERA LINK™ Series 2, while the BLACK EDITION II 1.49J brought together the powerful Impera PROLINK™ and the latest addition to the game portfolio, RISING TREASURES™. Proven performers like the MASTER SL™ 2.32/3.32, which also featured GAMINATOR™ X5, rounded out the offering and demonstrated NOVOMATIC’s strength in both innovation and reliability.
Casino solutions driving future growth
Further highlights included the NOVO UNITY™ PRO, NOVOMATIC’s advanced electronic table game (ETG) platform that enables players to join up to three live games simultaneously – such as Sic Bo, Baccarat, or Roulette – on one station. Highly customizable in its setup, the system allows operators to adapt game configurations, layouts, and betting options to local preferences and regulatory requirements. Its interactivity and flexibility were praised by operators as key advantages in engaging today’s players.
The NOVOVISION™ Casino Management System also made a strong impression with its comprehensive suite of functionalities: biometric access, single-wallet capabilities, advanced player loyalty features, and much more – all of which are aimed at delivering next-level efficiency and security in casino operations.
Kenan Bajram, Deputy Director Global Sales at NOVOMATIC AG, reflected on the successful event: “G2E Asia 2025 was once again an outstanding opportunity to engage with partners from across the region and present the full scope of our technology portfolio. Asia’s land-based gaming market is as diverse as it is dynamic – each country has its own regulatory framework, technical standards, and player preferences. Our success at this year’s show confirms that NOVOMATIC is well-positioned to meet these varied demands with tailored solutions that combine innovation, reliability, and full regulatory compliance. The positive feedback we received – especially for our DIAMOND X™ and BLACK EDITION II series, as well as for the NOVO UNITY™ PRO ETG solution – reinforces our commitment to supporting our customers in key markets such as Malaysia, the Philippines, and beyond.”
The post NOVOMATIC celebrates a successful showcase at G2E Asia 2025 appeared first on European Gaming Industry News.
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