The online gaming industry has been on the rise despite the dramatic changes overcrowding the milieu. The thriving online participation, enhanced connectivity and expanding base for social interactions fuel online gaming in India. Hence, the tremendous change and a blast of opportunities for monetization, engagement and promotions through the gaming sphere.
BW Businessworld reports about online gaming in India that “according to a recently released report by AIGF titled Online Gaming is a Life Skill, India recorded about 365 million online gamers in the financial year 2020, and the number is estimated to reach 510 million by the fiscal year 2023.”
An insight into India’s online gaming laws
Despite all the investments and pep talks going around about the booming industry, there are some lesser-known insights that we came across and chose to raise awareness about. The Supreme Court and many high courts have reported that online games are not gambling but protected under Article 19(1)(g) of the constitution.
“However, gaming is a state subject under the constitution and regulated by each state, while online skill-based games are permitted in most states, the absence of comprehensive regulations in this sector makes the subject complex.”
Offshore illegal betting and gambling websites are operating across the states and this has impacted the online business of games of skills which are particularly Indian companies that pay direct and indirect taxes.
The gaming industry is now following a self-regulatory approach that includes the essential checks and balances to guarantee that the gamers are adequately accountable and protected. The regulation of the booming industry can enhance state investment patterns, generate employment and make economic contributions.
In addition to this industry, AIGF is at the forefront of ensuring global best practice for its stakeholders through a Self Regulation Games Charter covering everything in the online process. In the course of years, the Indian gaming industry has worked hard to pay due attention to the online gaming sector.
What does the future of the online gaming industry look like?
Regulating the gaming sector can foster investments and contribute towards the economic upliftment of the country with online gaming legislations. The Business Standard in March confirmed that the gaming sector in India attracted $544 million of investments.
This is the light that we’ve wanted to see at the end of a dark tunnel. Online gaming in India has tremendous potential for growth.
The future indeed looks bright; there will be new challenges coming up, and the status of skill gaming might dwindle at times. But, it is for the operators to maintain the standards of governance and self-regulation.
The technology is evolving, and so is the online gaming industry. It’s worth waiting for the bubble to burst, and the industry will definitely mark a rise to the top.