Major Industry Actors Share Their Opinions during Festive Season Gaming Surge
As the festive season brings families together and the demand for online card games and other forms of entertainment is peaking, several major actors from the Indian gaming industry share their opinions on the current state of the sector, the challenges it is facing, and the need of “foolproof” regulations on the central level to ensure business growth and player safety.
The top representatives from the industry agree that the Union Government’s plans to introduce an authority to classify games along the skill vs chance distinction represent a much needed step. Firstly, users looking for the best online casino or skill gaming platform to play should be able to know at a glance what category of real money games they are approaching.
Secondly, such a classification initiative will lower the regulatory uncertainty that has been burdening the gaming industry ever since it sprang into existence. Firm central-level guidelines and regulations can ensure legal uniformity across the territory of the country and stability over time, with no temporary interference by self-regulatory bodies or state legislations that are unable to survive court scrutiny.
“To create a conducive environment in the industry, the government should release foolproof guidelines, and not regulations which calls for the creation of a self-regulatory organisation, which would be responsible for determining the nuances of games of skill vs games of chance supporting the judgments of the Supreme Court,” says Saumya Singh Rathore, co-founder of social skill gaming and interactive entertainment platform WinZO.
Mrs. Rathore highlights that solid central regulations are needed to curb the risks and uncertainty faced by Indian businesses and to discourage the creation of state-level laws and ordinances which are later struck down by the high courts.
“Involvement of monetary transactions also calls for proper guidelines in place to prevent usage of unlawful means which might impact the growth of this industry at large. At the same time, for safeguarding the interest, safety and privacy of the users, frameworks should be in place to ensure strict compliance,” Saumya Rathore points out.
“With the advent of television, digital, and online gaming models leading to an increase in online gaming sites over the last several years, the gaming sector has undergone a radical transformation. According to an EY report, online gaming is the leading category in the entertainment sector, with a penetration rate of 55%,” says Kumar Saurav, Global Mobile Business Head at digital marketing agency AdCounty Media.
According to Krishnendu Guha, Chief Revenue Officer at poker gaming platform Adda52, the unique players of real money games in India exceed 30 crore and are likely to become more than 60 crore by 2025.
“Owing to the arrival of 5G technology, India is going to be one of the biggest markets when it comes to the gaming industry,” Mr. Guha points out.
“In the modern times, one of the challenges pertinent to the gaming industry is that most of the foreign companies who are into RMG are capitalising on the absence of a regulatory body in India and tweaking the rules to their advantage,” he adds.
“While there are a few players who are violating the norms, the image of the whole of the online gaming industry is tarnished. Thus, the categorisation of skill-based and chance-based games becomes highly crucial,” Krishnendu Guha says.
The implementation of the new game categorization initiative by the Central Government will bring a profound change to the way gaming companies conduct business and generate profits, as well as to the relevant taxation, thinks Bharat Patel, Co-Founder and Director at metaverse, game, and blockchain development company Yudiz Solutions.
“The gaming industry has an unexplored potential to become one of the entertainment giants, and the widespread popularity of esports has strikingly increased the number of participants we are seeing on an annual basis. We have not been fazed by the ongoing affairs as our company offers other diversified developing solutions and products. We will move forward with emphasising the best way to utilise gaming technology through our marketing and advertising,” Mr. Patel says.