According to a recent Statista report, its growth is so that the industry is forecast for a phenomenal 50 billion INR valuation by 2025.
Furthermore, should fantasy gaming grow at the rate predicted, there will be a gaming population of over 510 million by the end of 2022. The numbers are eye-watering!
The report leads to further calls from the online gambling sector for the national and local governments to reconsider a holistic, national approach to full-scale regulation of iGaming and open up the immense financial benefits on offer.
Experts predict near-limitless benefits to the Indian economy via taxation and the halting of illegal gambling activity if the government introduces comprehensive and clear licensing conditions.
A recent study by ENV Media titled Off-Shore Gambling Licenses And Regulated Markets doubles down on the need to properly regulate betting sites in India.
The report states: "National jurisdictions have two choices essentially – rein in online gambling for the benefit of consumers and exchequers; or engage in an endless pursuit with black markets and offshore licenses."
Fantasy gaming revolves around virtual scenarios whereby a user picks individuals and creates teams to compete in a fantasy arena. They are essentially online prediction games where real-life statistics transform into points - the more points you get, the better your chances of winning.
Leading examples of what can be termed fantasy gaming are the various competitions surrounding English football's premier division. Players must select the players they deem most likely to get points for scoring goals or keeping clean sheets. Players pit their wits against fellow competitors in daily, weekly, monthly, and yearly leagues - and can win big prizes if they finish high up the leaderboard.
Many of those engaging in fantasy gaming tend to part with money as part of the competition - adding extra incentive to their selections.
In India, a long-held debate has been the difference between games of skill or chance. Under Indian law, Fantasy Sport classifies as a game of skill rather than chance and wagering on it is therefore legal.
A judgement from the Supreme Court Of India ruled fantasy gaming to rely on "superior knowledge, training, attention, experience and adroitness". It has a litmus test that follows the mould of the US courts, and it's known as the "dominant factor test" or "predominance test". Essentially, this requires a court to make the judgement on whether "chance or skill is the dominating factor in determining the result of the game".
If the Indian Supreme Court deems an activity a game of chance, then all wagering and gambling on said games are prohibited.
You only have to look at the year-on-year growth that fantasy gaming in India is displaying to understand why it would make financial sense to legalise and fully regulate online gambling.
If, as the Statista report suggests, we see a 28% rise in fantasy gamers by the end of 2022, that is over half a billion people who enjoy gaming responsibly and legally.
Suppose you convert a mere fraction of those numbers and apply reasonable and fair tax rates to gambling corporations. In that case, the government will gain access to millions of dollars in money that can be pumped into grassroots projects.
As the ENV Media study points out, there are three main benefits to fit and proper regulation:
The popularity of Fantasy Gaming proves there is a ready and willing population out there waiting to jump at the opportunity to gamble responsibly and legally.
The views expressed in the article do not necessarily reflect that of The News Minute.