India Government to regulate games of chance and skill The government set up a panel in August to draft regulations for the gaming industry.
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According to a recent Reuters report, the Indian government has decided to regulate all real money online games including games of skill and games of chance. Reportedly, the move was taken after the Prime Minister’s Office (PMO) rejected a proposal to regulate only games of skill and leave out games of chance. Notably, in 2022, the Indian gaming industry sees a 31.9% year-on-year growth in revenue generation from 2021.A significant portion of this revenue generation can be attributed to games such as Dream11 and Mobile Premier League (MPL), which are backed by venture capital and investment firms Tiger Global and Sequoia Capital.If you need more information about Government Of India Plans to Regulate All Real Money Online Games then read carefully and don’t forget to share with your friends.
“Government of India to regulate games of chance and skill”.The government set up a panel in August to draft regulations for the gaming industry. This new panel proposed a new body to determine whether a game is based on skill or chance. The body recommended that skill-based games should be regulated by rules and regulations laid down by the government that sought mandatory registration, KYC (Know Your Customer) standards and a grievance redress mechanism.
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It is important to note that games of chance fall under the umbrella of gambling, and gambling is banned in India except in a few states and union territories. According to Reuters, if the federal government had decided to only regulate games of skill, games of chance would have fallen under state governments’ regulations. However, this is not the case, and now, the government will regulate both games of skill and games of chance.
Differentiating between games of skill and games of chance is a difficult task due to the lack of legal clarity. At a government meeting on October 26, a PMO official objected to any discrimination, calling for expanded oversight over all forms of sports, according to confidential minutes of the meeting reviewed by Reuters. “Online gaming may be treated as one activity/service without any distinction,” the official was quoted as saying in the minutes.
A single regulation for both games of chance as well as games of skill may not be the most convenient form of regulation. Although both the categories fall under online gaming, there is a major difference between them. Furthermore, as the Indian gaming industry is growing at such an incredible pace, an inappropriate framework can lead to certain hindrances in the industry.
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