Online Gaming Industry Hopeful For Coming Up With A Progressive Regulatory Mechanism

This is an exciting time for the online gaming industry. Indian industry is one of the fastest-growing industries in the world. Thanks to the popularity of smartphones, low prices, growing broadband users, and the young population, consulting firm Deloitte estimates that by 2022, the growth rate (CAGR) will reach 40%, reaching US$2.8 billion. But in the absence of a policy, the regulatory ambiguities become an impediment to the growth of the sunrise sector and the experts feel the state governments' stance on backing the sector with a policy will prove to be a shot in the arm. Experts believe that the position of the state government that supports the industry policy will be a booster. What is worth mentioning is the content launched by Niti Aayog last year. Last year, Indian Prime Minister Narendra Modi (Narendra Modi) said, India needs to take advantage of the huge potential of the industry and lead the international digital game industry by developing games inspired by Indian culture and folktales. It has seen some seeds of hope in terms of regulation, several including Meghalaya and Sikkim. The state has established its own online game rules. The Uttar Pradesh state government has also established a committee to draft laws based on the distinction between games of skill and games of chance. Earlier this week, the Karnataka government stated in an affidavit submitted to the Supreme Court that the government is formulating regulatory policies for the industry. Like most major states, Rajasthan is thinking about how to deal with this emerging industry. The industry hopes that the Ashok Gehlot government can develop a progressive regulatory mechanism for the industry based on the differences between the games of Skills and Analytical thinking and randomness can be used as a state proof of concept. Since many games involve real money, some people equate it with other platforms, but industry experts point out that according to the Supreme Court’s ruling, skill games such as Rummy, Bridge, and Fantasy sports are not inappropriate channels in the gaming industry and that must clear inhibitions of the state governments. Credits: TimeOfIndia