Monday 10 April 2023, Bengaluru, India
Recent reports released by the government have made new rules for online gaming that prohibits the process of betting and wagering in any game involved. The government will implement a necessary framework of multiple self-regulatory organizations (SROs) to regulate and authenticate a real-money game. These SROs will also determine if a real-money game is permitted as per the latest rules or not. Minister of State for IT Rajeev Chandrasekhar told reporters in New Delhi that online games with betting and wagering features will be against the new rules implemented in the online gaming industry.
Ministry of Electronics and Information Technology will work with multiple SROs to determine if an online real-money game is permitted or not. Online real-money game is a huge subset of the gaming industry that has taken the gaming community by storm and has since attracted people from different areas of life to try and continue in the said genre. In these online real-money games, users play games that allow them to indulge in the game by making deposits in cash or kind to win or earn the winnings on that deposit. It is a very addictive genre of online gaming, and users are always warned and made cautious beforehand about the consequences the game has or may have on the users.
“We are dealing with a framework that allows for all online gaming to be determined as permissible or not by an SRO, and there will be multiple SROs,” Rajeev Chandrasekhar said on the topic.
He further stated that there would be multiple SROs, with participation coming from stakeholders from the industry and beyond. “Permissibility will be determined with the simple principle of whether wagering is involved, and if wagering is involved, the SRO will be in a position to say that those online games are not permissible,” concerned authorities reported.
“The notification of MeitY rules marks a pivotal moment for the online gaming industry in India. It is expected to put an end to the ambiguities that the industry was grappling with and lay the foundation for sustainable and responsible growth in the industry. India’s online gaming industry has already attracted $2.5 billion in FDI, and we are hopeful that this will propel the industry to great heights and encourage innovation. We look forward to engaging with MeitY to seek requisite clarifications as our members initiate the compliance process,” said Joy Bhattacharjya, Director-General of the Federation of Indian Fantasy Sports, defending the authority’s decision to bend the rules against betting and wagering in online real-money games.
“As the oldest, largest, and most diverse industry association for online gaming in the country, we are grateful to MeitY for notifying the amendments to regulate online gaming under the Indian Information Technology Act and acknowledging the long-standing demand of the gamers and the online gaming industry. We believe this is a decisive first step for comprehensive regulation of online gaming and will propel the industry to compete globally, as envisioned by the Prime Minister,” said the notable Roland Landers.
Roland is the CEO of All India Gaming Federation, and his words say that the inclusion of such rules will definitely change the industry and also make it sustainable and fun for people who are big fans of this genre of online gaming.
Sources – Business Today
