The public authorities have set up a council to control online gaming and to identify a ministry to direct it, as per records HT has inspected. The board will incorporate the CEO of government think tank NITI Aayog and secretaries of the home ministers, sports and youth affairs, information and broadcasting, electronics and information technology, and so forth.

The board has been ordered to concentrate on worldwide prescribed procedures and suggest a system for a uniform regulatory mechanism. It will consider the simplicity of carrying on with work as well as consistency, a level playing field, and security of gamers from user harm like an addiction. The board will likewise foster a broad design of the proposed central regulations, counsel specialists, and submit a report in 90 days.

A group of ministers has found merit in imposing 28% Goods and Services Tax (GST) on online gaming to bring it on par with levies on casinos, racecourses, and betting. It is, nonetheless, yet to officially present its report to the GST Council, the final decision-making body.

Worldwide fantasy sports income was assessed to be around $20.36 billion in 2020. They are supposed to reach $38.60 billion by 2025. Practically all significant games across the globe have fantasy leagues attached to them.

State regulations in the US manage what comprises betting and how betting is controlled. Many states consider fantasy sports to be a “game of skill” as opposed to a “game of chance,” and in that capacity, they don’t fall under betting regulation. A few states think of them as bets, others don’t. In this manner, it creates conflicting regulations.

Kazim Rizvi, the founder of the tech policy think-tank The Dialogue, said fantasy sports are quickly turning into a pattern and have assumed a huge part in driving the digital gaming development in the country. “It is a country with a mobile-first populace and a mobile gaming market worth $2.4 billion in 2020.” Asia is the top district in the mobile gaming industry, and India is the greatest fantasy sports market, with north of 200 organizations and 130 million users, and a market of 34,000 crores. ”

Rizvi said India needs to manage fantasy sports and have central legislation or central guidelines. “An empowering uniform national regulatory climate by the Center can support responsible gaming and guarantee consumer security through measures, for example, age-gating and regulatory conviction.” He said such a regulatory climate will take into consideration the development of the fantasy sports industry and permit India to expand the capability of this sector. “Besides, we want a parent or a nodal service that upholds the regulations.”

Rizvi said that as a part of a light-contact regulatory methodology, a self-regulatory association can assume a huge part in setting and enforcing rules and norms connected with the conduct of organizations that work in the fantasy sports and online gaming industries.

Credit: Hindustan Times