Online Gaming Regulations: The Ministry of Electronics and IT (MeitY) reformed new rules for online gaming that prohibit any game that involves betting and wagering, and entail a framework of multiple self-regulatory organisations (SROs). Following these changes, Individuals from Indian Esports Industry has come forward and shown their support and optimism for the gaming. For future updates on Esports and Online Gaming, follow InsideSport.IN.
Reactions to Online Gaming Regulations
Mr. Rajan Navani, CEO and founder of JetSynthesis, Asish Philip Abraham, Partner, Lakshmikumaran & Sridharan Attorneys, and Yash Srivastava, Managing Director, APAC, Coda Payments reacted to the same.
Mr. Rajan Navani, CEO and Founder JetSynthesys
“We laud the government’s move on clearly distinguishing between online games, online real money games and online real money games that involve wagering. By setting up a framework of multiple self-regulatory organisations comprising of diverse stakeholders a strong foundation has been laid to give clarity to developers, investors and gamers on how this fast growing industry can create opportunities for the Indian economy including jobs for the future.
With over 450 million online gamers, India is poised to be amongst the largest consumers of global gaming content of the $180 Bn industry over the next decade. As an integral part of the global gaming industry with category leading global games like simulated cricket, we at JetSynthesys, welcome this move as it is a step in the right direction accelerating growth.”
Yash Srivastava, Managing Director, APAC, Coda Payments
“The highly-anticipated regulations for online gaming have lived up to the industry expectations. The responsiveness on the government’s part to consider feedback from stakeholders is much appreciated, and we welcome the clarity that the regulations offer on ‘outcome-based’ gaming.
The regulatory framework, with multiple SROs, updated ‘KYC’ norms, grievance redressal systems, and onus on self-regulation, will provide the gaming sector a much-needed impetus to become a USD 5 billion industry”.
Asish Philip Abraham, Partner, Lakshmikumaran & Sridharan Attorneys
“Trust shown by the government in the self-regulatory mechanism will boost innovation and competition in the sector. With the introduction of the IT Intermediary Amendment Rules 2023, the onus will be on SROs to determine whether a gaming company’s games entail wagering on any outcome.
SROs will have to ensure that the assessment of the same is based on existing jurisprudence as laid down by the Supreme Court of India on the determination of games of skill from games involving wagering and betting. It will also be interesting to see the enforcement approach for gaming companies operating outside the SRO framework.
New definitions of online real money gaming have been introduced based on the stakeholder consultation and this has brought about much-needed clarity in the IT Amendment Rules and will help in ongoing GST litigations.
The introduction of diligence requirement of content not causing “user harm” will require further clarification on the ministry level to bring parity in the understanding amongst SROs and Gaming Companies. “
Editor's Pick
Top Stories
