OneVerse Goes All-In: Metaverse Giant Acquires Spartan Poker in a Gamble on the Future of Indian Gaming

The dust hasn’t settled on the tumultuous landscape of India’s real-money gaming industry, but a bold move by metaverse innovator OneVerse has rekindled the flames of optimism. In a deal shrouded in secrecy, OneVerse has acquired online poker giant Spartan Poker for an undisclosed sum, signifying a multi-pronged gamble on the sector’s future.

The acquisition comes at a critical juncture. The Indian gaming industry has been dealt a “body blow” by the introduction of a hefty 28% GST on initial deposits in October – a staggering 500-600% hike from the earlier 18% on GGR (or rake) – leading to layoffs, closures, and an overall air of uncertainty. Spartan Poker itself felt the sting, shedding 40% of its workforce in anticipation of the economic fallout in August.

Moreover, the industry is also reeling under the pressure of massive retrospective GST tax notices totalling a staggering ₹1.20 Lakh Crores. While these challenges loom large, OneVerse, a company founded in 2022 with aspirations to revolutionize the gaming metaverse, sees an opportunity within the chaos.

Their commitment goes beyond mere words. Not only did they acquire Spartan Poker outright, retaining the experienced management team, but they also unveiled a war chest of $120 Million (~₹1,000 Crores) earmarked for further acquisitions within the Indian gaming space over the next three months. This audacious move speaks volumes about their unwavering belief in the long-term potential of the industry, even amidst the short-term headwinds.

OneVerse isn’t just throwing money around; they have a clear vision. Integrating Spartan Poker’s established brand and loyal user base of 2 million players with their ambition to revolutionize the gaming metaverse. Spartan’s tournament-focused experience, once manifested in prestigious events like IOPC and FTS, holds the potential to blossom into immersive, metaverse-powered experiences under OneVerse’s guiding hand.

“By joining forces with Spartan Poker, we aim to push the boundaries of innovation, delivering unparalleled gaming experiences to our users in India and worldwide,” declared E. Paul Micheal, CEO of OneVerse Gaming, his words brimming with confidence. He further hinted at their global ambitions, eyeing expansion into European and American markets.

But Michael also acknowledged the need for sustainable growth, stating, “With this large M&A round, we want to create a scale that is able to sustain in the long run with proper strategies on player retention while also creating meaningful value for the gaming house.”

Spartan Poker, founded in March 2014 (the first official hand was dealt in March 2015), has established itself as a premier destination for poker players. With a tournament-focused strategy, the poker platform has benefited from the popularity of its founding team`s popular live tournament series, the India Poker Championship. However, the same has been on a sabbatical for the last few years, with the chances of a revival slim under the current GST regime.

Over its almost decade-long journey, Spartan Poker has established several prominent tournament IPs like the India Online Poker Championship (IOPC), the Final Table Series (FTS), and the beloved The Millionaire tournaments, amassing over two million registered users and generating revenues of ₹200 Crores in the last two years. However, its consolidated financial statements with the RoC showed that it made ₹95 Crores in FY23 while its losses stood at ₹6.21 Crores in the same period.

Reflecting on the acquisition, Amin Rozani, CEO of Spartan Poker, said, “We are thrilled to be part of OneVerse’s journey. This acquisition opens up new horizons for creativity and technological advancements, and we look forward to creating extraordinary customer gaming experiences together.”

Dhyanesh Sundarmurthy, Co-Head of RMB Capital India and advisor to OneVerse, chimed in, highlighting the strategic alignment: “Spartan (Poker) has a huge user base, with a definite path to profitability. The potential for immersive transactions through online gaming makes it a perfect fit for OneVerse’s MetaVerse-based gaming platform. The deal entails the integration of the networks and players on the platform. While it is a 100% buyout, the management team will remain and continue to deliver growth and further value creation.”

Founded in 2022 by Prashanth Joshua and Jayanth Tadinada, OneVerse has already made waves in the metaverse space, aiming to revolutionize access and discovery within virtual environments. This acquisition marks a pivotal step in their journey, positioning them as an innovation hub. By merging Spartan Poker’s creative prowess with its technological acumen, OneVerse seeks to spearhead the next generation of gaming experiences. Gamers can look forward to an expanded portfolio, not just limited to poker but encompassing a spectrum of immersive experiences powered by cutting-edge technology.

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