New online gambling rules to drive innovation and boost investor confidence

New online gambling rules to drive innovation and boost investor confidence

New online gambling rules to drive innovation and boost investor confidence

The industry said on Thursday that the new rules for online gambling will spur innovation, boost investor confidence and eliminate gambling platforms while making the sector globally competitive.

The standards should help reduce regulatory fragmentation at the state level and foster a more stable business environment, the industry said with one voice, describing the regulations as a “watershed moment,” a “game changer.” ” and a “landmark”.

The All India Gaming Federation (AIGF) called it a decisive first step for comprehensive regulation of online gaming, which will propel the industry into global competition, while WinZO Games said the move “really brings the dawn of a global gaming industry here in India. “.

The government published new rules for online gambling on Thursday that prohibit games involving betting and betting, and involve an institutional framework of several self-regulatory organizations (SROs) to determine the admissibility of an online game.

According to the rules, the SROs (three SROs will be notified initially) will have to publish a framework to protect users from the risk of gambling addiction, financial loss and financial fraud on its website.

The framework should include warning messages repeated at a higher frequency beyond a reasonable duration for a gaming session and provisions allowing a user to opt out when user-defined limits are reached for time or money spent.

“…we are grateful to MeitY (Department of IT) for notifying the amendments to regulate online gambling under India’s IT Act and acknowledge the long standing request players and the online gaming industry,” Roland Landers, CEO, All India Gaming Federation, said.

The government has recognized industry demands and provided light but comprehensive regulations, which will support innovation, boost Create in India and Brand India, and propel Techade in India, Landers said.

According to the All India Gaming Federation, the rules will go a long way in promoting the interest of consumers while helping the industry to grow in a responsible and transparent manner, and will also help reduce the threat of anti-national and illegal offshore gambling sites, which proliferate in recent years.

“We look forward to helping the industry transition to the self-regulatory model envisioned by the Rules and using the lessons learned from the years of work that has been undertaken within the All India Skill Games Council (AIGSC), the most oldest and largest voluntary self-regulatory body for online gaming,” Landers said.

The government has maintained “a very open and transparent approach” throughout this process and has heard from various stakeholders in the online gambling ecosystem since May 2022, the AIGF said, pledging its support for the government to make online gambling a cornerstone of $1 trillion (nearly Rs. 81,86,175) Indian digital economy.

The Mobile Premier League (MPL) described the publication of the new online gambling rules as a watershed moment for the industry “as it recognizes online gambling intermediaries and distinguishes them from gambling”.

“The rules will go a long way in helping us achieve our PM’s vision for India to become a global gaming leader and also contribute to the continued success of Brand India and Create in India,” said Sai Srinivas, CEO and Co-Founder of MPL. , said.

The uniform legal framework provided by these rules will enhance investor confidence.

“We expect this will also help reduce regulatory fragmentation at the state level, as also mentioned by the Honorable Minister, create a more stable business environment and eliminate gambling platforms,” Srinivas said from MPL.

He said that with the transition to the self-regulatory model that will be recognized by MeitY, MPL looks forward to working collaboratively with industry peers and other stakeholders.

“We believe this effort will help create a sustainable and thriving gaming ecosystem in India,” Srinivas said.

Paavan Nanda, co-founder of WinZO Games, said the central and lightweight regulatory mechanism is a game-changer for the world’s largest gaming market, India.

“Global recognition of online games of skill through inclusion as the third form of intermediary after social media and content-related publishers/OTT players, is beneficial for game GST differentiation of money, providing the required regulatory stability and facilitating a level playing field for all games of skill,” Nanda said.

WinZO Games commended the Center for taking very strict measures to protect Indian consumers from illegal offshore betting and gambling under these provisions.

“The project empowers the government, through MeitY, to take the necessary steps to determine whether an online platform is a gambling platform or a betting platform and, accordingly, to take immediate action against betting platforms, especially offshore betting platforms under Section 69(a) of the IT Act,” said Nanda of WinZO Games.

This is very positive news for the industry and the end consumer, creating a safe and responsible Internet.

Nitish Mittersain, Founder and CEO of Nazara Technologies, said the notified rules are important steps that will help the gaming industry immensely and provide a lot of clarity on the sector.

Ranjana Adhikari, partner at IndusLaw, said the online gambling rules are a positive step in the right direction and put the central government in the driver’s seat of online gambling regulation.

“The light-touch approach and self-regulatory mechanism proposed by the central government is progressive and keeps the law nimble for a rapidly changing industry,” according to IndusLaw.

Malay Kumar Shukla, secretary of the e-Gaming Federation, said the rules will play a central role in bringing transparency, ensuring player protection, attracting investment, boosting investor confidence and creating job opportunities.

“We are grateful to the government for recognizing the industry’s long-standing need to provide regulatory clarity by prioritizing and notifying regulations,” Shukla said.

The Broad Betting and Betting Guidelines will protect players and the industry as a whole by distinguishing legitimate skill gaming operators from illegitimate and unauthorized betting and gambling operators.

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