Jayesh Ranjan, Telangana and TI's chief secretary of industry and commerce, said that the current situation surrounding fantasy sports is "a bit confusing and complicated," but the state government is introducing new rules to make it a role model for other states.
Linked to real-world stock exchanges, Rainmaker stock exchanges have been traded all over the world using live event data and benchmarks. After its launch, according to a statement from parent company First Stock Contest Limited, this launch makes Rainmaker the world's first cryptocurrency fantasy gaming platform.
There is a lot of debate on whether rummy and the likes of it played on digital platforms are games of skills or games of chance. Sadly in spite of rigorous education programs and awareness campaigns, a huge number of the Indian population and some state governments consider rummy a game of chance.
It is an achievement to note that Dream Capital's corpus is similar to that of Stellaris Venture Partners and Chiratae Ventures, which closed $225 million and $337 million funds, respectively. Furthermore, its corpus is also higher than Wipro Ventures, the investment arm of Wipro.
In November 2020, the state issued an ordinance to ban online gaming, wagering or betting in the cyber world. This ordinance was later enacted as an amendment of the Tamil Nadu Gaming Act 1930 and was called the Tamil Nadu Gaming and Police Laws (Amendment) Act 2021.
The amendment to the Tamil Nadu Gaming Act invited imprisonment up to two years or a fine not exceeding Rs 10,000 or both if found participating in online rummy, online poker, and fantasy sports for stakes.
"It has always been our mission to make everyone around the world and in India an ardent sports fan. In this endeavor of ours, we have always promoted sports in every form and offering it on our website, 11wickets.com for fantasy tournaments. Unfortunately, this time we have decided to boycott a league going by the name Kashmir Premier League and recognized by Pakistan Cricket Board which is supposed to be held in August 2021 at Muzaffarabad stadium in Pakistan occupied Kashmir,” the company said in a statement.
After collecting 95 million dollars for a Series-D capital raising in February 2021, the MPL has reached a valuation of $945 million. The company is gaining pace and will reach an estimated valuation of $2 billion, according to Entrackr, a platform that analyses Indian gaming firms.
Rajasthan High Court (Jaipur Bench) division bench comprising of Chief Justice Indrajit Mahanty and Justice Ashok Kumar Gaur in its order has also ruled fantasy sports to be a game of skill, which was appealed to the Supreme Court by Mehrotra.
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