Govt Plans Regulator for Skill Gaming Industry Amid Money Laundering Fear – Agora Poker

Govt Plans Regulator for Skill Gaming Industry Amid Money Laundering Fear

Govt Plans Regulator for Skill Gaming Industry Amid Money Laundering Fear

According to the KPMG-FICCI 2021 report, India’s gaming market will reach Rs 143 billion ($2.03 billion) by FY22, up from Rs 62 billion in FY21. (Representational Photo) To reduce worries of money laundering, uncertainty in the skill gaming sector, the Centre is reportedly considering a proposal to create a regulator to stimulate investment and protect player interests. It is learnt that the industry is also in favour of such a move.

According to a recent report, people familiar with the matter said while the government is considering possibilities for regulating such organisations, it is of the opinion that the task should not be entrusted to any financial sector regulator because the job may not suit its core competency.

It is worth noting that India is one of the world’s top five mobile gaming markets. According to Statista, the market value of the Indian skill gaming sector was around Rs 9,000 crore in FY20, and it was predicted to reach Rs 14,300 crore in FY22.

According to the KPMG-FICCI 2021 report, India’s gaming market will reach Rs 143 billion ($2.03 billion) by FY22, up from Rs 62 billion in FY21. According to recent reports by Sequoia India and Boston Consulting Group, the mobile gaming market in India is expected to grow to $5 billion by 2025, up from $1.5 billion at present. Skill Gaming

According to the All India Gaming Federation (AIGF), which was established in May 2016, the online skill gaming industry is one of the fastest-growing sectors in the country.

In simple words, online skill gaming or online games of skill have a pay-to-play format that primarily includes online fantasy sports games, online rummy, casual games and online poker games.

AIGF states: “All member entities offering online games of skill, primarily online fantasy sports games, online rummy, casual games and poker games will be duly incorporated/ registered in India or have a corporate presence in India.”

In the legal section, it says: “Participation in pay-to-play game formats in India will be restricted to users in only those Indian states in which the pay-to-play formats of the games are legal…play-to-pay formats of games of members […]

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