Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 9

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 9
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 affected.

We rely on our sales channel partners some of whom influence the fee structures for online distribution of our games on their platforms.

We rely on our sales channel
partners, some of whom have retained the right to change the fee structures for online distribution of both paid content and free content
(including patches and corrections) that we license to them for distribution on their platforms. Such channel partners’ ability
to set or influence fees may increase costs, which could negatively affect our operating margins. We may be unable to distribute our content
in a cost-effective or profitable manner through such distribution channel, which could adversely affect our business, financial condition
and operating results.

<div align='center'>2</div>

Outside of fee arrangements,
our agreements with our channel partners sometimes give them significant control over other aspects of the distribution of our products
and services that we develop for their platform. If our channel partners establish terms that restrict our offerings through their channels,
or significantly affect the financial terms on which these products are offered to our customers, we may be unable to distribute our product
offerings through them or be forced to do so on materially worse financial or business terms in negotiating such various aspects of distribution.
Increased competition for digital “shelf space” has put channel partners in more favorable bargaining positions in relation
to such terms of distribution.

We rely on third-party retailers to distribute our games and collect revenues generated on their websites or other e-commerce websites and third-party platforms.

Over 86.8%, 93.3% and 87.9%
of our total consolidated revenue for the fiscal years ended March 31, 2025, 2024 and 2023, respectively, was generated from game distributions.
If we are unable to maintain a good relationship with such platform providers, if their terms and conditions or pricing change to our
detriment, if we violate, or if a platform provider believes that we have violated, the terms and conditions of its platform, or if any
of these platforms loses market share or falls out of favor, or is unavailable for a prolonged period of time, our business will suffer.

We are subject to the standard
and non-negotiated policies and terms of service/publisher agreements of third-party platforms, which govern the promotion, distribution,
content, and operation generally of games on the platform. Each platform provider has broad discretion to unilaterally change and interpret
its terms of service and other policies with respect to us and other developers, and those changes may be unfavorable to us. A platform