According to experts, there is currently no clear law for online fantasy games in India. If necessary, the matter related to this can be kept under the Public Gaming Law of 1867. Recently, Karnataka also passed an amendment to its police law to ban online gambling, keeping it in the gambling category. While the industry says that online games are not games of chance, but a game of skill.
Not just cricket and football played on the field, the business of fantasy games played online is rapidly expanding in the country. This is why the government is now preparing to bring in national guidelines for this so that the huge hidden potential in the fantasy games business can be tapped into. According to experts, there is currently no clear law for online fantasy games in India. If necessary, the matter related to this can be kept under the Public Gaming Law of 1867.
A couple of months ago, NITI Aayog took the initiative to create national guidelines regarding online fantasy games and a draft was published regarding the same. Presently, once again, the flood of national guidelines regarding online fantasy gaming has heightened.
The industry is this argument
The government is additionally concerned that if states enact different laws regarding such games, then the development of business related to them may be affected. Recently, Karnataka also passed an amendment to its police law to ban online gambling, keeping it in the gambling category. While the industry says that online games are not games of chance, but a game of skill.
India is the fifth-largest market in the world
As per Roland Landers, Convener of the FICCI Gaming Committee and CEO of the All India Gaming Federation, India is the fifth-largest online gaming market in the world. It is an emerging sector whose turnover is expected to reach $ 3 billion by the year 2025. The recent decision taken by the Karnataka government has undermined the picture of its initial capital.
GST can be received up to 3 billion rupees
As per a report by KPMG and PricewaterhouseCoopers, foreign investment of up to Rs10,000 crore is conceivable in India in the following three to five years in the online fantasy game business. Not just this, India can get a GST of up to Rs 3 billion per year from this game business. The online fantasy game business is relied upon to make 5,000 direct and 7,000 indirect jobs in the following three to five years.
The number of players expanded by 212%
The number of online fantasy players in India has increased by 212% in the last three years. In 2016, the number of people who played it was 20 lakhs, which expanded to 9 million rupees in 2019. During the Corona period, people’s attraction to online fantasy games expanded immensely and this number has crossed the 100 million mark.
What the figures say
- Over 100 million people play fantasy games online.
- The chance of foreign investment is up to 10 billion rupees.
- 212% more players
- 10 organizations used to work in 2016
- 140 organizations are at present taking an interest in this
- 920 crore was the total business in the financial year 2018-19
- Total business in the monetary year 2019-20 is Rs 2,470 crore
- Total turnover at present is over Rs 2,500 crore
Fantasy sports at the front line of online gaming
Fantasy sports are at present at the front line of online gaming. Anybody with a smartphone and web access can turn into a fantasy game player and win prizes consequently. Participants are generally needed to pay a nominal charge and are approached to frame their fantasy group with genuine players who will choose to play in a match or league.
Cricket has an enormous portion of the fantasy sports market
On the off chance that the participants guess accurately, they will win prize cash. The winner will get cash by account transfer or digital wallet. Cricket has the biggest portion of the fantasy sports market in India. Non-cricket fantasy sports like kabaddi and football are likewise acquiring interest.