Government Sets Up a Committee to Regulate Online Gaming

According to a document investigated by HT, the government has set up a committee to regulate online gaming and has nominated a ministry to oversee it. The panel includes the CEO of the state think tank NITI Aayog and secretaries from the ministries of home, sport, youth, information broadcasting, electronics, and information technology.

The committee was tasked with reviewing global best practices and encouraging a unified regulatory mechanism. It takes into account the protection of players from user harm such as ease of business, compliance, fair competition, and addiction.

Global revenue from fantasy sports is estimated to be approximately $20.36 billion in 2020 and is expected to reach $38.60 billion in 2025. Almost every major sport in the world has a fantasy league that accompanies the dominant league.

US state law stipulates what constitutes gambling and how gambling is regulated. Many states consider fantasy sports to be a "game of skills" rather than "gambling" and are not subject to gambling laws.

As part of a lighter regulatory approach, Kazim Rizvi, the founder of the tech policy think-tank The Dialogue said self-regulatory organizations can play an important role in setting and enforcing rules and standards related to the behavior of companies operating in the fantasy sports and online gaming industries.