Several prominent online gaming firms across the nation are now distancing themselves from any gaming activity that involves real money gaming or other gambling-related activities. Firms seek some distinction from real money gaming platforms because they are presently facing backlash in some Indian states due to the fear of leaving some negative impacts on the online gaming sector and the nation’s youth.
In a press release, a founder of some prominent gaming firm also said terms of anonymity: “I don’t want such firms to tarnish the reputation of our gaming industry.”
Several top executives also said that banning the popular real money based games like Poker and Rummy might hurt the entire gaming and esports industry. The think tank of the Government, NITI Aayog, also recommended that we set up one whole self-regulatory body for the whole of the range of online fantasy sports. But the rules and regulations involving gambling are still a crucial state factor and carries legal consequences.
Tamil Nadu government also imposed a ban on the online gambling industry From November 2020 onwards. Earlier, in March 2020, the Supreme Court also pushed the OFS sector under an uncertain state while staying the Bombay High Court orders, stating that these are the games of skills.
I’m seeing all investors too confused between gaming and gambling (RMG), hence preferring to invest in RMGs and ignoring the legal risks. Some investors are also pushing many gaming firms to start making real money games, thinking this will give them higher valuations, which is a bad sign. Many states are now trying to create laws (around online gambling), and we just want to make sure they do not include regular games in their laws. Also, we don’t want parents to start telling kids not to play games because they too may confuse it with gambling.Vishal Gondal
Mr. Gondal also added that the final results of the tournaments of fantasy sports depend highly on real-world sports. On the other hand, the gambling game results depend on some algorithms that none of the regulatory bodies audit and these algorithms and bots are highly tempering with odds and chances.