(Sports news) Hon’ble Chief Minister of Rajasthan, Mr. Ashok Gehlot is looking to regulate and manage the online skill gaming sector in a move that has been applauded by many in the industry as it will eventually gain recognition across states and eventually the country. Recently, Hon’ble Prime Minister Narendra Modi had addressed the industry and its rapid growth which has resulted in it becoming a large market globally.
The announcement of the AVGC task force during the Union Budget session of 2022 is a testimony to the sector’s potential and it’s gradual recognition. The FIFS has welcomed the move and is looking forward to working alongside the Rajasthan government to bring transparency and streamlining the fantasy sports sector.
“The decision of the Rajasthan Government to regulate skill-based gaming comes only days after the Karnataka High Court’s judgment to strike down the Act banning games of skill. We, at FIFS, are constantly working in tandem with our members and advisory board to cater to the industry’s vital growth, and the announcement by Hon. CM comes as a vital step in recognizing and validating our efforts. Welcoming the decision with open arms, we are rooting for the industry to grow to its maximum potential.”, said a spokesperson at the Federation of Indian Fantasy Sports (FIFS).
In India, fantasy sports is one of the highest revenue generating sports technology industries and has rapidly gained popularity in Tier-2 and Tier-2 markets. FIFS and its member companies have operating offices in the IT and ITES hubs where they are developing and creating software and service products and technologies for the fantasy sports sector. Working alongside India’s leading think tank, NITI Aayog, the sector has the potential to create over 12,000 engineering jobs, attracting an FDI of over INR 10,000 crore and contribute over INR 13,500 crore in taxes.
In a judgment dated July 30th, 2021, the Hon’ble Supreme Court upheld the validity of Online Fantasy Sports by stating that the issue of whether fantasy sports format amounts to gambling or betting or wagering is no longer res Integra. Besides, the Rajasthan, Punjab & Haryana & Bombay High Courts all had also upheld the validity of fantasy sports as being legitimate businesses entitled to protection under Article 19(1)(g) and Article 14 of the Constitution of India.
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