Online gambling industry willing to work with government

Online gambling industry willing to work with government

Ahmedabad, Feb 20 (UNI) The E-Gaming Federation (EGF) said on Sunday that the Indian online gaming industry is eager to work with the government to develop a regulatory mechanism aimed at standardizing regulations across the online skill games sector, which not only benefits the players but also increases state revenues while ensuring the potential growth of the sector. Speaking to UNI here, the CEO of the online gambling regulator, Sameer Barde, welcomed the recent decision by the Karnataka High Court to revoke the blanket ban on gambling in the southern state. He said that with big players like Mobile Premier League (MPL), Dream 11, etc., India is currently the world’s fifth largest online gaming market. This is mainly due to its young and tech-savvy population, increased internet penetration and affordable smartphones. According to a recent report, gambling in India was large at $1.5 billion, yet less than 1% of the global share and is expected to triple in size by 2025 due to the mobile-first phenomenon. ”Despite this massive windfall, the sector has been clouded by ambiguity of perception. There is also confusion between online skill games and gambling due to a lack of information. Some states have taken steps to ban online gambling based on the premise that online gambling is gambling. On the other hand, games like online chess, rummy etc. have been found to be games of skill by various high courts and the Supreme Court of India,’ he said. he declares. Besides the legality, while the assertion in all cases of bans has been to protect consumers, what is of concern is the effectiveness of these bans in achieving the same objective. A state government banned online gambling in 2017, then in 2020 an online gambling scandal with Chinese connections, worth Rs 1200 crore was uncovered. State governments should introduce policies to regulate online gambling instead of resorting to blanket bans, as such extreme measures would only benefit night operators and stimulate illegal gambling activities, which would have adverse effects. on the very players the government seeks to protect. At a time when the industry is booming, a structured regulatory framework and online gambling policy defining the scope of the law would help legitimize online gambling in India, Barde added. He said that in an effort to facilitate and encourage the adoption of self-regulation, the EGF has created a standard structure in the form of a code of conduct for the proper functioning of the online gaming ecosystem. . The non-profit organization, founded under the Companies Regulation Act, endorses ‘responsible gambling’ to protect gamblers by allowing them to limit or stop gambling beyond their means or for long periods of time periods. EGF-certified online gaming platforms provide players with responsible gaming features that aim to ensure a fair and safe online gaming experience while protecting players from any harmful consequences of online gaming. The federation also audits its member companies before issuing certification to ensure a safe, transparent and responsible environment for players. “We reiterate the recommendation to create a joint committee to explore the establishment of strong regulations to regulate the gaming industry as a whole and the skill games industry in particular. The gaming industry looks forward to working with the government to develop a regulatory mechanism,” he added. UNI RAJ GNK

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